<SEC-DOCUMENT>0001292814-18-001943.txt : 20180530
<SEC-HEADER>0001292814-18-001943.hdr.sgml : 20180530
<ACCEPTANCE-DATETIME>20180529174453
ACCESSION NUMBER:		0001292814-18-001943
CONFORMED SUBMISSION TYPE:	20-F/A
PUBLIC DOCUMENT COUNT:		193
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20180530
DATE AS OF CHANGE:		20180529

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL STEEL CO
		CENTRAL INDEX KEY:			0001049659
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732
		FILM NUMBER:		18865791

	BUSINESS ADDRESS:	
		STREET 1:		RUA LAURO MULLER
		STREET 2:		116 36 ANDAR
		CITY:			RIO DE JANEIRO RJ BR
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F/A
<SEQUENCE>1
<FILENAME>sidform20f_2017a.htm
<DESCRIPTION>SIDFORM20F_2017A
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face="Times New Roman">As filed with the Securities and Exchange Commission on May 29</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face="Times New Roman">, 2018.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">UNITED STATES</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Washington, D.C. 20549</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">________________________________________________</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">FORM&nbsp;20-F/A</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(Amendment No. 1)</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=wingdings>&#168;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt" vAlign=bottom width="97%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">REGISTRATION STATEMENT&nbsp;PURSUANT TO SECTION&nbsp;12(b) OR (g)&nbsp;OF THE SECURITIES<BR>EXCHANGE ACT OF&nbsp;1934</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt" vAlign=bottom width="97%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">OR</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=wingdings>x</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt" vAlign=bottom width="97%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">ANNUAL REPORT PURSUANT TO SECTION&nbsp;13 OR&nbsp;15(d) OF<BR>THE SECURITIES EXCHANGE ACT OF&nbsp;1934<BR>For the fiscal year ended December&nbsp;31, 2017</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt" vAlign=bottom width="97%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">OR</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=wingdings>&#168;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt" vAlign=bottom width="97%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">TRANSITION REPORT PURSUANT TO SECTION&nbsp;13 OR&nbsp;15(d) OF<BR>THE SECURITIES EXCHANGE ACT OF&nbsp;1934</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt" vAlign=bottom width="97%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">OR</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt" vAlign=top width="3%">

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=wingdings>&#168;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 3.6pt; PADDING-RIGHT: 3.6pt" vAlign=bottom width="97%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">SHELL COMPANY REPORT PURSUANT TO SECTION&nbsp;13 OR&nbsp;15(d) OF THE SECURITIES<BR>EXCHANGE ACT OF&nbsp;1934</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Commission File Number&nbsp;1-14732</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">________________________________________________</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 8pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL<BR></FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(Exact Name of Registrant as Specified in its Charter)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">NATIONAL STEEL COMPANY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR></FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(Translation of Registrant&#8217;s name into English)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">THE FEDERATIVE REPUBLIC OF BRAZIL<BR></FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(Jurisdiction of incorporation or organization)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 115%" face="Times New Roman">________________________________________________</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 9pt" face="Times New Roman">Marcelo Cunha Ribeiro, Chief Financial and Investor Relations Officer<BR>Phone: +55 11 3049-7454 Fax: +55 11 3049-7212</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 9pt" face="Times New Roman">marcelo.ribeiro@csn.com.br<BR>Av. Brigadeiro Faria Lima, 3400 &#8211; 20<SUP>th</SUP> floor<BR>04538-132, S&#227;o Paulo-SP, Brazil</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(Address of principal executive offices)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 8pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">________________________________________________</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Securities registered or to be registered pursuant to Section&nbsp;12(b) of the Act.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="53%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Title of each class</FONT></U></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="47%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 3pt" align=center><U><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Name of each exchange on which registered</FONT></U></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="53%">

   <P style="MARGIN: 0cm 0cm 0pt 22.5pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Common Shares without par value</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="47%">

   <P style="MARGIN: 0cm 0cm 0pt 48.6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">New York Stock Exchange*</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 22.5pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">American Depositary Shares (as evidenced by American Depositary Receipts), each representing one share of Common Stock</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="47%">

   <P style="MARGIN: 0cm 0cm 0pt 48.6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">New York Stock Exchange</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">____________________</FONT></P>

<P style="MARGIN: 0cm 0cm 4pt 18pt; TEXT-INDENT: -9.35pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">* Not for trading purposes, but only in connection with the registration of American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">1</FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT></P>

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<A name="page_2"></A><FONT lang=EN-US style="FONT-SIZE: 9pt">Securities registered or to be registered pursuant to Section&nbsp;12(g) of the Act: </FONT>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">None</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Securities for which there is a reporting obligation pursuant to Section&nbsp;15(d) of the Act:</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 4pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">None</FONT></P>

<P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Indicate the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of December 31, 2017:</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">1,387,524,047 Common Shares without Par Value</FONT></P>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="54%">&nbsp;</TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule&nbsp;405 of the Securities Act.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="wingdings 2">R</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Yes </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&#9744; No</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&#9744; Yes </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="wingdings 2">R</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"> No</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90&nbsp;days.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="wingdings 2">R</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"> Yes &#9744; No</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 9pt 5pt 0cm; TEXT-INDENT: 0.9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12&nbsp;months (or for such shorter period that the registrant was required to submit and post such files).</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="wingdings 2">R</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"> Yes &#9744; No</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of &#8220;accelerated filer and large accelerated filer&#8221; in Rule 12b-2 of the Exchange Act. (Check one):</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Large Accelerated Filer </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="wingdings 2">R</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"> Accelerated Filer &#9744; Non-accelerated Filer &#9744; Emerging growth company </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="segoe ui symbol,sans-serif">&#9744;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided pursuant to Section 13(a) of the Exchange Act.&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="segoe ui symbol,sans-serif">&#9744;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 12pt 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face="Times New Roman">&#8224; The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.</FONT></P>

<P style="MARGIN: 0cm 0cm 6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">U.S. GAAP &#9744;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="35%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">International Financial Reporting Standards as issued by the International Accounting Standards Board </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="wingdings 2">R</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="33%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 6pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Other &#9744;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">If &#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Item 17 &#9744; Item 18 &#9744; </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&#9744; Yes </FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="wingdings 2">R</FONT><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">&nbsp;No</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Explanatory Note</FONT></B></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">This Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2017 of Companhia Sider&#250;rgica Nacional (the &#8220;Company&#8221;), filed with the Securities and Exchange Commission on May 1, 2018 (the &#8220;Annual Report&#8221;), is being filed for the following reasons:</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(i) To&nbsp;file Exhibit 101, which&nbsp; presents financial information of the Company in eXtensible Business Reporting Language (XBRL). Item 19 of the Annual Report is amended to include the following exhibits:</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(ii) To reproduce text on page 39 of the Annual Report previously covered by an image in Item 4B. Business Overview as follows:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The following map shows the location of Casa de Pedra, Engenho and Fernandinho mines:</FONT></P>

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<H3 style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm 0cm"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Limestone and Dolomite Mine</FONT></I></B></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Our extraction and preparation of limestone and dolomite is done at our Bocaina mining facility located in the city of Arcos, in the state of Minas Gerais. Bocaina is an open pit mine and it can be accessed from the cities of Belo Horizonte, located approximately 230 km away, and Volta Redonda (where the Presidente Vargas Steelworks is situated), located approximately 462 km away, through mostly paved roads.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">In 2016, a new crushing plant started, increasing the installed capacity to approximately 15 million tons per year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">This mine has sufficient limestone reserves to adequately supply our steel and cement productions at current levels by an average of 38 years. </FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm 0cm"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Tin Facility</FONT></I></B></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; TEXT-INDENT: 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We own a tin facility in Itapu&#227; do Oeste, in the state of Rond&#244;nia, through our subsidiary ERSA. This facility has an installed annual production capacity of approximately 3,600 tons of tin, which we use substantially as a raw material to produce tin plate, a coated steel product. A small part of our tin production that is not used as raw material is sold to third parties; however, the results from these sales are insignificant to our consolidated results.</FONT></P>

<H3 style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm 0cm"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Mineral Rights and Ownership</FONT></I></B></H3>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Mining Code and the Brazilian Federal Constitution impose requirements on mining companies relating to, among other things, the manner in which mineral deposits are exploited, the health and safety of workers, the protection and restoration of the environment, the prevention of pollution and the promotion of the health and safety of local communities where the mines are located. The Mining Code also imposes certain notifications and reporting requirements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">We hold concessions to mine iron ore, limestone and dolomite. We purchase manganese in the local market. We own 87.52% of CSN Minera&#231;&#227;o mines and 100% of Bocaina and Santa B&#225;rbara mines. In addition, each mine is an &#8220;open pit&#8221; mine. Iron ore extraction, crushing, screening and concentration are done in three different sites: Casa de Pedra mine and Pires beneficiation plant (all CSN Minera&#231;&#227;o&#8217;s property) and Fernandinho mine, a Min&#233;rios Nacional&#8217;s property.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">This Amendment No. 1 comprises a cover page, this explanatory note,&nbsp;the exhibits referred to in paragraph (i),&nbsp;the signature page and the required certifications of the chief executive officer and chief financial officer of the Company.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Except as described above, this Amendment No. 1 does not amend any other information set forth in the Annual Report, and the Company has not updated disclosures included therein to reflect any events that occurred subsequent to April 30, 2018.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 2pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">XBRL Taxonomy Extension Scheme Definition Linkbase.</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">+ Filed herewith.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 10pt 0cm 6pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">SIGNATURES</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt; TEXT-INDENT: 36pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face="Times New Roman">The registrant hereby certifies that it meets all the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;May 29, 2018</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Companhia Sider&#250;rgica Nacional </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">By: </FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Benjamin Steinbruch</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Chief Executive Officer </FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Marcelo Cunha Ribeiro</FONT></P></TD></TR>

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<P style="TEXT-ALIGN: right; MARGIN: 5pt 0cm" align=right><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Exhibit 12.1</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">I, Benjamin Steinbruch, certify that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this annual report on Form 20-F of Companhia Sider&#250;rgica Nacional;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(a)&nbsp;&nbsp; designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(b)&nbsp;&nbsp; designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(c)&nbsp;&nbsp; evaluated the effectiveness of the company&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(d)&nbsp;&nbsp; disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#8217;s internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer and I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the company&#8217;s auditors and the audit committee of the company&#8217;s board of directors (or persons performing the equivalent function):</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(a)&nbsp;&nbsp; all material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(b)&nbsp;&nbsp; any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#8217;s internal control over financial reporting.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Dated: May 29, 2018</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" face="Times New Roman">/s/&nbsp;Benjamin Steinbruch</FONT></I></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Name:</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 5pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Benjamin Steinbruch</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Chief Executive Officer</FONT></P></TD></TR></TABLE></DIV>

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<TYPE>EX-12.2
<SEQUENCE>3
<FILENAME>exhibit122.htm
<DESCRIPTION>EXHIBIT122
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 8pt" align=right><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 107%" face="Times New Roman">Exhibit 12.2</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 12pt 0cm 9pt"><FONT lang=PT-BR style="FONT-SIZE: 10pt" face="Times New Roman">I, Marcelo Cunha Ribeiro, certify that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this annual report on Form 20-F of Companhia Sider&#250;rgica Nacional;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(a)&nbsp;&nbsp; designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(b)&nbsp;&nbsp; designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(c)&nbsp;&nbsp; evaluated the effectiveness of the company&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(d)&nbsp;&nbsp; disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#8217;s internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer and I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the company&#8217;s auditors and the audit committee of the company&#8217;s board of directors (or persons performing the equivalent function):</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(a)&nbsp;&nbsp; all material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">(b)&nbsp;&nbsp; any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#8217;s internal control over financial reporting.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Dated: May 29, 2018</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" face="Times New Roman">/s/&nbsp;Marcelo Cunha Ribeiro</FONT></I></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Name:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 5pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Marcelo Cunha Ribeiro</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Title:</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Chief Financial Officer</FONT></P></TD></TR></TABLE></DIV>

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<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>4
<FILENAME>exhibit131.htm
<DESCRIPTION>EXHIBIT131
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13.8pt" face="Times New Roman">Exhibit 13.1</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Companhia Sider&#250;rgica Nacional (the &#8220;Company&#8221;), does hereby certify, to such officer&#8217;s knowledge, that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Annual Report on Form 20-F for the fiscal year ended December 31, 2017 of the Company, as filed with the U.S. Securities and Exchange Commission (the &#8220;Report&#8221;), fully complies with the requirements of Section 13(a) or 15(d) of the U.S. Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Dated: May 29, 2018</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" face="Times New Roman">/s/&nbsp;Benjamin Steinbruch</FONT></I></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Name:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 5pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Benjamin Steinbruch</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Title:</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Chief Executive Officer</FONT></P></TD></TR></TABLE></DIV>

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<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>5
<FILENAME>exhibit132.htm
<DESCRIPTION>EXHIBIT132
<TEXT>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 8pt" align=right><B><U><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Exhibit 13.2</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Companhia Sider&#250;rgica Nacional (the &#8220;Company&#8221;), does hereby certify, to such officer&#8217;s knowledge, that:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">The Annual Report on Form 20-F for the fiscal year ended December 31, 2017 of the Company, as filed with the U.S. Securities and Exchange Commission (the &#8220;Report&#8221;), fully complies with the requirements of Section 13(a) or 15(d) of the U.S. Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

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<TABLE style="WIDTH: 35%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="95%" colSpan=2>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Dated: May 29, 2018</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" face="Times New Roman">/s/&nbsp;Marcelo Cunha Ribeiro</FONT></I></P></TD></TR>

<TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Name:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 5pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Marcelo Cunha Ribeiro</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="5%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="10%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Title:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Chief Financial Officer</FONT></P></TD></TR></TABLE></DIV>

<P></P>

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    <ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;DESCRIPTION&#13;                                         OF BUSINESS&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt/116% Times New Roman, Times, Serif"&gt;Companhia&#13;Sider&amp;#250;rgica Nacional &amp;#8220;CSN&amp;#8221;, also referred to as the Company, is a publicly-held company incorporated on April&#13;9, 1941, under the laws of the Federative Republic of Brazil (Companhia Sider&amp;#250;rgica Nacional, its subsidiaries, joint ventures,&#13;joint operations and associates are collectively referred to herein as the &amp;#34;Group&amp;#8221;). The Company&amp;#8217;s registered&#13;office is located at Av. Brigadeiro Faria Lima, 3.400, 19&lt;/font&gt; &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&lt;sup&gt;th&#13;&lt;/sup&gt;&lt;/b&gt;&lt;font style="line-height: 116%"&gt;and 20&lt;/font&gt; &lt;b&gt;&lt;sup&gt;th&lt;/sup&gt;&lt;/b&gt; &lt;font style="line-height: 116%"&gt;floors, Itaim Bibi,&#13;S&amp;#227;o Paulo, Brazil, CEP 04538-132.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;CSN&#13;has shares listed on the S&amp;#227;o Paulo Stock Exchange (B3 S.A.- Brasil, Bolsa, Balc&amp;#227;o) and on the New York Stock Exchange&#13;(NYSE), under the code SID. Accordingly, the Company reports its information to the Brazilian Securities Commission (CVM) and&#13;the U.S. Securities and Exchange Commission (SEC). &lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Group's main operating activities are divided into five (5) operating segments as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Steel:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company&amp;#8217;s main industrial facility is the Presidente Vargas steelworks (&amp;#8220;UPV&amp;#8221;), located in the city of Volta&#13;Redonda, State of Rio de Janeiro. This segment consolidates the operations related to the production, distribution and sale of&#13;flat steel, long steel, metallic containers and galvanized steel. In addition to the facilities in Brazil, CSN has operations&#13;in the United States, Portugal and Germany, all of them are in line with the plan to achieve new markets and perform excellent&#13;services for final consumers. Its steel has been used in home appliances, civil construction and automobile industries.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Mining:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;production of iron ore is developed in the city of Congonhas, State of Minas Gerais.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Iron&#13;ore is sold basically in the international market, especially in Europe and Asia. The prices charged in these markets are historically&#13;cyclical and subject to significant fluctuations over short periods of time, driven by several factors related to global demand,&#13;strategies adopted by the major steel producers and the foreign exchange rate. All these factors are beyond the Company&amp;#8217;s&#13;control. The ore transportation is accomplished by Terminal de Carv&amp;#227;o e Min&amp;#233;rios do Porto de Itaguai ( &amp;#8220;TECAR&amp;#8221;),&#13;a solid bulk terminal, one of the four terminals that compose the Port of Itaguai, located in the State of Rio de Janeiro. Imports&#13;of coal and coke are held through this terminal and directed to the steel industry of CSN.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company&amp;#180;s mining activities also comprises tin exploitation, which is based in the State of Rond&amp;#244;nia, this facility&#13;is engaged to supply the needs of UPV, with the excess of raw materials being sold to subsidiaries and third parties.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cement:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;CSN&#13;entered in the cement market boosted by the synergy between this new activity and its existing businesses. Next to UPV in Volta&#13;Redonda (RJ), is installed the new business unit: CSN Cimentos, which produces CP-III type of cement by using slag produced by&#13;the UPV blast furnaces in Volta Redonda. It also explores limestone and dolomite at the Arcos unit, located in the State of Minas&#13;Gerais, to satisfy the needs of UPV as of the cement plant.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;the fourth quarter of 2016, the Company started the operation of its second clinker production line in Arcos/MG. As a result,&#13;the Company is self-sufficient in the production of cement, with an installed capacity of 4.7 million tons per year.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Logistics&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Railroads:&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;CSN&#13;has interests in three railroad companies: MRS Log&amp;#237;stica S.A., which manages the former Southeast Railway System of Rede&#13;Ferrovi&amp;#225;ria Federal S.A (&amp;#8220;RFFSA&amp;#8221;)., Transnordestina Log&amp;#237;stica S.A. (&amp;#8220;TLSA&amp;#8221;) and FTL - Ferrovia&#13;Transnordestina Log&amp;#237;stica S.A. (&amp;#8220;FTL&amp;#8221;), which has the concession to operate the former Northeast Railway System&#13;of RFFSA, in the States of Maranh&amp;#227;o, Piau&amp;#237;, Cear&amp;#225;, Rio Grande do Norte, Para&amp;#237;ba, Pernambuco and Alagoas, with&#13;TLSA being responsible for the rail links of Miss&amp;#227;o Velha-Salgueiro, Salgueiro-Trindade, Trindade-Eliseu Martins, Salgueiro-Porto&#13;de Suape and Miss&amp;#227;o Velha-Porto de Pec&amp;#233;m (Railway System II), still under construction, and FTL being responsible for&#13;the rail links of S&amp;#227;o Luiz-Mucuripe, Arrojado-Recife, Itabaiana-Cabedelo, Paula Cavalcante-Macau and Propri&amp;#225;-Jorge Lins&#13;(Railway System I).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Ports&lt;b&gt;:&#13;&lt;/b&gt;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;the State of Rio de Janeiro, by means of its subsidiaries Sepetiba Tecon S.A. and CSN Minera&amp;#231;&amp;#227;o S.A. (&amp;#8220;CSN Minera&amp;#231;&amp;#227;o&amp;#8221;),&#13;the Company operates the Container Terminal (&amp;#8220;Tecon&amp;#8221;) and the solid bulk terminal (Tecar), respectively, both located&#13;at the Itagua&amp;#237; Port. Established in the harbor of Sepetiba, the mentioned port has a privileged highway, railroad and maritime&#13;access.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(&amp;#8220;Tecon&amp;#8221;)&#13;is responsible for the shipments of CSN&amp;#180;s steel products, movement and storage of containers, consolidation and deconsolidation&#13;of cargo; The Tecar&amp;#180;s port terminal is engaged to the iron ore shipment overseas and to the landing of coal, petroleum, coke,&#13;sulfur and zinc concentrate for our own operation and for third parties.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Energy:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Since&#13;the energy supply is fundamental in CSN&amp;#180;s production process, the Company owns and operates facilities to generate electric&#13;power for guaranteeing its self-sufficiency. See further details in Note 8.d.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;note 25 - &amp;#8220;Segment Information&amp;#8221; details the financial information per each of CSN&amp;#180;s business segment.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Going&#13;Concern&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;2017, the Company amortized principal and interest in the approximate amount of R$4.2 billion of its loans and financing. Until&#13;March 2019, loans and interest to be incurred next year, are expected to be paid in the approximate amount of R$8.9 billion, after&#13;the local debt reprofiling.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;financial leverage may adversely affect the businesses, financial conditions and operating results and may require the&#13;following considerations:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 14.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Allocation&#13;                                         of a substantial part of the cash generated from operations for repayment of the borrowings.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 14.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Exposure&#13;                                         (i) to fluctuations in interest rates due to the renegotiation of debts and new borrowings&#13;                                         taken, and fluctuations in exchange rates since a significant part of the borrowings&#13;                                         is denominated in foreign currency.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 14.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Increase&#13;                                         in the economic and financial vulnerability due to adverse conditions of the industry&#13;                                         and segment, limiting the funds available in the short term, considering the high financial&#13;                                         leverage and the expected cash disbursements;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 14.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Limitation&#13;                                         of the Company&amp;#8217;s ability to enter into new businesses (acquisitions) until the&#13;                                         financial leverage is reduced;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 14.2pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Limitation&#13;                                         of the Company&amp;#8217;s ability to obtain new credit lines under more favorable interest&#13;                                         conditions due to the risks associated to the current financial leverage.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company&amp;#8217;s ability to continue operating depends on the achievement of operating targets defined by Management, in addition&#13;to refinancing of contracted debts, and/or actions related to financial deleveraging.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;addition to the continuous focus on improvement in operating income, Management has various actions in progress to increase the&#13;Company&amp;#8217;s liquidity through an extension of borrowing payment terms.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;This&#13;plan was started in 2015, with the renegotiation of R$ 2.5 billion with Caixa Econ&amp;#244;mica Federal and R$ 2.2 billion with Banco&#13;do Brasil S.A, postponing the maturities from 2016 and 2017 to 2018 through 2022. In 2016, the Company extended the installments&#13;of certain NCE contracts amounting to R$ 100 million and prepayments of US$ 66 million with Bradesco, postponing the maturities&#13;from 2016 to 2019. In 2017, Management remained committed to the plan to extend it debt payment term, mainly those of short term,&#13;working on the renegotiation of borrowings at R$ 1.5 billion.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;February 2018 we concluded the renegotiation of R$4,98 billion of our outstanding debt with Banco do Brasil, postponing the maturities&#13;of 2018 through 2022 up to 2024. In February 2018 we issued debt instruments (&amp;#8220;Notes&amp;#8221;) in the amount of US$350 million&#13;through our wholly-owned subsidiary CSN Resources S.A., with maturity date in 2023 and, in conjunction, we made a repurchase offer&#13;(&amp;#8220;Tender Offer&amp;#8221;) of the Notes previously issued by CSN Islands XI Corp and CSN Resources S.A, having been repurchased&#13;US$350 million in Notes with maturities scheduled for 2019 and 2020.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Additionally,&#13;Management studies alternatives to financial deleverage from the disposal of non-strategic assets. However, it is not possible&#13;to affirm that the sale of assets will occur within a 12-month period. Thus, the Company did not segregate and did not reclassify&#13;any assets in the financial statements as discontinued operations in accordance with IFRS 5.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Based&#13;on Management&amp;#8217;s cash flow projections that covered the period until December 2018 as of the date of these financial statements,&#13;which depend on factors such as the achievement of production targets, sales volumes and prices, as well as on renegotiations&#13;of borrowings, Management believes that the Company has appropriate resources to continue as a going concern in a reasonably estimable&#13;period of time. Accordingly, the Company&amp;#8217;s financial statements for the year ended December 31, 2017 have been prepared&#13;on the assumption that the Company will continue as a going concern.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory>
    <ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;SUMMARY&#13;                                         OF SIGNIFICANT ACCOUNTING POLICIES&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.a)&#13;Basis of preparation &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;consolidated financial statements have been prepared and are being presented in accordance with International Financial Reporting&#13;Standards &amp;#8220;IFRS&amp;#8221; issued by the International Accounting Standards Board (IASB). All the relevant information of the&#13;financial statements, and only this information, are being highlighted and correspond to those used by the Company's management.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also&#13;requires management to exercise its judgment in the process of applying the Company&amp;#8217;s accounting policies. It is disclosed&#13;in the notes to this report all subjects involving a high degree of judgment or complexity or when assumptions and estimates are&#13;significant to the consolidated financial statements, those subjects are related to the allowance for doubtful debts, provision&#13;for inventory losses, provision for labor, civil, tax, environmental and social security contingences, depreciation, amortization,&#13;depletion, provision for impairment, deferred taxes, financial instruments and employee benefits. Actual results may differ from&#13;these estimates.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;financial statements are presented in thousands of Brazilian Reais (R$). Depending on the applicable IFRS standard, the measurement&#13;criteria used in preparing the financial statements considers the historical cost, net realizable value, fair value or recoverable&#13;amount. When the IFRS allows us to option between acquisition cost and other measurement criteria, the acquisition cost was the&#13;criteria used.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;consolidated financial statements were approved by the Board of Directors on April 30, 2018.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.b)&#13;Consolidated financial statements &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;accounting policies have been consistently applied to all consolidated companies. The consolidated financial statements for the&#13;years ended December 31, 2017 and 2016 include the following direct and indirect subsidiaries, joint ventures and joint operations,&#13;as well as the exclusive funds, as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="4" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Equity&#13;    interests (%)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; width: 36%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Companies&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: bold 8pt Times New Roman, Times, Serif; width: 1%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: bold 8pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; width: 6%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12/31/2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt; width: 1%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: bold 8pt Times New Roman, Times, Serif; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; width: 7%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12/31/2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: bold 8pt Times New Roman, Times, Serif; border-top-color: Black; border-top-width: 0.5pt; width: 1%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; width: 48%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Core&#13;    business&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: bold 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Direct&#13;    interest in subsidiaries: full consolidation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: bold 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CSN&#13;    Islands VII Corp.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: bold 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Indirect&#13;    interest in joint ventures: equity method&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; 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   &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;20.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Metallurgy&#13;    and Equity interests&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(*)&#13;They are Dormant Companies, therefore they do not appear in the note 8.a, where is disclosed business information under the equity&#13;method and classified as available for sale.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 7.1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Events&#13;                                         in 2017:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1)&#13;On February 6, 2018, the Spanish commercial registry recognized the merger by absorption of the companies by CSN Steel, S.L.U.,&#13;date from which the companies were considered legally extinct. In addition, before third parties and for the purposes of commercial&#13;law, the merger is retroactive to the date of December 28, 2017;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2)&#13;Transfer of 1 share in August 2017;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3)&#13;Company sold to the CSN Minera&amp;#231;&amp;#227;o and in August 2017 was incorporated by the same subsidiary;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4)&#13;Companies liquidated in July 2017;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(5)&#13;New corporate name of Namisa International Min&amp;#233;rios SLU, amended in September 2017;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(6)&#13;Companies constituted in 2017;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#8226;&#13;Exclusive funds&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Equity&#13;    Interests (%)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 48%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Exclusive&#13;    funds&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 19%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 14%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Core&#13;    business&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Direct&#13;    interest: full consolidation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Diplic&#13;    II- Private credit balanced mutual fund &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Investment&#13;    fund&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Caixa&#13;    V&amp;#233;rtice - Private credit balanced mutual fund&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Investment&#13;    fund&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;VR1&#13;    &amp;#8211; Private Credit balanced mutual fund&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Investment&#13;    fund&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;preparing the consolidated financial statements, we have adopted the following consolidation procedures:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Transactions between subsidiaries, associates, joint ventures and joint operations &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Unrealized&#13;gains on transactions with subsidiaries, joint ventures and associates are eliminated to the extent of CSN&amp;#8217;s equity interests&#13;in the related entity by the consolidation process. Unrealized losses are eliminated in the same manner as unrealized gains, although&#13;only to the extent that there are not indications of impairment. The Company eliminates the effect on profit or loss of transactions&#13;carried out with joint ventures and, as a result, reclassifies part of the equity in results of joint ventures to financial costs,&#13;cost of sales and income tax and social contribution.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;base date to the financial statements of the subsidiaries and joint ventures is the same as of the Company, and their accounting&#13;policies are also in line with the policies adopted by the CSN.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Subsidiaries&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Subsidiaries&#13;are all entities (including special purpose entities) which financial and operating policies can be conducted by the Company and&#13;when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to use its&#13;power to affect its returns. The existence and effect of potential voting rights that are actually exercisable or convertible&#13;are taken into consideration when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from&#13;the date when the control is transferred to the Company and are deconsolidated from the date when such control ceases. &amp;#9;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Joint&#13;ventures and joint operations&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Joint&#13;arrangements are all entities over which the Company has joint control with one or more other parties. The investments in joint&#13;arrangements are classified as joint operations or joint ventures depending on the contractual rights and obligations of each&#13;investor.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Joint&#13;operations are accounted for in the financial statements in order to represent the Company's contractual rights and obligations.&#13;Therefore, the assets, liabilities, revenues and expenses related to its interests in joint operations are accounted for individually&#13;in the financial statements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Joint&#13;ventures are accounted for under the equity method and are not consolidated.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company eliminates the effect on profit or loss of transactions carried out with joint ventures and, as a result, eliminates part&#13;of the equity in results of joint ventures to financial costs, cost of sales, net sales and income tax and social contribution.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Associates&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Associates&#13;are all entities over which the Company has significant influence but not control, generally through a shareholding percentage&#13;from 20% up to 50% of the voting rights. Investments in associates are accounted for under the equity method and are initially&#13;recognized at cost.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Transactions and non-controlling interests&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company treats transactions with non-controlling interests as transactions with owners of the Company. For purchases from non-controlling&#13;interests, the difference between any consideration paid and the relevant share acquired of the carrying value of subsidiary net&#13;assets is recorded in shareholders' equity. Gains and losses on disposals to non-controlling interests are also recognized directly&#13;in shareholders' equity.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;When&#13;the Company no longer holds control, any retained interest in the entity is remeasured to its fair value, with the change in the&#13;carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting&#13;for the retained interest in an associate, joint venture or financial asset. In addition, any amounts previously recognized in&#13;other comprehensive income in respect of that entity are accounted for as if the Company had disposed of the related assets or&#13;liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.c)&#13;Foreign currencies &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;i.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Functional and presentation currency&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Items&#13;included in the financial statements are related to each one of the Company's subsidiaries are measured using the currency of&#13;the primary economic environment in which the subsidiary operates (&amp;#8220;functional currency&amp;#8221;). The consolidated financial&#13;statements are presented in Brazilian Reais (R$), which is the Company&amp;#8217;s functional currency and the Group&amp;#8217;s presentation&#13;currency.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;ii.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Transactions and balances&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Transactions&#13;in foreign currencies are translated into the functional currency using the exchange rates in effect at the dates of the transactions&#13;or valuations when their values are remeasured. Foreign exchange gains and losses resulting from the settlement of those transactions&#13;and from the translation at exchange rates in effect as of December 31, 2017 related to monetary assets and liabilities denominated&#13;in foreign currencies are recognized in the income statement, except when they are recognized in shareholders' equity as a result&#13;of foreign operation characterized as foreign investment.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;balances of assets and liabilities are translated by exchange rates prevailing at the end of the reporting period. As of December&#13;31, 2017, US$1 is equal to R$3.3080 (R$3.2591 at December 31, 2016) and &amp;#8364;1 is equal to R$3.9693 (R$3.4384 at December 31,&#13;2016).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;All&#13;other foreign exchange gains and losses, including foreign exchange gains and losses related to borrowings and cash and cash equivalents,&#13;are presented in the income statement as financial income or costs.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Changes&#13;in the fair value of monetary securities denominated in foreign currency, classified as available-for-sale, are segregated into&#13;exchange differences related to the amortized cost of the security and other changes in the carrying amount of the security. Exchange&#13;differences related to amortized cost are recognized in profit or loss, and other changes in the carrying amount are recognized&#13;in shareholders' equity.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Exchange&#13;differences on non-monetary financial assets and liabilities classified as measured at fair value through profit or loss are recognized&#13;in profit or loss as part of the gain or loss on the fair value. Exchange differences on investments classified as available-for-sale&#13;are included in comprehensive income in shareholders' equity.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;iii.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Group companies&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;results and financial position of all the Group&amp;#8217;s entities (none of which has the currency of a hyper-inflationary economy)&#13;that have a functional currency different from the presentation currency are translated into the presentation currency as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;The assets and liabilities of each balance sheet presented are translated by exchange rate at the end of the reporting period;&#13;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;The income and expenses of each income statement are translated at average exchange rates (unless this average is not a reasonable&#13;approximation of the cumulative effect of the rates at the transaction dates, in which case income and expenses are translated&#13;at the rate in effect at the transaction dates); &lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;All resulting exchange differences are recognized as a separate component in other comprehensive income; and&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Gains and losses accumulated in shareholders' equity are included in the income statement when the foreign operation is partially&#13;disposed or sold.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;On&#13;consolidation, exchange differences resulting from the translation of monetary items with characteristics of net investment in&#13;foreign operations are recognized in shareholders' equity. When a foreign operation is partly disposed of or sold, exchange differences&#13;previously recorded into other comprehensive income are recognized in the income statement as part of the gain or loss on sale.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.d)&#13;Cash and cash equivalents&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cash&#13;and cash equivalents include cash on hand, in bank accounts and other short-term highly liquid investments redeemable within 90&#13;days from the end of the reporting period, readily convertible into a known amount of cash and subject to an insignificant risk&#13;of change in value. Bank certificates of deposit and government securities that do not meet the above criteria are not considered&#13;cash equivalents and are classified as financial investments, according to note 4.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.e)&#13;Trade receivables&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Trade&#13;receivables are initially recognized at fair value, including the related taxes and expenses. Foreign currency-denominated trade&#13;receivables are adjusted at the exchange rate in effect at the end of the reporting period. The allowance for estimated losses&#13;on doubtful debts were recognized in an amount considered sufficient to cover any losses. Management&amp;#8217;s assessment takes&#13;into consideration the customer&amp;#8217;s history and financial position, as well as the opinion of their legal counsel regarding&#13;the collection of these receivables for recognizing the allowance for estimated losses.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.f)&#13;Inventories&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Inventories&#13;are carried at the lower of cost and net realizable value. Cost is determined using the weighted average cost method on the acquisition&#13;of raw materials. The costs of finished goods and work in process comprise raw materials, labor and other direct costs (based&#13;on the normal production capacity). Net realizable value represents the estimated selling price in the normal course of business,&#13;less estimated costs of completion and costs necessary to make the sale. The allowance for estimated losses on slow-moving or&#13;obsolete inventories are recognized when considered necessary.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Stockpiled&#13;ore inventories are accounted for as processed when removed from the mine. The cost of finished goods comprises all direct costs&#13;necessary to transform stockpiled inventories into finished goods.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.g)&#13;Investments&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Investments&#13;in subsidiaries, joint ventures and associates are accounted for under the equity method of accounting and are initially recognized&#13;at cost. The gains or losses are recognized in profit or loss as operating income (or expenses). In the case of foreign exchange&#13;differences arising on translating foreign investments that have a functional currency different from the Company&amp;#8217;s, changes&#13;in investments due exclusively to foreign exchange differences, as well as adjustments to pension plans and available-for-sale&#13;investments that impact the subsidiaries&amp;#8217; shareholders' equity, are recognized in line item &amp;#8220;Cumulative translation&#13;adjustments&amp;#8221;, in the Company&amp;#8217;s shareholders' equity, and are only recognized in profit or loss when the investment&#13;is disposed or written off due to impairment loss. Other investments are recognized at cost or fair value.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;When&#13;necessary, the accounting policies of subsidiaries, joint ventures and associates are changed to ensure consistency with the policies&#13;adopted by the Company.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2h)&#13;Business combination&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;acquisition method is used to account for on each business combination conducted by the Company. The payment obligation transferred&#13;by acquiring an entity is measured by the fair value of the assets transferred, liabilities incurred and equity instruments issued&#13;by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration&#13;arrangement, where applicable. Acquisition-related costs are recognized in profit or loss for the year, as incurred. Identifiable&#13;assets acquired and liabilities assumed in a business combination are initially measured at their fair values at the acquisition&#13;date.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.i)&#13;Property, plant and equipment&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Property,&#13;plant and equipment are carried at cost of acquisition, formation or construction, less accumulated depreciation or depletion&#13;and any impairment loss. Depreciation is calculated under the straight-line method based on the remaining economic useful economic&#13;lives of assets, as mentioned in note 9. The depletion of mines is calculated based on the quantity of ore mined. Land is not&#13;depreciated since their useful life is considered indefinite. However, if the tangible assets are mine-specific, that is, used&#13;in the mining activity, they are depreciated over the shorter between the normal useful lives of such assets and the useful life&#13;of the mine. The Company recognizes in the carrying amount of property, plant and equipment the cost of replacement and consequently&#13;reducing the carrying amount of the part that is replaced if it is probable that future economic benefits embodied therein will&#13;revert to the Company, and if the cost of the asset can be reliably measured. All other disbursements are expensed as incurred.&#13;Borrowing costs related to funds obtained for construction in progress are capitalized until these projects are completed.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;If&#13;some components of property, plant and equipment have different useful lives, these components are accounted for in separate line&#13;items of property, plant and equipment.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gains&#13;and losses on disposal are determined by comparing the sale value less the residual value and are recognized in &amp;#8216;Other operating&#13;income (expenses)&amp;#8217;.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Exploration&#13;expenditures are recognized as expenses until the viability of mining activities is established, after this period the subsequent&#13;development costs are capitalized. Exploration and valuation expenditures include:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 3.3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Research&#13;                                         and analysis of historical data related to area exploration;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 3.3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Topographic,&#13;                                         geological, geochemical and geophysical studies;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 3.3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Determine&#13;                                         the mineral asset&amp;#8217;s volume and quality/grade;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 3.3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Examine&#13;                                         and test the extraction processes and methods;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 3.3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Topographic&#13;                                         surveys of transportation and infrastructure needs;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 3.3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Market&#13;                                         and financial studies;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;development costs from new mineral deposits or from capacity expansion in mine operations are capitalized and amortized using&#13;the produced (extracted) units method based on the probable and proven ore quantities. The development stage includes:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 3.3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Drillings&#13;                                         to define the ore body;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 3.3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Access&#13;                                         and draining plans;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 3.3pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Advance&#13;                                         removal of overburden (top soil and waste material removed prior to initial mining of&#13;                                         the ore body) and waste material (non-economic material that is intermingled with the&#13;                                         ore body).&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Stripping&#13;costs (the costs associated with the removal of overburden and other waste materials) incurred during the development of a mine,&#13;before production commences, they are capitalized as part of the depreciable cost of developing the property. Such costs are subsequently&#13;amortized over the useful life of the mine based on proven and probable reserves.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Stripping&#13;costs in the production phase are included in the cost of the inventory produced, except when a specific extraction campaign is&#13;made to access deeper deposits of where ore body is located. In these cases, costs are capitalized and taken to noncurrent assets&#13;when the mineral ore deposit is extracted and are amortized over the useful life of the ore body.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company holds spare parts that will be used to replace parts of property, plant and equipment and that used to increase the asset&amp;#8217;s&#13;useful life when it exceeds 12 months. These spare parts are classified in property, plant and equipment and not in inventories.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.j)&#13;Intangible assets&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Intangible&#13;assets comprise assets acquired from third parties, including through business combinations.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;These&#13;assets are recognized at cost of acquisition or formation, less amortization calculated on a straight-line basis method based&#13;on the estimated periods of exploration or recovery&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Mineral&#13;rights acquired are classified in line item &amp;#8220;other assets&amp;#8221; in intangible assets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Intangible&#13;assets with indefinite useful lives and goodwill based on expected future profitability are not amortized.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Goodwill&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Goodwill&#13;represents the positive difference between the amount paid and/or payable for the acquisition of a business and the net fair values&#13;of the acquiree&amp;#180;s assets and liabilities. Goodwill on acquisitions from business combination is recognized as intangible&#13;assets in the consolidated financial statements. The gain from a bargain purchase is recognized directly in the statement of income&#13;at the acquisition date. Goodwill is annually tested for impairment. Impairment losses on goodwill are not reversed. Gains and&#13;losses on the disposal of a Cash-Generating Unit (CGU) include the carrying amount of goodwill related to the CGU sold.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Goodwill&#13;is allocated to CGUs for impairment testing purposes. The allocation is made to CGUs of CGUs that are expected to benefit from&#13;the business combination in which the goodwill arose, and recalling that unit is not greater than the operating segment.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Software&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Software&#13;licenses purchased are capitalized based on the costs incurred to purchase the software and make it ready for use. These costs&#13;are amortized on a straight-line basis over the estimated useful lives from one to five years.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.k)&#13;Impairment of non-financial assets &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Assets&#13;with infinite useful lives, such as goodwill, are not subject to amortization and are annually tested for impairment. Assets subject&#13;to amortization and/or depreciation, such as property, plant and equipment, are tested for impairment whenever events or changes&#13;in circumstances indicate that their carrying amounts may not be recoverable. An impairment loss is recognized by determining&#13;an asset&amp;#180;s recoverable amount. The recoverable amount is the higher of the fair value of an asset less costs to sell and&#13;its value in use. For impairment testing purposes, assets are grouped at their lowest levels for which there are separately identifiable&#13;cash flows (Cash Generating Units, or CGUs). Non-financial assets, except for goodwill, are subsequently reviewed for possible&#13;reversal of the impairment at the reporting date.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.l)&#13;Employee benefits&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;i.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Employee&#13;                                         benefits &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Defined&#13;contribution plans &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;A&#13;defined contribution plan is as a post-employment benefit plan whereby an entity pays fixed contributions to a separate entity&#13;(pension fund) and will not have any legal or constructive obligation to pay additional amounts. Obligations for contributions&#13;to defined contribution pension plans are recognized as employee benefit expenses in the periods during which services are provided&#13;by employees. Contributions paid in advance are recognized for an asset since it is agreed that either cash reimbursement or future&#13;reduction on payables will flow back to CSN. Contributions to a defined contribution plan that is expected to mature twelve (12)&#13;months after the end of the period in which the employee provides services are discounted to their present values.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Defined&#13;benefit plans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;A&#13;defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company&amp;#8217;s net obligation&#13;regarding defined pension benefit plans is calculated individually for each plan by estimating the value of the future benefit&#13;that the employees accrue as return for services provided in the current period and in prior periods; such benefit is discounted&#13;to its present value. The discount rate is the yield presented at the end of the reporting period for top line debt securities&#13;whose maturity dates approximate the terms and conditions of the Company&amp;#8217;s obligations and which are denominated in the&#13;same currency as the one in which it is expected that the benefits will be paid. The calculation is made annually by a qualified&#13;actuary using the projected unit credit method. When the calculation results in a benefit for the Company, the asset to be recognized&#13;is limited to the total amount of any unrecognized costs of past services and the present value of the economic benefits available&#13;in the form of future plan reimbursements or reduction in future contributions to the plan. The present value of economic benefits&#13;is calculated taking into account the funding requirements applicable to the Company&amp;#8217;s plans. An economic benefit is available&#13;to the Company if it is realizable during the life of the plan or upon settlement of the plan&amp;#8217;s liabilities.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company and some of its subsidiaries offered a postretirement healthcare benefit to its employees. The right to these benefits&#13;is usually contingent to their remaining in employment until the retirement age and the completion of the minimum length of service.&#13;The expected costs of these benefits are accumulated during the employment period, and are calculated using the same accounting&#13;method used for defined benefit pension plans. These obligations are annually valued by qualified independent actuaries.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;When&#13;the benefits of a plan are increased, the portion of the increased benefit related to past services of employees is recognized&#13;in profit or loss until the benefits become vested. When benefits became vesting rights, all actuarial gains or losses are immediately&#13;recognized in profit or loss.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company recognizes all actuarial gains and losses resulting from defined benefit plans immediately in other comprehensive income.&#13;If the plan is extinguished, actuarial gains and losses are recognized in profit or loss.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;ii.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Profit&#13;                                         sharing and bonus&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Employee&#13;profit sharing and executives&amp;#8217; variable compensation are linked to the achievement of operating and financial targets. The&#13;Company recognizes a liability and an expense substantially allocated to production cost and, where applicable, to general and&#13;administrative expenses when such goals are met.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.m)&#13;Provisions&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Provisions&#13;are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that&#13;the Company will be required to settle the obligation and it has reliable cost estimation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;amount recognized as a provision is the best value estimation required to settle the present obligation at the end of the reporting&#13;period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash&#13;flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect&#13;of the time value of money is material). Success fees are accrued to the extent that they make it probable that disbursements&#13;will occur. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third&#13;party, a receivable is recognized as an asset if it is probable that reimbursement will be received and that the amount of the&#13;receivable can be measured reliably.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.n)&#13;Concessions&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company has governmental concessions to provide the following types of services: railway and port transportation managed by Company&amp;#180;s&#13;subsidiaries and joint-ventures. The concessions included in the consolidated financial statements are related to the rail network&#13;in the Northeast area, managed by the subsidiary FTL, the container terminal in Itagua&amp;#237;, managed by the subsidiary Sepetiba&#13;Tecon and the port terminal TECAR for exporting ore and importing coal, which is managed by the subsidiary CSN Minera&amp;#231;&amp;#227;o.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company&amp;#180;s concession contracts are not within the scope of the international interpretative standard IFRIC 12, considering&#13;that the grantor (refers to the government) has effectively no control over what, to whom and at what price the services will&#13;be provided by the dealer (refers to the private part) to the customers. In essence, all concession contracts has operating leasing&#13;characteristics. Therefore, the accounting should follow the accounting rules applicable to leases. Our concession agreements&#13;provide for the use of a specific asset for an agreed period of time, but without any transfer of ownership to the Company or&#13;option to buy these assets after the completion of these contracts.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Payments&#13;made under operating leases are recognized in the income statement on a straight line basis over the period of the contracts.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;There&#13;are assets related to our concessions which are subject to reversion to the grantor at the end of the concession agreement.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;residual carrying amounts of these assets on December 31, 2017 are listed below with an indication of their classification in&#13;our financial statements:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Concession&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Net&#13;    book value (R$)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Classification&#13;    in balance sheet&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Sepetiba&#13;    Tecon S.A. (TECON)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;313&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;million&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Fixed&#13;    assets&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;intangible:&#13;    Software&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Tecar&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;1,528&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;million&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Fixed&#13;    assets&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;intangible:&#13;    Software&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Ferrovia&#13;    Transnordestina Log&amp;#237;stica S.A. (FTL)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;230&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;million&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Fixed&#13;    assets&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Transnordestina&#13;    Log&amp;#237;stica S.A. (TLSA)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;7,934&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;million&#13;    (1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Investment&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;MRS&#13;    Log&amp;#237;stica S.A. (MRS)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;3,428&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;million&#13;    (2)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Investment&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The&#13;amount of fixed and intangible assets is recognized in TLSA&amp;#8217;s financial statements. We recognize our interest in the net&#13;assets of TLSA under the equity method and our investment balance in TLSA as of December 31, 2017 was R$1,473,298.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The&#13;amount of fixed and intangible assets is recognized in MRS&amp;#8217;s financial statements. We recognize our interest in the net&#13;assets of MRS by the equity method and our investment balance consolidated in MRS as of December 31, 2017 was R$ 1,325,032.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.o)&#13;Share capital &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Common&#13;shares are classified in shareholders' equity.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Incremental&#13;costs directly attributable to the issue of new shares or options are shown in shareholders' equity as a deduction to the amount&#13;received, net of taxes.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;When&#13;any Company of the Group buys Company shares (treasury shares), the amount paid, including any directly additional costs (net&#13;of income tax), is deducted from shareholders' equity attributable to owners of the Company until the shares are canceled or sold.&#13;When these shares are subsequently sold, any amount received, net of any directly attributable additional transaction costs and&#13;the related income tax and social contribution effects, is included in shareholders' equity attributable to owners of the Company.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.p)&#13;Revenue recognition&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Operating&#13;revenue from the sale of goods in the normal course of business is measured at the fair value of the receivables. Revenue is recognized&#13;when there is convincing evidence that the most significant risks and rewards of ownership of goods have been transferred to the&#13;buyer, it is probable that future economic benefits will flow to the entity, the associated costs and possible return of goods&#13;can be reliably estimated, there is no continued involvement with the goods sold, and the amount of the operating revenue can&#13;be reliably measured. If it is probable that discounts will be granted and the value thereof can be reliably measured, then the&#13;discount is recognized as a reduction of the operating revenue as sales are recognized. Revenue from services provided is recognized&#13;as it is realized.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;appropriate timing for transfer of risks and rewards varies depending on the individual terms and conditions of the sales contract.&#13;For international sales, this timing depends on the type of term of the contract term.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.q)&#13;Financial income and financial expenses &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial&#13;income includes interest income from funds invested (except available-for-sale financial assets), dividend income not accounted&#13;for under the equity method, gains on disposal of available-for-sale financial assets, changes in the fair value of financial&#13;assets measured at fair value through profit or loss, and gains on derivative instruments that are recognized in profit or loss.&#13;Interest income is recognized in profit or loss under the effective interest method. Dividend income is recognized in profit or&#13;loss when the Company&amp;#8217;s right to receive payment has been established. Distributions received from investees accounted for&#13;under the equity method reduce the investment value.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial&#13;expenses comprise interest expenses on borrowings, losses on the fair value of financial instruments measured at fair value through&#13;profit or loss, impairment losses recognized in financial assets, and losses on derivative instruments that are recognized in&#13;profit or loss. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying&#13;asset are measured through profit or loss under the effective interest method.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;exchange gains and losses are reported on a net basis.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.r)&#13;Income tax and social contribution&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Current&#13;income tax and social contribution are calculated based on the tax laws enacted by the end of the reporting period, including&#13;in the countries where the Group entities operate and generate taxable profit. Management periodically assesses the positions&#13;taken in the tax calculations with respect to situations where applicable tax regulations are open to interpretations. The Group&#13;recognizes provisions where appropriate, based on the estimated payments to tax authorities. The income tax and social contribution&#13;expense comprises current and deferred taxes. Current and deferred taxes are recognized in profit or loss unless they are related&#13;to business combinations or items recognized directly in shareholders' equity.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Current&#13;tax is the expected tax payable or receivable on taxable profit or loss for the year at tax rates that have been enacted by the&#13;end of the reporting period and any adjustment to taxes payable in relation to prior years.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Deferred&#13;tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements&#13;and the corresponding tax bases used in the computation of taxable profit. Deferred tax is not recognized for the following temporary&#13;differences: initial recognition of assets and liabilities in a transaction that is not a business combination and does not affect&#13;either the accounting or taxable profit or loss, and differences associated with investments in subsidiaries and joint ventures&#13;when it is probable that they will not reverse in the foreseeable future.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Moreover,&#13;a deferred tax liability is not recognized for taxable temporary differences resulting from the initial recognition of goodwill.&#13;The deferred tax is measured at the rates that are expected to be applied on temporary differences when they reverse, based on&#13;the laws enacted by the end of the reporting period.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Current&#13;income tax and social contribution are carried at their net amounts by the taxpayer, in liabilities when there are amounts payable&#13;or in assets when prepaid amounts exceed the total amount due at the end of the reporting period.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Deferred&#13;tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current&#13;tax liabilities and when they relate to income taxes levied by the same taxation authority on the same entity subject to taxation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;A&#13;deferred income tax and social contribution asset is recognized for all tax losses, tax credits, and deductible temporary differences&#13;to the extent that it is probable that taxable profits will be available against which those tax losses, tax credits, and deductible&#13;temporary differences can be utilized. Annually, the Company reviews and verifies the existence of future taxable income and a&#13;provision for loss is recognized when the realization of these credits is not likely.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.s)&#13;Earnings/(Loss) per share &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Basic&#13;earnings/loss per share are calculated by means of the profit/loss for the year attributable to owners of the Group and the weighted&#13;average number of common shares outstanding in the related period. Diluted earnings/loss per share are calculated by means of&#13;the average number of shares outstanding, adjusted by instruments potentially convertible into shares, with diluting effect, in&#13;the reported periods. The Group does not have any instruments potentially convertible into shares and, accordingly, diluted earnings/loss&#13;per share are equal to basic earnings/loss per share.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.t)&#13;Environmental and restoration costs &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company recognizes a provision for the recovery costs and fines when a loss is probable and the amounts of the related costs can&#13;be reliably measured. Generally, the period when the provision for recovery is recognized coincides with the end of a feasibility&#13;study or the commitment to adopt a formal action plan.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Expenses&#13;related to compliance with environmental regulations are charged to profit or loss or capitalized, as appropriate. Capitalization&#13;is considered appropriate when the expenses refer to items that will continue to benefit the Group and that are basically related&#13;to the acquisition and installation of equipment to control and/or prevent pollution.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company make the provisions for asset retirement obligations which refer to estimated costs for decommissioning, retirement or&#13;restoration of areas upon the termination of activities of our mining resources. The initial measurement is recognized as a liability&#13;discounted to present value and subsequently through increase in expenses over time. The asset retirement cost equivalent to the&#13;initial liability is capitalized as part of the carrying amount of the asset and is depreciated over the useful life of the asset.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.u)&#13;Research and development&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Research&#13;expenditures are recognized as expenses when incurred. Expenditures on project developments (related to the design and testing&#13;stages of new or improved products) are recognized as intangible assets when it is probable that projects will be successful,&#13;based on their commercial and technological feasibility, and only when the cost can be reliably measured. When capitalized, development&#13;expenditures are amortized from the start of a product commercial production, on a straight-line basis and over the period of&#13;the expected benefit.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.v)&#13;Financial instruments &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Financial assets &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial&#13;assets are classified into the following categories: measured at fair value through profit or loss, loans and receivables, held-to-maturity&#13;and available-for-sale. The classification depends on the purpose for which the financial assets were acquired. Management determines&#13;the classification of its financial assets at the time of initial recognition.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Recognition&#13;                                         and measurement&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company classifies, at initial recognition, its financial assets into four categories: i) fair value through profit or loss, ii)&#13;loans and receivables, iii) held-to-maturity assets, and iv) available-for-sale financial assets. Assets are recognized at fair&#13;value, plus (with the exception of assets recognized at fair value through profit or loss) transaction costs that are directly&#13;attributable to the acquisition or issuance of financial asset.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;the subsequent measurement, loans and receivables are carried at amortized cost using the effective interest method.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gains&#13;or losses resulting from changes in the fair value of financial assets measured at fair value through profit or loss are presented&#13;in the income statement under &amp;#8220;financial income&amp;#8221; in the period in which they arise. Dividend income from financial&#13;assets at fair value through profit or loss is recognized in the income statement as part of other financial income when the Company&amp;#8217;s&#13;right to receive the dividends has been established.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;changes in the fair value of available-for-sale financial assets are recognized as follows: (i) the effects of foreign exchange&#13;differences and the changes in the fair value of the investment in the investee&amp;#8217;s capital are recognized directly in the&#13;Company&amp;#8217;s shareholders&amp;#8217; equity, in &amp;#8220;Other comprehensive income&amp;#8221; and; (ii) the effects of foreign exchange&#13;differences and the changes in the option&amp;#8217;s fair value are recognized in the income statement for the year.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Interest&#13;on available-for-sale securities, calculated under the effective interest method, is recognized in the income statement as part&#13;of other income. Dividends from available-for-sale equity instruments, such as shares, are recognized in the income statement&#13;as part of other financial income when the Company&amp;#8217;s right to receive payments has been established.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;fair values of publicly quoted investments are based on current purchase prices. If the market for a financial asset (and for&#13;instruments not listed on a stock exchange) is not active, the Company establishes the fair value by using valuation techniques.&#13;These techniques include the use of recent transactions contracted with third parties, reference to other instruments that are&#13;substantially similar, analysis of discounted cash flows, and option pricing models that make maximum use of market inputs and&#13;relies as little as possible on entity-specific inputs.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Regular&#13;purchases and sales of financial assets are recognized at the trading date on which the Company undertakes to buy or sell the&#13;asset.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Derecognized&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial&#13;assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred, in the&#13;latter case, provided that the Company has transferred significantly all risks and rewards of ownership.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Financial&#13;                                         assets measured at fair value through profit or loss&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial&#13;assets at fair value through profit or loss are financial assets held for active and frequent trading. Derivatives are also categorized&#13;as held for trading and, accordingly, are classified in this category unless they have been designed as cash flow hedging instruments.&#13;Assets in this category are classified in current assets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Loans&#13;                                         and receivables&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;This&#13;category includes loans and receivables that are non-derivative financial assets with fixed or determinable payments not quoted&#13;in an active market. They are included in current assets, except those with maturity of more than 12 months after the end of the&#13;reporting period (which are classified as non-current assets). Loans and receivables include loans to associates, trade receivables,&#13;other receivables and cash and cash equivalents, except short-term investments. Cash and cash equivalents are recognized at fair&#13;value. Loans and receivables are carried at amortized cost using the effective interest method.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Held-to-maturity&#13;                                         assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;These&#13;are basically financial assets acquired with the positive intent and ability to hold to maturity. Held-to-maturity investments&#13;are initially recognized at their value plus any directly attributable transaction costs. Subsequent to initial recognition, they&#13;are measured at amortized cost using the effective interest method, less any impairment loss.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Available-for-sale&#13;                                         financial assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;These&#13;are non-derivative financial assets, designated as available-for-sale, that are not classified in any other category established.&#13;They are included in non-current assets when they are strategic investments for the Company, unless Management intends to dispose&#13;of the investment within 12 months from the end of the reporting period. Available-for-sale financial assets are recognized at&#13;fair value.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Impairment of financial assets&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company evaluates at each reporting period whether there is an evidence of impairment in a financial asset or a group of financial&#13;assets. This evaluation should consider objective evidence of the occurrence of events that may impact the estimated cash flows&#13;of an individual financial asset or group of financial assets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assets&#13;                                         measured at amortized cost&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;A&#13;financial asset or a group of financial assets is impaired and impairment losses are incurred only if there are evidences of impairment&#13;as a result of one or more events that occurred after the initial recognition of the asset (a &amp;#8220;loss event&amp;#8221;), such&#13;loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets and&#13;the future cash flow estimation can be reliably calculated.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;criteria used by CSN to determine whether there are evidences of impairment loss includes:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;significant&#13;                                         financial weakness related to the issuer or counterparty;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;a&#13;                                         breach of contract, such as default or delinquency at interest or principal payments;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;the&#13;                                         issuer, for economic or legal reasons relating to the borrower&amp;#8217;s financial weakness,&#13;                                         grants to the borrower a concession that the lender would not otherwise consider;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;it&#13;                                         becomes probable that the borrower will incur in bankruptcy or other financial reorganization;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;the&#13;                                         disappearance of an active market for the related financial asset because of financial&#13;                                         weakness; or&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;observable&#13;                                         data indicating that there is a measurable decrease in the estimated future cash flows&#13;                                         from a portfolio of financial assets since the initial recognition of such assets, although&#13;                                         the decrease cannot yet be identified with the individual financial assets in the portfolio,&#13;                                         including:&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&#13;Adverse changes in the payment status of borrowers in the portfolio;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&#13;National or local economic conditions that correlate with defaults on the assets in the portfolio.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;amount of the loss is measured by the difference between the carrying amount of the asset and the present value of estimated future&#13;cash flows (excluding future credit losses that have not been incurred) discounted at the original effective interest rate of&#13;the financial asset. The carrying amount of the asset is reduced and the amount of the loss is recognized in the income statement.&#13;If a loan or held-to-maturity investment has a variable interest rate, the discount rate to measure an impairment loss is the&#13;current effective interest rate determined pursuant to the contract. As a practical expedient, the Company may measure impairment&#13;on the basis of an instrument&amp;#8217;s fair value using an observable market price.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;If,&#13;in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring&#13;after the impairment was recognized (such as an improvement in the debtor&amp;#8217;s credit rating), the previously recognized impairment&#13;loss is reversed and recognized in the consolidated income statement.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assets&#13;                                         classified as available-for-sale&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;the case of equity securities classified as available-for-sale, a significant or prolonged decline at the fair value of an investment&#13;in an equity instrument below of its cost is also an evidence of impairment. Determining what is considered a &amp;#8220;significant&amp;#8221;&#13;or &amp;#8220;prolonged&amp;#8221; decline requires judgment. For this judgment we assess, among other factors, the historical changes&#13;in the equity prices, the duration and proportion in which the fair value of the investment is lower than its cost as well as&#13;the financial health and short-term business prospects for the investee, including factors such as: industry and segment performance,&#13;changes in technology and operating/financial cash flows. If any of the impairment evidences is observed for available-for-sale&#13;financial assets, the cumulative loss&amp;#8212;measured as the difference between the acquisition cost and the current fair value,&#13;less any impairment loss on the financial asset previously recorded in profit or loss&amp;#8212;is reclassified from equity to profit&#13;or loss. Impairment losses recognized in the income statement as available-for-sale instruments are not reversed.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CSN&#13;tested for impairment its available-for-sale investment in Usiminas shares, see note 12 &amp;#8211; Financial Instruments.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;iii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Financial liabilities&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial&#13;liabilities are classified under the following categories &amp;#8216;&amp;#8217;measured at fair value through profit or loss&amp;#8217;&amp;#8217;&#13;and &amp;#8216;&amp;#8217;other financial liabilities&amp;#8217;&amp;#8217;. Management determines the classification of its financial liabilities&#13;at the time of initial recognition.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Financial&#13;                                         liabilities measured at fair value through profit or loss&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial&#13;liabilities classified in category fair value through profit or loss are financial liabilities held for trading or those designated&#13;at the time of initial recognition.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Derivatives&#13;are also classified as trading securities, and thereby are classified so, unless they have been designated as effective hedging&#13;instruments.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gains&#13;and losses on financial liabilities classified at fair value through profit or loss are recognized in profit or loss&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Other&#13;                                         financial liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;financial liabilities are measured at amortized cost using the effective interest method. The Company holds the following non-derivative&#13;financial liabilities: borrowings, financing and debentures as well as trade payables.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Write-off&#13;of financial liabilities&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial&#13;liabilities are written off only when the obligations are terminated and canceled or when they mature. The difference between&#13;the carrying amount of the financial liability written off and the consideration paid and payable is recognized in profit or loss.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Offsetting&#13;                                         of financial instruments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial&#13;assets and financial liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable&#13;right to set off the recognized amounts as well as the intention to either settle them on a net basis or to realize the asset&#13;and settle the liability simultaneously.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;iv)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Derivative instruments and hedging activities&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Derivatives&#13;                                         measured at fair value through profit or loss&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Derivatives&#13;are initially recognized at fair value on the date when a derivative contract is entered, thereafter they are subsequently measured&#13;at their fair value and any changes are recognized as &amp;#8220;Financial income (costs)&amp;#8221; in the income statement.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cash&#13;                                         flow Hedge &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company adopts hedge accounting and designates certain financial liabilities as a hedging instrument of a foreign exchange risk&#13;associated to the cash flows from forecast, highly probable exports (cash flow hedges).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;At&#13;the inception of the transaction, the Company documents the relationships between the hedging instruments and the hedged items,&#13;as well as its risk management objectives and strategy for undertaking hedging transactions. The Company also documents its assessment,&#13;both at the inception of the hedge and on an ongoing basis, of whether the hedging transactions are highly effective in offsetting&#13;changes in the cash flows of the hedged items.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;effective portion of the changes in the fair value of financial liabilities designated and qualifying as cash flow hedge is recognized&#13;on equity, in line item &amp;#34;Hedge accounting&amp;#8221;. Any gain or loss related to the ineffective portion is recognized immediately&#13;in other operational income(expenses), if applicable.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;amounts accumulated in equity are reclassified to the income statement in the periods when the forecast exports affect profit&#13;or loss.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;When&#13;a hedging instrument expires, is settled in advance or the hedging relationship no longer meets the hedge accounting criteria,&#13;or even when Management decides to discontinue hedge accounting, all cumulative gains or losses recorded in equity at the time&#13;remain recognized in equity and, from that moment, the exchange variations are recorded in the financial income (expenses). When&#13;the forecast transaction is completed, the gain or loss is reclassified to profit or loss. When a forecast transaction is no longer&#13;expected to take place, the cumulative gain or loss previously recognized in shareholders&amp;#8217; equity is immediately transferred&#13;to the income statement, in line item &amp;#8220;Other operating income (expenses)&amp;#8221;.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;movements in the hedge amounts designated as exporting cash flow hedges are stated in note 12 &amp;#8211; Financial instruments.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Net&#13;                                         investment hedge &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;For&#13;net investment hedge, the Company designates part of its financial liabilities as hedging instruments of its overseas investments&#13;with functional currencies other than the Group&amp;#8217;s functional currency, according to IAS39. Such relationship occurs since&#13;the financial liabilities are related to the investments in the amounts required for the effective relationship.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;At&#13;the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged&#13;item, along with its risk management objectives and its strategy for undertaking out hedge transactions. Furthermore, at the inception&#13;of the hedge and on an ongoing basis, the Company documents whether the hedging instrument is highly effective in offsetting changes&#13;in fair values of the hedged item.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;effective portion of changes in the fair value of financial liabilities that are designated and qualify as a net investment hedge&#13;is recognized in equity in line item &amp;#8220;Hedge Accounting&amp;#8221;. The gain or loss relating to the ineffective portion is recognized&#13;in financial income (costs), when applicable. If at some point of the hedging relationship the balance of the debt is higher than&#13;the balance of the investment, the exchange variation on the excess debt will be reclassified to the statement of profit or loss&#13;as Other operating income/(expenses) (ineffectiveness of the hedge).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;amounts accumulated in equity will be realized in the statement of profit or loss upon disposal or partial disposal of the foreign&#13;operation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;changes in the amounts of hedge denominated as Net investment hedge are shown in note 12 &amp;#8211; Financial Instruments.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.w)&#13;Segment information&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;An&#13;operating segment is a component of the Group committed to the business activities from which it can obtain revenues and incur&#13;expenses, including revenues and expenses related to transactions with any other components of the Group. All the operating results&#13;of operating segments are reviewed regularly by the Executive Officers of CSN to enable decisions regarding resources to be allocated&#13;to the segment and assessment of its performance. The Company maintains distinct financial information for the distinct segments.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.x)&#13;Government grants &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Government&#13;grants are not recognized until there is reasonable assurance that the Company will comply to the conditions attaching to them&#13;and assurance that the grants will be received, so then they will be recognized in profit or loss on a systematic basis over the&#13;periods in which the Company recognizes as expenses the related costs that the grants are intended to compensate.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 25.5pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company has state tax incentives in the North and Northeast regions, which are recognized in profit or loss as a reduction of&#13;the corresponding costs, expenses and taxes.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.y)&#13;Noncurrent assets held for sale and discontinued operations&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Noncurrent&#13;assets and groups of assets are classified as held for sale if their carrying amount is recovered mainly through a sale transaction&#13;and not through continued use.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;criteria for classification of items held for sale are considered to be met only when the sale is highly probable and the asset&#13;or group of assets is available for immediate sale.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Assets&#13;and liabilities classified as held for sale are presented separately as current items in the balance sheet.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Classification&#13;as a discontinued operation occurs through disposal, or when the transaction meets the criteria to be classified as held for sale&#13;if this occurs earlier. A discontinued operation is a component of a Group business which comprises operations and cash flows&#13;that may be clearly distinct from the rest of the Group and represent a separate business line or geographical area of &amp;#8203;&amp;#8203;operations.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;result of discontinued operations is presented in a single amount in the income statement, including the total income after income&#13;tax of these operations, less any impairment loss.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.z)&#13;New standards and interpretations issued and not yet adopted &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;following standards and interpretations have been issued and will be mandatory for subsequent accounting periods and were not&#13;early adopted by the Group for the year ended December 31, 2017:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 21%; border: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 8pt/116% Times New Roman, Times, Serif"&gt;&lt;b&gt;Standard&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 60%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 8pt/116% Times New Roman, Times, Serif"&gt;&lt;b&gt;Main&#13;    items introduced by the standard&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 8pt/116% Times New Roman, Times, Serif"&gt;&lt;b&gt;Effective&#13;    date&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;IFRS&#13;        9 &amp;#8211; Financial Instruments&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;                                         standard retains but simplifies the combined measurement model and establishes two main&#13;                                         measurement categories of financial assets: amortized cost and fair value. The classification&#13;                                         basis depends on the entity business model and the characteristics of the financial asset&amp;#8217;s&#13;                                         contractual cash flow.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;IFRS&#13;        9 retains most of IAS 39 requirements for financial liabilities. The main change refers to those cases where the fair&#13;        value of the financial liabilities must be segregated so that the fair value portion related to the entities credit risk&#13;        is recognized in &amp;#8220;other comprehensive income&amp;#8221; and not in profit or loss for the period.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;        standard introduces an expected credit loss model for the measurement of the impairment of financial assets. However,&#13;        it is no longer necessary for a credit event to have occurred before a credit loss is recognized. Finally, IFRS 9 introduces&#13;        a new hedge accounting model that is designed to be more closely aligned with how entities undertake risk management activities&#13;        when hedging financial and non-financial risk exposures.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;        requirements for derecognition of financial assets and liabilities under IFRS 9 are carried forward from IAS 39.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January&#13;        1, 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;IFRS15&#13;                                         &amp;#8211; Revenue from Contracts with Customers&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;This&#13;                                         new standard introduces the principles that an entity will apply to determine the revenue&#13;                                         measurement and when such revenue shall be recognized.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;IFRS&#13;        15 replaces IAS 11 &amp;#8211; &lt;i&gt;Construction Contracts&lt;/i&gt;, IAS 18 - &lt;i&gt;Revenue&lt;/i&gt; and related interpretations.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January&#13;        1, 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 8pt/115% Times New Roman, Times, Serif"&gt;IFRS16&#13;    - Leases&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;This&#13;        new standard defines the principles for recognition, measurement, presentation and disclosure of leases and introduces&#13;        a single model for the accounting of leases in the balance sheet for the lessees. A lessee recognizes a right-of-use asset&#13;        that represents his obligation to make lease payments. Optional exemptions are available for short- term leases and low-value&#13;        items. For lessors, accounting treatment remains practically the same, with the classification of leases as operating&#13;        leases or financial leases, and accounting for these two types of lease differently. IFRS 16 replaces existing lease standards,&#13;        including IAS 17 &amp;#8211; L&lt;i&gt;easing Operations&lt;/i&gt; and IFRIC 4, SIC 5 and SIC 27 &amp;#8211; &lt;i&gt;Complementary Aspects of Leasing&#13;        Operations&lt;/i&gt;.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;January&#13;        1, 2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 8pt/115% Times New Roman, Times, Serif"&gt;IFRIC&#13;    22 &amp;#8211; Foreign Currency Transaction and Advance Consideration&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;    Interpretation covers foreign currency transactions (or part of them) when an entity recognizes a non-monetary asset or non-monetary&#13;    liability arising from the payment or receipt of advance consideration before the entity recognizes the related asset, expense&#13;    or income (or part of it).&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 8pt/115% Times New Roman, Times, Serif"&gt;January&#13;    1, 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 8pt/115% Times New Roman, Times, Serif"&gt;IFRIC&#13;    23 &amp;#8211; Uncertainty over Income Tax Treatments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Can&#13;    be unclear how tax law applies to a particular transaction or circumstance. This interpretation complements the IAS 12 &amp;#8211;&#13;    Income Tax, clarify how to reflect the effects of uncertainty over income tax treatments. &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 8pt/115% Times New Roman, Times, Serif"&gt;January&#13;    1, 2019&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;following information presents the possible impacts on the adoption of IFRS 9 and IFRS 15 which were available at the time of&#13;the preparation of these financial statements. In this way, these preliminary assessments and their potential impacts are subject&#13;to change until the initial adoption be disclosed in the 2018 financial statements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;IFRS 9 &amp;#8211; Financial Instruments&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Classification&#13;and measurement of financial assets: Management evaluated the classification and measurement of financial assets offered by the&#13;new pronouncement based on its diagnosis, business model, expectations of the company&amp;#8217;s cash flow and the financial assets&#13;management model. In this way, was concluded that the investment in Usiminas shares would be appropriately classified in the category&#13;of &amp;#34;fair value through profit or loss&amp;#34; and that the loans and receivables would be classified in the category of measured&#13;at &amp;#34;amortized cost&amp;#34;.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;the classification of the category of &amp;#34;fair value through profit or loss&amp;#34;, the gains or losses arising from the variation&#13;of the quotation of the shares are recorded directly in the statement of income at the time of adoption and throughout all future&#13;periods. On the other hand, since it is an initial adoption, the Company evaluated the possible impacts related to the investment&#13;in Usiminas shares and the gain of R$1.5 billion previously recognized and accumulated in Other comprehensive income was reclassified&#13;to &amp;#8220;Other operating income&amp;#8221; in the statement of income on January 1st, 2018. , arising from the recording of the accumulated&#13;balance currently recognized in other comprehensive income.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;IFRS 15 - Revenue from Contracts with Customers&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company's Management evaluated all stages of the new standard for the recognition of revenue from contracts with customers. Based&#13;on this analysis, the Company did not identify material measurement impacts on the application of this standard.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;observed impacts are related to the review of internal procedures, with the objective to ensure that the new contracts with clients&#13;will be properly evaluated and accounted in accordance with the principles of the new standard.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;IFRS 16 &amp;#8211; Leases&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;During&#13;2018, the Company will evaluate, in the main contracts, the effects of applying the new standard.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company does not expect material impacts arising from the application of the new standard.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;IFRIC 22 - Foreign Currency Transaction and Advance Consideration&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;For&#13;IFRIC 22, the Company will evaluate the effects of applying the new interpretation during 2018, in its operations in foreign currency.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;IFRIC 23 - Uncertainty over Income Tax Treatments&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;For&#13;IFRIC 23, during 2018 the Company will study this interpretation to assets how it applies to the Brazilian tax environment.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company does not expect material impacts arising from the application of the interpretation.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory>
    <ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; font: 11pt/107% Calibri, Helvetica, Sans-Serif"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;&lt;b&gt;3.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; text-align: justify"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;&lt;b&gt;CASH AND CASH EQUIVALENTS&amp;#9;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13; 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line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8.05pt; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cash and cash equivalents&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13; 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padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8.05pt; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Short-term investments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 16.05pt; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;In Brazil:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 24pt; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Government securities &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;12,100 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;17,929&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 24pt; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Private securities &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;644,525 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,390,707&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;656,625 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,408,636&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 16.05pt; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Abroad:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 24pt; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Time deposits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,561,245 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,960,046&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total short-term investments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,217,870 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4,368,682&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cash and cash equivalents&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,411,572 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 107%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4,871,162&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The short-term investments are held&#13;through exclusive funds and are comprised of Certificates of Bank Deposits (&amp;#8220;CDBs&amp;#8221;) and yield interest based on the&#13;floating of Certificates of Interbank Deposits (&amp;#8220;CDI&amp;#8221;), and of Brazilian Treasury notes with return at fixed rates.&#13;These short-term investments have immediate liquidity.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"&gt;A significant part of the funds of the Company and its foreign&#13;subsidiaries is invested in time deposits in top rated banks abroad and the returns are based on fixed interest rates.&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt"&gt;&amp;#160;&lt;/p&gt;</ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory>
    <ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;5.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;TRADE&#13;                                         RECEIVABLES&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13; 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padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Trade&#13;    receivables&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Third&#13;    parties&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 16pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Domestic&#13;    market&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;1,290,823&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,027,639&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 16pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Foreign&#13;    market&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;982,846&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;919,936&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,273,669&#13; 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   &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(172,782)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,081,690&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,774,793&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Related&#13;    parties (Note 18 b)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;115,388&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;129,837&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,197,078&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,904,630&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Other&#13;    receivables&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Dividends&#13;    receivable (Note 18 b) (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;41,528&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;37,679&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Advances&#13;    to employees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;33,942&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;34,607&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other&#13;    receivables&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,667&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;20,300&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;b&gt;79,137&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;92,586&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,276,215&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,997,216&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*)&#13;Refers mainly to dividends from CSN Minera&amp;#231;&amp;#227;o S.A. totaling R$ 837,084 received in February 2018.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3.75in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The Company assigns certain accounts receivable to anticipate the cash inflows and eliminate the credit risk&#13;of the notes. These transactions amounted to R$181,972 as of December 31, 2017 (R$263,644 as of December 31, 2016).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;breakdown of gross trade receivables from third parties is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 62%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Current&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;1,391,839&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;1,381,255&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Past-due&#13;    up to 180 days&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;310,106&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;245,012&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Past-due&#13;    over 180 days&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;571,724&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;321,308&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;2,273,669&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;1,947,575&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;movements in the Group&amp;#8217;s allowance for doubtful debts are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 63%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Opening&#13;    balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(172,782)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(151,733)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Estimated&#13;    losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(36,697)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(25,474)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Recovery&#13;    of receivables &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;17,500&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,425&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Closing&#13;    balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(191,979)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(172,782)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory>
    <ifrs-full:DisclosureOfInventoriesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;6.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;INVENTORIES&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Finished&#13;    goods&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,308,802&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,183,619&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Work&#13;    in progress&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,135,589&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;674,860&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Raw&#13;    materials&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,050,588&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,124,158&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Spare&#13;    parts &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;814,725&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;824,478&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Iron&#13;    ore &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;278,041&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;255,029&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Advances&#13;    to suppliers&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12,514&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,168&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(-)&#13;    Provision for losses &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(135,840)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(101,176)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,464,419&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,964,136&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;movements in the provision for inventory losses are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 63%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Opening&#13;    balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(101,176)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(111,427)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Reversal&#13;    / (losses) for slow-moving and obsolescence &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(34,664)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;10,251&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Closing&#13;    balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(135,840)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(101,176)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</ifrs-full:DisclosureOfInventoriesExplanatory>
    <ifrs-full:DisclosureOfOtherAssetsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;b&gt;7&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;.&lt;/font&gt;&lt;/b&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;OTHER&#13;                                         CURRENT AND NON-CURRENT ASSETS&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;group of other current and non-current assets is comprised as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 43%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 10%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 15%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="4" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Non-current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Judicial&#13;    deposits (Note 16)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;339,351&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;331,258&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Credits&#13;    with the PGFN &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;46,774&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;46,774&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Recoverable&#13;    taxes &lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;866,986&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;780,715&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;401,071&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;386,872&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Prepaid&#13;    expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;50,078&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;27,011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;30,741&#13; 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   &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;15,291&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Loans&#13;    with related parties (Note 18 b and 12 I)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,441&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,675,820&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1)&amp;#160;&#13;Refers to the excess of judicial deposit originated by the 2009 REFIS (Tax Debt Refinancing Program). After the settlement of&#13;the tax debt refinancing program, the amount related to one of the lawsuits was fully redeemed through a judicial authorization.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2)&amp;#160;&#13;Refers mainly to taxes on revenue (PIS/COFINS) and State VAT (ICMS) recoverable and income tax and social contribution for offset.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(3)&amp;#160;&#13;Long-term iron ore inventories that will be used after the construction of the processing plant, which will produce pellet feed,&#13;expected to start operating in the first half of 2020.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfOtherAssetsExplanatory>
    <ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Reduction&#13;of financial leverage&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;With&#13;the primary objective of reducing the Company&amp;#8217;s financial leverage, Management is committed to a plan to dispose of a set&#13;of assets, however, it is not possible to confirm that the sale within a period of 12 months is highly probable for any of the&#13;assets contemplated. The Company considers several sales scenarios that vary according to different macroeconomic and operational&#13;assumptions. In this context, the Company did not segregate and did not reclassify such assets in the financial statements as&#13;discontinued operations in accordance with IFRS 5.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 29.45pt; text-align: justify; text-indent: -29.45pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Events occurred in 2017&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sale&#13;of the Subsidiary - CGPAR Constru&amp;#231;&amp;#227;o Pesada - &amp;#34;CGPAR&amp;#34;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;July 2017, the Company concluded the sale of its subsidiary CGPAR Constru&amp;#231;&amp;#227;o Pesada S.A. to CSN Minera&amp;#231;&amp;#227;o&#13;S.A., a subsidiary of the Company. The summary of the transaction can be shown as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 50%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 50%; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    (000)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Consideration&#13;    paid&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;99,452&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net&#13;    assets acquired at book value&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(64,063)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Capital&#13;    distribution&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(35,389)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;8.a)&#13;Direct equity interests in subsidiaries, joint ventures, joint operations, associates and other investments&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td colspan="15" style="vertical-align: bottom; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="9" style="vertical-align: bottom; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/&#13;    31/ 2016&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td rowspan="6" style="vertical-align: top; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding: 0.75pt; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Companies&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td rowspan="6" style="vertical-align: top; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" rowspan="4" style="padding: 0.75pt; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Number&#13;    of shares held by&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: #DCE6F1; 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   &lt;td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Investments&#13;    in assets&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;22,894,885&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;21,528,405&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;21,684,209&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1)&#13;Company terminated in 2016;&lt;br /&gt;&#13;(2) Merger of the companies by the subsidiary CSN Steel S.L.U. in December 2017, according to note 2;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3)&#13;Company sold in July 2017, to the subsidiary CSN Minera&amp;#231;&amp;#227;o.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;number of shares, the carrying amounts of assets, liabilities and shareholders&amp;#8217; equity, and the amounts of profit or loss&#13;for the year refer to the equity interests held by CSN in those companies.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;8.b)&#13;Changes of investments balances in subsidiaries, joint ventures, joint operations, associates and other investments&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 66%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Opening&#13;    balance of investments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4,568,451&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,998,239&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Capital&#13;    increase/acquisition of shares &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;20,579&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;190,651&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Dividends&#13;    &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(79,189)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(36,765)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Comprehensive&#13;    income &lt;sup&gt;(2)&amp;#160;&amp;#160;&amp;#160; &lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;850,640&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;713,442&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Equity&#13;    in results of affiliated companies &lt;sup&gt;(4)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;147,800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;108,031&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Amortization&#13;    of fair value &amp;#8211; investment in MRS&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(11,746)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(11,746)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Amortization&#13;    of fair value &amp;#8211; investment in CGPAR&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (3,940)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Impairment&#13;    of the Fair Value of Transnordestina &lt;sup&gt;(3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(387,989)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Others&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,460&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,472)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Closing&#13;    balance of investments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;5,499,995&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4,568,451&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;5,499,995&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4,568,451&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1)&#13;In 2017 refers to the allocation of dividends from subsidiaries Sepetiba Tecon, MRS Logistica, CSN Energia, It&amp;#225; Energ&amp;#233;tica,&#13;CBSI &amp;#8211; Companhia Brasileira de Servi&amp;#231;os de Infraestrutura, CSN Minerals, CSN Steel, CSN Metals, CSN Minera&amp;#231;&amp;#227;o&#13;and CSN Americas.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2)&#13;Refers to the mark-to-market of investments classified as available for sale and translation to the reporting currency of the&#13;foreign investments (the functional currency of which is not the Brazilian Reais), actuarial gain/loss and gain/loss on net investment&#13;hedge from investments measured by equity method.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3)&#13;Refers to impairment of the fair value of Transnordestina Log&amp;#237;stica S.A, see note 8.d).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4)&#13;The reconciliation of the equity in results of affiliated companies included on investment balance with the amount disclosed in&#13;the income statement and it is due to the elimination of the results of the CSN&amp;#180;s transactions with these companies&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 53%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 22%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 24%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Equity&#13;    in results of affiliated companies&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: #DCE6F1; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: #DBE5F1; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: #DCE6F1; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;MRS&#13;    Log&amp;#237;stica S.A.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    171,905 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    155,617 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CBSI&#13;    - Companhia Brasileira de Servi&amp;#231;os de Infraestrutura &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: #DCE6F1; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    1,785 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: #DBE5F1; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: #DCE6F1; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    2,953 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Transnordestina&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (21,357)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (52,127)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Arvedi&#13;    Metalfer do Brasil&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: #DCE6F1; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13; 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   (165)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    216 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; 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   (40,823)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: #DBE5F1; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: #DCE6F1; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (41,556)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;To&#13;    taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;13,880&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    14,129 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Others&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: #DCE6F1; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   (11,746)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (11,746)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Amortization&#13;    of fair value - Investments in CGPAR&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (3,940)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Equity&#13;    in results &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    109,111 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    64,918 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;8.c)&#13;Additional information about the main operating subsidiaries&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&#13;SEPETIBA TECON S.A. (&amp;#8220;TECON&amp;#8221;)&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Container Terminal was created to exploit the terminal n&lt;sup&gt;o&lt;/sup&gt; 1 in Itagua&amp;#237; Port, located in the State of Rio de Janeiro.&#13;The terminal is connected to the UPV by the Southeast railroad network.&amp;#160; The Southeast railroad network is the contract object&#13;of the concession that has been granted to MRS Log&amp;#237;stica S. A. The range of services includes the move operation of cargo,&#13;storage of containers and steel products, general cargo, cleaning and maintenance.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Tecon&#13;won the auction held on September 3, 1998 to enter into a lease agreement for operation of the port terminal for a period of 25&#13;years, extendable for an equal period. With the publication of Presidential Decree 9048 of May 10, 2017, the operation of the&#13;terminal may be successively extended in distinct periods with a maximum term of 70 years.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;When&#13;the concession expires, it will return to the Union as well as all the rights and privileges transferred to Tecon, along with&#13;the ownership of assets and those resulting from investments, declared reversible by the Federal Government for being necessary&#13;to the continuity of terminal&amp;#180;s operation. The reversible assets will be indemnified by the Federal Government at the residual&#13;value of cost, based on the accounting records of Tecon after deducting depreciation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&#13;ESTANHO DE ROND&amp;#212;NIA S.A. 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It provides&#13;coils, rolls, strips, blanks, metal sheets, profiles, tubes and tiles, among other products, to the most different industry segments&#13;- from automotive to construction. It is also specialized in providing service steel processing, meeting the demand of the all&#13;national companies.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&#13;CSN ENERGIA S.A.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Its&#13;main objective is the distribution of the excess electric power generated by CSN and Companies, consortiums or other entities&#13;in which CSN holds an interest.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&#13;FTL - FERROVIA TRANSNORDESTINA LOG&amp;#205;STICA S.A. (&amp;#8220;FTL&amp;#8221;)&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;FTL&#13;was created on the purpose of incorporating the spin-off portion of TLSA, the Company holds the concession to operate the railway&#13;cargo transportation, the public service is provided in northeastern of Brazil, which includes the rail segments of Sao Luis -&#13;Fortaleza, Arrojado - Recife, Itabaiana - Cabedelo, Paula Cavalcante - Macau and Propri&amp;#225; - Jorge Lins (&amp;#34;Network I&amp;#34;).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of November 2016, the CSN subscribed shares by capitalization of advances for future capital increase amounting R$ 39,341, therefore&#13;its participation in the share capital of the company increased from 89.79% to 90.78%. As a result of the operations described&#13;above that caused a change in the shareholder&amp;#8217;s participation, the Company recorded a loss in the amount of R$(25) recorded&#13;in shareholders' equity in other comprehensive income.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&#13;CSN MINERA&amp;#199;&amp;#195;O S.A. (&amp;#8220;CSN Minera&amp;#231;&amp;#227;o&amp;#8221;)&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Headquartered&#13;in Congonhas, Minas Gerais, it is primarily engaged in the production, purchase and sale of iron ore. CSN Minera&amp;#231;&amp;#227;o&#13;S.A. commercializes its products mainly in the overseas market. From 30 November 2015, the CSN Minera&amp;#231;&amp;#227;o S.A. has centralized&#13;mining operations of CSN, including the establishments of the mine Casa de Pedra, the port TECAR and the participation of 18.63%&#13;in MRS. The participation of the CSN in this subsidiary is 87.52%.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&#13;MIN&amp;#201;RIOS NACIONAL S.A. (&amp;#8220;Min&amp;#233;rios Nacional&amp;#8221;)&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Headquartered&#13;in Congonhas, Minas Gerais, Minera&amp;#231;&amp;#227;o Nacional is mainly engaged in the production and commercialization of iron ore.&#13;This subsidiary concentrates the mining rights assets related to the Fernandinho, Cayman and Casa de Pedra mines transferred to&#13;this subsidiary in the business combination process that took place in 2015.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;8.d)&#13;Joint ventures and joint operations financial information&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;balances of the balance sheets and income statements of joint venture and joint operation are presented as follows and refer to&#13;100% of the companies&amp;#180; profit/loss:&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; 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   &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    758,786 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    23,479 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   234 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    261,292 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    29,219 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Investments,&#13;    PP&amp;#38;E and intangible assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    6,277,550 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    2,423 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    7,927,881 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    484,406 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    6,215,442 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    3,434 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    7,407,189 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    516,186 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    non-current assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&#13;    &amp;#160;&amp;#160;6,970,984 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    3,397 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    8,165,885 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    511,865 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    6,814,019 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    3,668 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    7,668,481 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    545,405 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    Assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    8,156,184 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    32,010 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    8,221,142 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    544,565 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    7,572,805 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    27,147 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    7,725,032 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    579,247 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    653,491 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    113,739 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    33,666 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   134,747 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    53,858 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    current liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    1,941,312 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    27,309 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    166,430 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    33,666 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    1,393,810 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    23,034 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    211,188 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    53,858 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Non-current&#13;    liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    5,457,768 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    434 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    3,471 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    -&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    3,020 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; 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   2,876,187 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    -&amp;#160;&amp;#160; &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    5,024,404 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    3,020 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Shareholders&amp;#8217;&#13;    equity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    2,596,510 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    507,428 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   (103,628)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    17,622 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;IT&amp;#193; ENERG&amp;#201;TICA S.A. - (&amp;#8220;ITASA&amp;#8221;)&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;ITASA&#13;is a corporation established in July 1996 that was engaged to operate under a shared concession, the It&amp;#225; Hydropower Plant&#13;(UHE It&amp;#225;), with 1,450 MW of installed power, located on the Uruguay River, on the Santa Catarina and Rio Grande do Sul state&#13;border.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;MRS LOG&amp;#205;STICA S.A. (&amp;#8220;MRS&amp;#8221;)&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;With&#13;registered offices in the City of Rio de Janeiro-RJ, this subsidiary is engaged in public railroad transportation, on the basis&#13;of an onerous concession, on the domain routes of the Southeast Grid of the federal railroad network (Rede Ferrovi&amp;#225;ria Federal&#13;S.A. &amp;#8211; RFFSA), located in the Southeast (Rio de Janeiro, S&amp;#227;o Paulo and Belo Horizonte. The concession has a 30-year&#13;term as from December 1, 1996, extendable for an equal term by exclusive decision of the concession grantor.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;MRS&#13;may further engage in services involving transportation modes related to railroad transportation and participate in projects aimed&#13;at expanding the railroad service concessions granted.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;For&#13;performance of the services covered by the concession for a, MRS leased from RFFSA for the same concession period, the assets&#13;required for operation and maintenance of the freight railroad transportation activities. At the end of the concession, all the&#13;leased assets are to be transferred to the ownership of the railroad transportation operator designated at that time.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company had a direct equity interest of 18.64% in the capital stock of MRS and an indirect equity interest of 18.63% through its&#13;subsidiary CSN Minera&amp;#231;&amp;#227;o S.A, consequently the total participation is 34.94%.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;CONS&amp;#211;RCIO DA USINA HIDREL&amp;#201;TRICA DE IGARAPAVA&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Igarapava Hydroelectric Power Plant is located on the Grande River, in the city of Conquista, MG, and has installed capacity of&#13;210 MW. It consists of 5 bulb-type generating units.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CSN&#13;holds a 17.92% investment in the consortium, whose specific purpose is the distribution of electric power, which is made according&#13;to the percentage equity interest of each company.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;balance of property, plant and equipment less depreciation as of December 31, 2017 is R$24,759 (R$25,921 as of December 31, 2016)&#13;and the expense in 2017 amounted to R$5,966 (R$6,041 in 2016).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;CBSI - COMPANHIA BRASILEIRA DE SERVI&amp;#199;OS DE INFRAESTRUTURA (&amp;#8220;CBSI&amp;#8221;)&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CBSI&#13;is the result of a joint operation between CSN and CKTR Brasil Ltda. Based in the city of Arauc&amp;#225;ria, PR, CBSI is primarily&#13;engaged in providing services CSN and other third-party entities, and can operate activities related to the refurbishment and&#13;maintenance of industrial machinery and equipment, construction maintenance, industrial cleaning, logistic preparation of products,&#13;among other activities. &amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;TRANSNORDESTINA LOG&amp;#205;STICA S.A. (&amp;#8220;TLSA&amp;#8221;)&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;TLSA&#13;is primarily engaged in the public service operation and development of a railroad network in the Northeast of Brazil network,&#13;comprising the rail segments Miss&amp;#227;o Velha-Salgueiro, Salgueiro-Trindade, Trindade-Eliseu Martins, Salgueiro- Porto de Suape,&#13;and Miss&amp;#227;o Velha-Porto de Pec&amp;#233;m sections (&amp;#8220;Railway System II&amp;#8221;).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;It&#13;is in pre-operational phase and should remain so until the completion of Rail Network II. The approved schedule, which considered&#13;the completion of the work by January 2017, is currently under review and discussion with the responsible bodies; However, Management&#13;understands that new deadlines for project completion will not have material adverse effects on the expected return on investment.&#13;After assessing this matter, its Management has concluded as appropriate the use of the accounting basis of operating continuity&#13;of the project in the preparation of its financial statements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;During&#13;the year 2017, the others shareholders of TLSA subscribed 2,912,997 shares in amounting to R$153,253, diluting CSN on TLSA share&#13;capital to 46.30%.&amp;#160; Therefore, due to the transactions described above and the participation change of the shareholders in&#13;the share capital of TLSA on 2017, the Company recognized a gain of R$2,814, recorded in equity in others comprehensive income.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Management receives funds from its shareholders and third parties for completion of the works, which are expected to be available,&#13;based on agreements previously entered into and recent discussions between the involved parties. After analyzing this matter,&#13;Management concluded as adequate the use of the accounting base of the project&amp;#8217;s going concern in the preparation of the&#13;financial statements for the year ended December 31, 2017.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;this direction, TLSA performed an impairment test of its own long-live assets using the discount cash flow method and considered&#13;the main assumptions, as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Measurement&#13;of recoverable value:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 50%; border: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cash&#13;    Flow Projection&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Until&#13;    2057&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gross&#13;    Margin&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Based&#13;    on market studies to capture operations costs and loads, according studied of market trends.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Estimated&#13;    Costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Costs&#13;    based on studies and market trends.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Growth&#13;    rate in perpetuity&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Growth&#13;    rate was not considered due to the projection model until the end of the concession. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Discount&#13;    rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Between&#13;    5.1% to 6.25% in real terms.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;addition, CSN, as an investor, performed an impairment test of its stake in TLSA, through TLSA ability to distribute dividends,&#13;methodology known as Dividend Discount Model, or DDM, to remunerate the capital invested by shareholders. In order to perform&#13;this test, some aspects were taken into account, such as:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;The flow of dividends was obtained from the TLSA nominal cash flow;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;The flow of dividends was calculated considering the annual percentages of participation, considering the dilutions of the CSN&amp;#8217;s&#13;stakes due to the amortization of debts;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;This flow of dividends was discounts at present value using cost of equity (Ke) embedded in the WACC rate of TLSA; and&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;This Ke obtained was the one calculated in the &amp;#8220;rolling WACC&amp;#8221; of TLSA.&amp;#160; &lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Another&#13;important aspect that was considered in the analysis of the impairment of CSN&amp;#8217;s investment in the TLSA, was the need to&#13;apply an additional percentage of risk to the discount rate in addition to the one already used to determine the discounted cash&#13;flow of TLSA. Due to the sharing of investors risks, and by the fact that the asset that is being tested represents the cash-generating&#13;unit itself, which is equal to the legal entity, the risk determined by CSN Management is the same applied by TLSA when the evaluation&#13;of their own investments, not applying an additional risk factor to the model.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;a result, the Company which had recognized a loss in the surplus value of the investments of TLSA in the amount of R$ 387,989&#13;recorded as other operating expenses&amp;#160;and R$ 131,916 in deferred taxes in 2016, did not recognized additional impairment losses&#13;in the surplus-value of the investments in 2017.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;8.e)&#13;Additional information on indirect participation in foreign operations&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;STAHLWERK TH&amp;#220;RINGEN GMBH (&amp;#8220;SWT&amp;#8221;)&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;SWT&#13;was formed from the former industrial steel complex of Maxh&amp;#252;tte, located in the Germany city of Unterwellenborn, which produces&#13;steel shapes used for construction in accordance with international quality standards. Its main raw material is steel scrap, the&#13;Company has an installed production capacity of 1.1 million metric tons steel/year. The SWT is a wholly owned indirect subsidiary&#13;of CSN Steel S.L.U, a subsidiary of CSN.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;COMPANHIA SIDERURGICA NACIONAL &amp;#8211; LLC (&amp;#8220;CSN LLC&amp;#8221;)&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;CSN LLC has an industrial plant in Terre Haute, Indiana State - USA, where is located the cold rolled and galvanized steel production&#13;lines, its installed production capacity is 800 thousand tons/year. CSN LLC is a wholly owned indirect subsidiary through CSN&#13;Steel S.L.U. after Merger, previously named CSN Americas S.L.U, a subsidiary of CSN.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;LUSOSIDER A&amp;#199;OS PLANOS S.A. (&amp;#8216;Lusosider&amp;#8217;&amp;#8217;)&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Incorporated&#13;in 1996 in succession to Siderurgia Nacional (a company privatized by the Portuguese government that year), Lusosider is the only&#13;Portuguese company of the steel industry to produce cold rolled and galvanized anti-corrosion steel. Based in Paio Pires, The&#13;Lusosider has an installed capacity of about 550,000 tons / year to produce four large groups of steel products: galvanized sheet,&#13;cold rolled sheet, pickled and oiled plate. The products are manufactured by Lusosider and may be used in the packaging industry,&#13;construction (pipes and metallic structures) and in home appliance components.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;8.f)&#13;Other investments &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;PANATL&amp;#194;NTICA S. A. (&amp;#8220;Panatl&amp;#226;ntica&amp;#8221;)&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Panatl&amp;#226;ntica&#13;is a publicly-held company, headquartered in the city of Gravata&amp;#237;, State of Rio Grande do Sul, engaged in the manufacturing,&#13;trade, import, export and processing of steel and ferrous or non-ferrous metals, coated or not. This investment is classified&#13;as available-for-sale and measured at fair value.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company currently holds 11.33% (11.35% as of December 31, 2016) of Panatl&amp;#226;ntica&amp;#8217;s total share capital.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;USINAS SIDERURGICAS DE MINAS GERAIS S.A. &amp;#8211; USIMINAS (&amp;#8220;USIMINAS&amp;#8221;)&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Usiminas,&#13;headquartered in Belo Horizonte, State of Minas Gerais, is engaged in steel and related operations.&amp;#160; Usiminas produces flat&#13;rolled steel in the Intendente C&amp;#226;mara and Jos&amp;#233; Bonif&amp;#225;cio de Andrada e Silva plants, located in Ipatinga, Minas&#13;Gerais, and Cubat&amp;#227;o, S&amp;#227;o Paulo, respectively, the final product is sold in the domestic and foreign market. Usiminas&#13;also exploits iron ore mines located in Ita&amp;#250;na, Minas Gerais, to meet its verticalization and production cost optimization&#13;strategies. Usiminas also has service and distribution centers located in several regions of Brazil, and the Cubat&amp;#227;o, S&amp;#227;o&#13;Paulo, and Praia Mole, Esp&amp;#237;rito Santo, all centers are located in strategic locations for the shipment of its production.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;On&#13;April 9, 2014, the Administrative Council for Economic Defense (CADE - Conselho Administrativo de Defesa Econ&amp;#244;mica) issued&#13;its decision on the matter about the Usiminas shares held by CSN signing a Performance Commitment Agreement), also called TCD,&#13;between CADE and CSN. Under the terms of the decision of CADE and TCD, CSN must reduce its interest in Usiminas, within a specified&#13;period. The deadline and percentage reduction are confidential. In addition, the political rights in Usiminas will continue suspended&#13;until the Company reaches the limits established in the TCD.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;March 2016, the Board of Directors of Usiminas approved a capital increase of R $ 64,882, through the issue of up to 50,689,310&#13;preferred shares. On April 22, 2016, CSN exercised its preemptive rights in full, paying R $ 11,603 for 9,064,856 preferred shares.&#13;This increase was approved by the Board of Directors of Usiminas on June 3, 2016.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;On&#13;March 24, 2016, the Company requested to CADE (Brazilian Antitrust Agency) the flexibilization of the PAT (Performance Commitment&#13;Agreement (TCD), in order to enable the Company the exercise of certain political rights, namely the power to elect independent&#13;members of the board of directors and supervisory board. On April 27, 2016, CADE approved the Company&amp;#8217;s request to permit&#13;such election. On April 28, at the Usiminas&amp;#8217; annual general meeting, the Company elected 2 independent members of the board&#13;of directors and 1 of the supervisory board, as well as the same number of alternates.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;April 2016, the Extraordinary Shareholders' Meeting of Usiminas approved a capital increase of R$ 1,000,000 through the issue&#13;of 200,000,000 common shares. On May 20, 2016, CSN exercised its preemptive right in full, paying R$ 178,832 for 35,766,351 common&#13;shares. This increase was approved by the Extraordinary General Meeting of Usiminas on July 19, 2016.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017 and 2016, the Company&amp;#8217;s interest in Usiminas&amp;#8217;s capital was 15.19% in common shares and 20.86%&#13;in preferred shares.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;USIMINAS&#13;is listed on the S&amp;#227;o Paulo Stock Exchange (&amp;#8220;B3 S.A.- Brasil, Bolsa, Balc&amp;#227;o&amp;#8221;: USIM3 and USIM5).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#8226;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;ARVEDI METALFER DO BRASIL S.A. (&amp;#8220;Arvedi&amp;#8221;)&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Arvedi,&#13;headquartered in Salto, State of S&amp;#227;o Paulo, is engaged in pipe production. As of December 31, 2017 and 2016 CSN held 20.00%&#13;of Arvedi&amp;#8217;s share capital.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory>
    <ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 36%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 6%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 6%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Land&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Buildings and Infrastructure&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Machinery, equipment and facilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Furniture and fixtures&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Construction&lt;/b&gt;&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;in progress&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Other (*)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Balance at December 31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160; 263,539 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8.05pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160; 2,689,241 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8.05pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 11,072,244 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8.05pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 38,730 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8.05pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160; 3,199,386 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8.05pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 563,086 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8.05pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160; 17,826,226 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;Cost&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160; 263,539 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160; 3,429,573 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 18,601,088 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160; 182,830 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160; 3,199,386 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 811,080 &lt;/font&gt;&lt;/td&gt;&#13; 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text-align: right; text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160; (247,994)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160; (8,661,270)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Balance at December 31, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160; 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669,096 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160; 29,083,214 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;Accumulated depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160; 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border-bottom: Black 2.25pt double; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 393,194 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8.05pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160; 17,964,839 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;(*) Refer basically to railway assets such as courtyards, tracks and&#13;leasehold improvements, vehicles, hardware, mines, ore deposits, and spare part inventories.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;The breakdown of the projects that comprise construction&#13;in progress is as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td style="width: 52%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&#13;        &lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&amp;#160;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Project description&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Start date&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Completion date&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Logistics&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;Current investments to maintain&amp;#160;current operations at their full capacity.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 106,956 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;103,284&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 106,956 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;103,284&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Mining&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;Expansion of Casa de Pedra Mine capacity production.&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;2007&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;2020&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 5pt Arial, Helvetica, Sans-Serif"&gt;(1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; 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   &lt;td style="text-align: right"&gt;&lt;font style="font: 5pt Arial, Helvetica, Sans-Serif"&gt;(2)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 275,811 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;253,545&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;Current investments to maintain current operations at their full capacity.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 408,522 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;261,056&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; text-indent: 8.05pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;Supply of 16 torpedo&amp;#8217;s cars for operation in the steel industry.&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;2008&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;2019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13; 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   &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;399,227&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8.05pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8.05pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Cement&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 554,865 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;529,631&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160; Construction of cement plants.&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;2020&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 5pt Arial, Helvetica, Sans-Serif"&gt;(4)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 51,270 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;24,961&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160; Current investments to maintain&amp;#160;current operations at their full capacity.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 606,135 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;554,592&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-indent: 8.05pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right; text-indent: 8.05pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Total Construction in Progress&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160; 2,475,935 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;2,260,864&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;(1) Estimated completion date of the Central&#13;Plant Step 1;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;(2) Estimated completion date of phase 60 Mtpa;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;(3) Refers substantially to the reforming of&#13;batteries for coke ovens and reuse of the carbochemical cooling waters;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;(4) &lt;font style="font-family: Arial, Helvetica, Sans-Serif"&gt;Refers&#13;substantially to the acquisition of new Integrated Cement Plants&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;The average estimated useful lives are as follows&#13;(in years): &amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 54%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 21%; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; background-color: white"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;Buildings&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;39 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;41&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;Machinery, equipment and facilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;21 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;18&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;Furniture and fixtures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;12 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;12&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;Other &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;17 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;14&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;9.a) Capitalized Interest&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;As of December 31, 2017, the Company capitalized&#13;borrowing costs amounting to R$91,957 in consolidated financial statement&amp;#160;(as of December 31, 2016, R$215,794). These costs&#13;are basically estimated for the cement and mining projects, mainly relating to: new integrated cement plant; and (ii) Casa de Pedra&#13;(MG) expansion and TECAR (RJ), see notes 24 and 29.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;The rates used to capitalize borrowing costs&#13;are as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 56%; text-align: center"&gt;&lt;font style="font: 7pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Rates&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 7pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; border-top: Black 1pt solid; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 21%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 7pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td&gt;&lt;font style="font: 7pt Arial, Helvetica, Sans-Serif"&gt;Unspecified projects&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 7pt Arial, Helvetica, Sans-Serif"&gt;8.63%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 7pt Arial, Helvetica, Sans-Serif"&gt;10.48%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory>
    <ifrs-full:DisclosureOfIntangibleAssetsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="margin-top: 0; margin-bottom: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&lt;td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;10.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;INTANGIBLE&#13;                                         ASSETS&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 33%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; 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   &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (27,440)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; 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   &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (3)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; 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   of control - CGPAR&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    47 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    47 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Transfer&#13; 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   &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (232)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; 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   &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    297,660 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    68,253 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (776)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (396,637)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;Adjustment&#13;    for accumulated recoverable value &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (109,330)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; 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   &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    68,253 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    116,196 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    3,184,924 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    440 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    41,916 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    183 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    17,941 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    65 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13; 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   &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    26,183 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   (note 22)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (38,701)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   (12,455)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (73,142)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Aquisition&#13;    of control - CGPAR&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   amortization &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    (133,973)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    (212,193)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    (109,330)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Balance&#13;    at December 31,2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    3,590,931 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    300,875 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    73,185 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; 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   &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(*)&#13;Composed mainly by mineral rights with estimated resources of 1,101 million tons. 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   &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: white; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Software&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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When a CGU has an intangible asset with indefinite useful life allocated, the Company&#13;performs an impairment test. 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   &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,590,931&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,590,931&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;134,137&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;116,196&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,725,068&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,707,127&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1)&#13;The goodwill and trademark that are recorded in line item intangible assets at long steel segment, those transactions are derived&#13;from the business combination of &lt;i&gt;Stahlwerk Thuringen&lt;/i&gt; GmbH (&amp;#34;SWT&amp;#34;) and Gallardo Sections CSN. The assets mentioned&#13;are considered to have indefinite useful lives as they are expected to contribute indefinitely to the Company's cash flows.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2)&#13;Refers to the goodwill based on expectations for future profitability, resulting from the acquisition of Namisa by CSN Minera&amp;#231;&amp;#227;o,&#13;an operation that was concluded in December 2015. From 2016, the balance started to be tested annually for impairment analysis.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;impairment testing of the goodwill and the trademark include the balance of property, plant and equipment of the cash-generating&#13;units and also the intangible. The test is based on the comparison between the actual balances and the value in use of those units,&#13;determining based on the projections of discounted cash flows and use of such assumptions and judgements as: growth rate, costs&#13;and expenses, discount rate, working capital, future Capex investment and macroeconomic assumptions observable in the market.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;main assumptions used in calculations of value in use at December 31, 2017 are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 18%; border: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 30%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;Metal&#13;    Packaging &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;Long&#13;    Steel (**) &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;Mining&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Measurement&#13;    of recoverable value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Discounted&#13;    Cash Flow&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Discounted&#13;    Cash Flow&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Discounted&#13;    Cash Flow&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cash&#13;    flow projection&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Until&#13;    2028&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Until&#13;    2028&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Until&#13;    2056&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Gross&#13;    Margin&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gross&#13;    margin updated based on historical data, impacts of business restructuring and market trends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gross&#13;    margin updated based on historical data and market trends.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Average&#13;    of the gross margin of each Cash generating units based on the history and projections to the next 39 years and long-term&#13;    price and exchange rate curves from industry reports.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cost&#13;    Atualization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cost&#13;    based on historical data of each product and impacts of business restructuring.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Costs&#13;    based on historical data and market trends.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Costs&#13;    based on historical data, mix of products and market trends.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Growth&#13;    rate&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Without&#13;    growth in real terms, only updated by long term inflation of 4.0% .&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Without&#13;    growth in real terms, only updated by long term inflation of 2.0% , Euro zone.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;    growth rate was not considered.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Discount&#13;    rate&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;These&#13;    cash flows were considered using a discount rate after taxes between 7% and 13% in real terms. The discount rate was based&#13;    on the weighted average cost of capital (&amp;#34;WACC&amp;#34;) that reflects the specific risk of each segment.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(*)&#13;Refer to assets of subsidiary SWT, located in Germany. The discount rate was applied on the discounted cash flow prepared in Euros,&#13;the functional currency of this subsidiary.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Based&#13;on the analyses conducted by Management, it was not necessary to record losses by impairment to those assets for the year ended&#13;on December 31, 2017.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfIntangibleAssetsExplanatory>
    <ifrs-full:DisclosureOfBorrowingsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;11.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;BORROWINGS,&#13;                                         FINANCING AND DEBENTURES&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;balances of borrowings, financing and debentures, which are carried at amortized cost, are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 38%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="border-top: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Rates&#13;    p.a.&amp;#160;&amp;#160;(%)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Current&#13;    liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   CURRENCY&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Prepayment&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1%&#13;    to 3.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,174&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;110,944&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;489,584&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; 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border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,566,302&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;787,291&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;13,214,981&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;13,820,151&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;LOCAL&#13;    CURRENCY&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;BNDES/FINAME&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,3%&#13;    + TJLP and fixed rate 2.5% to 6% + 1,5% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;71,121&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;73,736&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;960,872&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,012,268&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;110.8%&#13;    to 113.7% of CDI&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;523,252&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;538,003&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;770,767&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,270,383&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Prepayment&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;109.5%&#13;    to 116.5% of CDI and fixed rate of 8%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,789,737&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;570,778&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,378,333&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,080,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;CCB&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;112.5%&#13;    and 113% of CDI&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,601,352&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;181,143&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,693,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,200,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4,985,462&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,363,660&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;9,802,972&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;14,562,651&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    borrowings and financing (Note 12 I)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;6,551,764&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,150,951&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;23,017,953&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;28,382,802&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Transaction&#13;    costs and issue premiums&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(24,862)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(33,503)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(34,011)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(59,232)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    borrowings and financing + transaction costs&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;6,526,902&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,117,448&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;22,983,942&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;28,323,570&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;11.a)&#13;Maturities of borrowings, financing and debentures presented in non-current liabilities&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017, the breakdown of principal plus interest of long-term liabilities as borrowings, financing and debentures&#13;by maturity date is presented as follows:&amp;#9;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; 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padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;784,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;95,484&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; 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   &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;120,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;56,631&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;176,631&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,308,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; 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padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;14%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;7,475,842&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;5,612,342&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,308,000&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4,693,000&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,928,769&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;23,017,953&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;100%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*)&#13;In February 2018, the Company concluded the renegotiation of its debt with Banco do Brasil S.A (&amp;#8220;BB&amp;#8221;), as well as&#13;the issuance of debt instruments and repurchase of US$350 million (&lt;i&gt;Tender Offer&lt;/i&gt;), as described in more detail in note 31&#13;- Events subsequent.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;11.b)&#13;Amortization and new borrowings, financing and debentures &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;table below presents the new funding transactions and amortization during the year:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 52%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 20%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 24%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Opening&#13;    balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;30,441,018&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;34,282,515&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Funding&#13;    Transactions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;538,771&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;30,034&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Forfaiting&#13;    funding / Drawee Risk&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;78,240&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Repayment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,528,023)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(695,938)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Payments&#13;    - Forfaiting / Drawee Risk&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(407,155)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Payment&#13;    of interest and other charges&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,634,931)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,044,342)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Payment&#13;    of interest and other charges &amp;#8211; Forfaiting / Drawee&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(5,694)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Provision&#13;    of interest and other charges&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,438,555&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,156,120&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Provision&#13;    of charges - &amp;#160;Forfaiting / Drawee Risk&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,237&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Others&#13;    (1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;255,454&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,956,999)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Closing&#13;    balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;29,510,844&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;30,441,018&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1)&#13;Includes unrealized monetary and foreign exchange variations.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;2017, the Group captures and amortized loans as shown below:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Funding&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; 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text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;25,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;25,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;b&gt;Total&#13;    in US$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;145,000&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;145,000&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;145,000&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;145,000&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    in R$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;10,334,149&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;10,112,913&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;10,334,149&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;10,112,913&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;14,948,054&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;14,737,550&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;25,376&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;26,169&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;58,714&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;55,640&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;15,032,144&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;14,819,359&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</ifrs-full:DisclosureOfBorrowingsExplanatory>
    <ifrs-full:DisclosureOfFinancialInstrumentsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;I&#13;- Identification and measurement of financial instruments&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company enters into transactions involving various financial instruments, mainly cash and cash equivalents, including short-term&#13;investments, marketable securities, trade receivables, trade payables, and borrowings and financing. The Company also enters into&#13;derivative transactions, especially interest rate and foreign exchange and rate swaps.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Considering&#13;the nature of these instruments, their fair value is basically determined by using Brazil&amp;#8217;s money market and mercantile&#13;and futures exchange quotations. The amounts recognized in current assets and current liabilities have immediate liquidity or&#13;short-term maturity, mostly less than three months. Considering the maturities and characteristics of such instruments, their&#13;carrying amounts approximate their fair values.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Classification of financial instruments &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="white-space: nowrap; width: 26%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 5%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 6%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td rowspan="3" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="7" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="7" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Notes&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Available&#13;    for sale&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Fair&#13;    value through profit or loss&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Loans&#13;    and receivables&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Others&#13;    liabilities measured at amortized cost &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Balances&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Available&#13;    for sale&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Fair&#13;    value through profit or loss&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Loans&#13;    and receivables&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Other&#13;    liabilities measured at amortized cost &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Balances&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="white-space: nowrap; text-indent: 16pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cash&#13;    and cash equivalents&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    3 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    3,411,572 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    3,411,572 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    4,871,162 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    4,871,162 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="white-space: nowrap; text-indent: 16pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Short&#13;    - term investments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    4 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; 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   &lt;td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13; 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   &lt;td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    32,541,183 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;32,541,183&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    121 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    32,781,529 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    32,781,650 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Fair value measurement &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;following table shows the financial instruments recognized at fair value through profit or loss using a valuation method:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td colspan="2" rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 1pt; text-align: center; text-indent: -1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13; 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   &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; 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   &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,225,385&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,377,234&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; padding-left: 1pt; text-indent: 14pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Derivative&#13;    financial instruments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;121&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;121&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td colspan="2" style="padding-left: 1pt; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;-&amp;#160;&amp;#160;&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;-&amp;#160;&amp;#160;&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;121&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;121&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 36%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Level&#13;1: quoted prices (unadjusted) in active markets for identical assets or liabilities.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Level&#13;2: Includes observable inputs in market such as interest rates, exchange etc., but not prices traded in active markets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;There&#13;are no assets and liabilities classified as level 3.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;II&#13;&amp;#8211; Investments in financial instruments classified as available-for-sale and measured at fair value through OCI&lt;/b&gt; &lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company has investments in common (USIM3) and preferred (USIM5) shares of Usiminas (&amp;#8220;Usiminas Shares&amp;#8221;), designated&#13;as available-for-sale financial assets. The Company adopts this designation because the nature of the investment is not comprised&#13;in any other categories of financial instruments (loans and receivables, held-to-maturity investments or financial assets at fair&#13;value through profit or loss). The asset is classified as a non-current asset in line item &amp;#8220;investments&amp;#8221; and is carried&#13;at fair value based on the quoted price on the stock exchange (B3 S.A.). According to the Company's policy, the gains and losses&#13;arising from changes in the price of shares are recorded directly in equity, as other comprehensive income.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company's accounting policy requires a quarterly analysis based on quantitative and qualitative information available in the market&#13;from the moment the instrument demonstrates a drop of more than 20% of their market value or from a significant drop in market&#13;value compared to their acquisition cost for more than 12 months. If the Company concludes that there was a significant drop in&#13;the price of the instrument, an impairment loss must be recognized. In 2012, considering the price of Usiminas shares on the B3&#13;S.A, was recorded the first impairment loss on that shares. According to this policy, whenever the share price reached a level&#13;lower than the last record impairment, the Company should record further losses, redefining the new minimum threshold value of&#13;the shares.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;During&#13;the year 2017 and 2016, there was no impairment recorded and the gain from the change in share price in the period was recorded&#13;in other comprehensive income. The impairment recorded as of December 31, 2015 amounted R$555,298.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td rowspan="2" style="border-top: Black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Class&#13;    of shares&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; 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font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 6%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Common&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;107,156,651&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10.83&lt;/font&gt;&lt;/td&gt;&#13; 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padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;885,114&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 20%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2.57&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;275,392&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Preferred&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;114,280,556&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;571,403&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;221,437,207&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,353,664&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;846,795&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017 and 2016, the Company&amp;#8217;s interest in Usiminas&amp;#8217;s capital was 15.19% in common shares and 20.86%&#13;in preferred shares.&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; 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margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;According&#13;to the Company&amp;#8217;s accounting policies, any negative changes in the investment in Usiminas considered significant (impairment)&#13;are recognized in profit or loss and the other changes that not occur from impairment are recognized in comprehensive income until&#13;the investment is realized.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of December,31 2017, the amount recognized in comprehensive income for investments available for sale, net of taxes is R$1,559,680&#13;(R$678,035 as of December 31, 2016).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;III&#13;- Financial risk management&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company follows strategies of managing its risks, with guidelines regarding the risks incurred by the company. The nature and&#13;general position of financial risks are regularly monitored and managed in order to assess the results and the financial impact&#13;on cash flow. The credit limits and the quality of counterparties&amp;#8217; hedging instruments are also periodically reviewed. &amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;market risks are hedged when it is considered necessary to support the corporate strategy or when it is necessary to maintain&#13;a level of financial flexibility.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Under&#13;the terms of the risk management policy, the Company can manage some risks by using derivative instruments not associated to any&#13;speculative deals or short sales.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12.a)&#13;Foreign exchange and interest rate risks&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Exchange rate risk&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;exchange rate risk arises from the existence of assets and liabilities denominated in US dollars or Euros, since the Company&amp;#8217;s&#13;functional currency is the Real. Net exposure is the result of offsetting the natural currency exposure by hedging instruments&#13;adopted by CSN.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;consolidated net exposure as of December 31, 2017 is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Foreign&#13;    Exchange Exposure&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(Amounts&#13;    in US$&amp;#8217;000)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(Amounts&#13;    in &amp;#8364;&amp;#8217;000)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cash&#13;    and cash equivalents overseas&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;777,310&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,857&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Trade&#13;    receivables &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;310,642&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,799&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;    assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,283&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,636&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,091,235&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;9,292&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Borrowings&#13;    and financing&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4,332,686)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(73,186)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Trade&#13;    payables&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(97,622)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,941)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;    liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,984)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,368)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(4,434,292)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(78,495)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Foreign&#13;    exchange exposure&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(3,343,057)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(69,203)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cash&#13;    flow hedge accounting&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,317,667&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net&#13;    Investment hedge accounting&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;72,000&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Net&#13;    foreign exchange exposure&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(2,025,390)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,797&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Perpetual&#13;    Bonds &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,000,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Net&#13;    foreign exchange exposure excluding perpetual bonds&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(1,025,390)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,797&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 56%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 19%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CSN&#13;is in the process of redefining its currency hedging strategy. The company has focused its hedge strategy on preserving its cash&#13;flow, so it is evaluating a replacement of the exposure generated by the settlement of derivatives with new hedge accounting designations,&#13;capturing the existing natural hedges, as well as using other derivative instruments with the purpose of hedging CSN's future&#13;cash flows.&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Interest rate risk&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Risk&#13;arises from short and long term liabilities with fixed or post fixed interest rates and inflation rates.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Item&#13;12 b) shows the derivatives and hedging strategies to protect exchange and interest rates risks.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12.b)&#13;Hedging instruments: Derivative and hedge accounting&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CSN&#13;uses several instruments for protection of foreign currency risk and interest rate risk, as shown in the following topics:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Portfolio of derivative financial instruments&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="white-space: nowrap; width: 24%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    33,435 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (31,137)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    2,177 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    28,274 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Forward&#13;DI contracts&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company to hedge part or all of its exposure to assets whose interest rates are pre-fixed may obtain DI derivative operations&#13;on the stock exchange or the over-the-counter market, linking these assets to market trends. As of December 31, 2016 the Company&#13;held in its portfolio forward CDI rate contracts traded at B3 S.A. which totaled the notional amount of R$ 1.641 billion.&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;forward DI contract is defined as the accumulative value of the average daily DI rates of one day, calculated between the date&#13;of the transaction and the last trading date, being used to hedge and manage the interest rate risk of assets / liabilities in&#13;DI. The purchase and sale transactions, originally contracted in rate, will be converted into sale and purchase transactions,&#13;respectively, in PU.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;contract settlement is exclusively financial, on the due date and occurs daily until the maturity. The position held by the Company&#13;is set at the end of each session based on the difference of the day's settlement price (D0) compared to the previous day price&#13;(D-1), and is settled on the following day (D+1), according to the rules of B3 S.A.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;For&#13;as much as the Company maintains contracts traded on the B3 S.A, it is required by the clearing house a guarantee margin to cover&#13;those commitments in these contracts, which is only a percentage of the contract&amp;#180;s total amount. CSN maintains securities&#13;linked to this guarantee margin, consisting mainly of government bonds, which will be redeemed after the end position. The amounts&#13;of these investments are described in Note 4.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Dollar&#13;x Euro swap&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;subsidiary Lusosider has derivative transactions to protect its dollar exposure versus euro.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Classification of the derivatives in the balance sheet and statement of income&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 33%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Instruments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Net&#13;    Financial Income (Note 24)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; 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   &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Future&#13;    DI&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(121)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(121)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(806,760)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(*)&#13;Swap positions were settled in October 2017.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Hedge accounting &amp;#8211; cash flow&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Beginning&#13;November 1, 2014, the Company formally designated cash flow hedging relationships to protect highly probable future cash flows&#13;against US dollar fluctuations.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;order to better reflect the accounting impacts of this foreign exchange hedging strategy on its profit, CSN designated part of&#13;its US dollar-denominated liabilities as a hedging instrument of its future exports. As a result, foreign exchange differences&#13;arising on translating the designated liabilities will be temporarily recognized in shareholders&amp;#8217; equity and allocated to&#13;profit or loss when such exports are carried out, which will allow recognizing the US dollar impact on liabilities and exports&#13;concurrently. Note that adopting hedge accounting does not entail contracting any financial instrument. As of December 31, 2017&#13;the Company designated for hedge accounting US$1.3 billion in exports to be carried out between January, 2018 to October, 2022.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;To&#13;support these designated amounts, the Company prepared formal documentation indicating how hedging is aligned with the goal and&#13;strategy of CSN&amp;#8217;s Risk Management by identifying the hedging instruments used, the hedging purpose, the nature of the hedged&#13;risk, and showing the expected high effectiveness of the designated relationships. The designated debt instruments total an amount&#13;equivalent to the portion of future exports. Thus, the exchange differences on translating the instrument and the hedged item&#13;are similar. According to the Company&amp;#8217;s accounting policy, continuous assessments of the prospective and retrospective effectiveness&#13;must be carried out by comparing the designated amounts with the expected amounts, approved in Management&amp;#8217;s budgets, and&#13;the actual export amounts.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Through&#13;hedge accounting, the exchange gains and losses of the debt instruments do not immediately affect the Company&amp;#8217;s profit or&#13;loss except to the extent that exports are carried out.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;table below shows a summary of the hedging relationships as of December 31, 2017:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 6%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Designation&#13;    Date&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Hedging&#13;    Instrument&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Hedged&#13;    item&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Type&#13;    of hedged risk&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Hedged&#13;    period&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Exchange&#13;    rate on designation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Designated&#13;    amounts (US$&amp;#8217;000)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Amortizated&#13;    part (USD'000)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Effect&#13;    on Result (*) (R$'000)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Impact&#13;    on Shareholders' equity (R$'000))&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3/11/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;October&#13;    2016 - September 2019 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2.4442&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;500,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(133,334)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;53,203&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(316,726)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1/12/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;October&#13;    2015 - February 2019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2.5601&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;175,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(114,999)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;38,937&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(44,880)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12/18/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;May&#13;    2020&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2.6781&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;100,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(62,990)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;07/21/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;July&#13;    2019 - March 2021 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.1813&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;60,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(7,602)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;07/23/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;July&#13;    2019 - March 2021 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.2850&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;100,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,300)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;07/23/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;October&#13;    2018 - October 2022 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.2850&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;30,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(690)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;07/24/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;October&#13;    2018 - October 2022 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.3254&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;100,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,740&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;07/27/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;October&#13;    2018 - October 2022 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.3557&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;25,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,193&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;07/27/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;October&#13;    2018 - October 2022 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.3557&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;70,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,339&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;07/27/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;October&#13;    2018 - October 2022 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.3557&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;30,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,431&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;07/28/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;October&#13;    2018 - October 2022 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.3815&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;30,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,205&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1/8/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;sup&gt;&amp;#160;(1)&#13;    &lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.3940&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(9,000)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(774)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3/8/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;October&#13;    2018 - October 2022 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.3940&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;355,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;30,530&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,566,000&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(248,333)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;92,140&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(395,524)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(*)&#13;The effect on the result was recorded in other operating expenses.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1)&#13;During the designation on August 2015, we reviewed the future export projections and identified that the amount of US$ 9 million&#13;designated previously were not highly probable due to Platt&amp;#8217;s quotation reduction. Therefore, the hedge relationship was&#13;discontinued from August 2015. The exchange rate of the effective period remains recorded in Stockholders' Equity until the time&#13;of debt settlement, in October 2022.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;the hedging relationships described above, the amounts of the debt instruments were fully designated for equivalent iron ore export&#13;portions.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;movements in the hedge accounting amounts recognized in shareholders&amp;#8217; equity as of December 31, 2017 are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 22%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Movement&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Realization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Movement&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Realization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cash&#13;    flow hedge accounting &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; background-color: #DBE5F1"&gt;1,520,089&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,005,968)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(77,444)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;436,677&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;50,987&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(92,140)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;395,524&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Fair&#13;    value of cash flow hedge, net of taxes&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,520,089&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(1,005,968)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(77,444)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;436,677&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;50,987&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(92,140)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;395,524&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017 the hedging relationships established by the Company were effective, according to the prospective tests conducted.&#13;Thus, no reversal for hedge accounting ineffectiveness was recognized.&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 16pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Net&#13;investment hedge in foreign subsidiaries&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CSN&#13;has a natural foreign exchange exposure in Euros substantially arising from a loan made by a foreign subsidiary with functional&#13;currency in Reais, for the acquisition of investments abroad whose functional currency is Euro. Such exposure arises from converting&#13;the balance sheets of these subsidiaries for consolidation in CSN, and the exchange rate of the loans affected the income statement&#13;in the financial result item and the exchange variation of the net assets of the foreign operation directly affected the equity&#13;in other comprehensive income.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;from September 1&lt;sup&gt;st&lt;/sup&gt;, 2015 CSN began to adopt hedge of net investment to eliminate exposure and cover future fluctuations&#13;of the Euro on such loans. Non-derivative financial liabilities have been designated represented by loan agreements with financial&#13;institutions in the amount of &amp;#8364; 120 million. The carrying amounts on December 31, 2017 are:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12/31/2017&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Designation&#13;    Date&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Hedging&#13;    Instrument&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Hedged&#13;    Item&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Type&#13;    of Hedged Risk&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Exchange&#13;    Rate on designation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Designated&#13;    amounts (EUR'000)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Amortized&#13;    part (USD&amp;#8217;000)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Impact&#13;    on shareholders' equity&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;09/01/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Non-derivative&#13;    financial&lt;br /&gt;&#13;    liabilities in EUR &amp;#8211; Debt contract&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Investments&#13;    in subsidiaries which&lt;br /&gt;&#13;    EUR is the functional currency&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange -&lt;br /&gt;&#13;    R$ vs. EUR spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4.0825&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;120,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(48,000)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(17,911)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;120,000&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(48,000)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(17,911)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;changes in the amounts related to net investment hedge as of December 31, 2017 are presented below:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; width: 21%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Movement&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Realization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Movement&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Realization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net&#13;    investment hedge accounting&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;20,148&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(77,952)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(57,804)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;39,893&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(17,911)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Fair&#13;    value of net investment hedge in foreign operations&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;20,148&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(77,952)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(57,804)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;39,893&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(17,911)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;On&#13;December 31, 2017 hedge relationships established by the Company found to be effective, according to prospective tests. Therefore,&#13;no reversal by ineffectiveness of the hedge was recorded.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12.c)&#13;Sensitivity analysis&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;We&#13;present below the sensitivity analysis for currency risk and interest rate.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Sensitivity analysis of Derivative Financial Instruments and consolidated Foreign Exchange Exposure&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company considered scenarios 1 and 2 as 25% and 50% of deterioration for volatility of the currency, using as reference&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;the&#13;closing exchange rate as of December 31, 2017.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;currencies used in the sensitivity analysis and its scenarios are shown below:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 20%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 19%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 19%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 19%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 19%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Exchange&#13;    rate&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Probable&#13;    scenario&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Scenario&#13;    1&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Scenario&#13;    2&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;USD&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.3080&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.2381&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4.1350&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4.9620&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;EUR&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.9693&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; 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margin: 0 0 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 26%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 25%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8.75%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10.50%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2.76%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;effects on income statement, considering the scenarios 1 and 2 are shown below:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 39%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Instruments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Notional&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(*)&#13;The probable sceneries were calculated considering the following variations to the specified risks: Real x Dollar &amp;#8211; appreciation&#13;of Real in 2.11% / Real x Euro &amp;#8211; appreciation of Real in 1.52%.&amp;#160; Source: Quotation from Central Bank of Brazil and&#13;Central Bank of Europe on 02/16/2018.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Sensitivity analysis of changes in interest rates&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company considered the scenarios 1 and 2 as 25% and 50% of evolution for volatility of the interest as of December 31, 2017.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; 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   &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Impact&#13; 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text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Probable&#13;    scenario (*)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Scenario&#13;    1&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Scenario&#13;    2&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;TJLP&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,003,712)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,202)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;To&#13;manage cash liquidity in domestic and foreign currency, assumptions of future disbursements and receipts are established and daily&#13;monitored by the treasury area. 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width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; width: 16%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;At&#13;    December 31, 2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Less&#13;    than one&lt;/b&gt;&lt;br /&gt;&#13;    &lt;b&gt;year&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;From&#13;    one to&lt;/b&gt;&lt;br /&gt;&#13;    &lt;b&gt;two years&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;From&#13;    two to five&lt;/b&gt;&lt;br /&gt;&#13;    &lt;b&gt;years&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Over&#13;    five years&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Borrowings,&#13;    financing and debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,551,764&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;14,812,478&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,249,106&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,956,369&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;29,569,717&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Trade&#13;    payables&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2.460,774&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,460,774&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Dividends&#13;    and interest on capital&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;510,692&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;510,692&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;IV&#13;- Fair values of assets and liabilities as compared to their carrying amounts&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial&#13;assets and liabilities at fair value through profit or loss are recognized in current and non-current assets and liabilities,&#13;and any gains and losses are recognized as financial income or financial costs, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;amounts are recognized in the financial statements at their carrying amounts, which are substantially similar to those that would&#13;be obtained if they were traded in the market. The fair values of other long-term assets and liabilities do not differ significantly&#13;from their carrying amounts, except the amounts below.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;estimated fair values for certain consolidated long-term borrowings and financing were calculated at prevailing market rates,&#13;taking into consideration the nature, terms and risks similar to those of the recorded contracts, as below:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 40%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Carrying&#13;    amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Fair&#13;    value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Carrying&#13;    amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Fair&#13;    value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Perpetual&#13;    bonds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,312,503&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,602,090&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,263,536&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,702,134&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Fixed&#13;    rate notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5,751,526&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,207,946&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5,666,506&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,907,339&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(*)&#13;Source: Bloomberg&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Credit risks &lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;exposure to credit risks of financial institutions complies with the parameters established by financial policy. The Company has&#13;as practice the detailed analysis of the patrimonial and financial situation of its clients, the establishment of a credit limit&#13;and permanent monitoring of its debit balance.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;With&#13;regard to financial investments, the Company only made investments in institutions with low credit risk rated by rating agencies.&#13;Since part of the funds is invested in repurchase agreements that are backed by Brazilian Government Bonds, there is also exposure&#13;to the credit risk of the Brazilian State.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Regarding&#13;the exposure to credit risk in accounts receivable and other receivables, the company has a credit risk committee, in which each&#13;new customer is analyzed individually regarding their financial condition, prior to the granting of the credit limit and payment&#13;terms and periodically revised, according to the periodicity procedures of each business area.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Capital Management&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company seeks to optimize its capital structure in order to reduce its financial costs and maximize the return to its shareholders.&#13;The table below shows the evolution of the capital structure of the Company in the last three years, with financing by equity&#13;and third-party capital.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 66%; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Thousands&#13;    of reais&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Shareholder's&#13;    equity (equity)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8,288,229&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,384,521&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Borrowings&#13;    and Financing&amp;#160; (Third-party capital)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;29,510,844&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;30,441,018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gross&#13;    Debit/Shareholder's equity &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.56&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4.12&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfFinancialInstrumentsExplanatory>
    <ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;13.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;OTHER&#13;                                         PAYABLES&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;group of other payables classified in current and non-current liabilities is comprised as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="5" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Non-current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Payables&#13;    to related parties (Note 18 b)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;57,008&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;10,927&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Derivative&#13;    financial instruments (Note 12 I)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;121&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Dividends&#13;    and interest on capital payable (Note 12 I) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;510,692&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;484,570&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13; 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   &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,021,724&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;129,323&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;131,137&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 47%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 7pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Dividends&#13;                                         payable by the subsidiary CSN Minera&amp;#231;&amp;#227;o.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory>
    <ifrs-full:DisclosureOfIncomeTaxExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;14.a)&#13;Income tax and social contribution recognized in profit or loss:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;income tax and social contribution recognized in profit or loss for the year are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 55%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; background-color: white; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: #333333"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Income&#13;    tax and social contribution income (expense)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Current&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (358,981)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(206,178)&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(135,671)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Deferred&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (50,128)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(60,368)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,767,545)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (409,109)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(266,546)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(2,903,216)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;reconciliation of consolidated income tax and social contribution expenses and income and the result from applying the effective&#13;rate to profit before income tax and social contribution are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 57%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; background-color: white; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(Loss)/Profit&#13;    before income tax and social contribution&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;520,338&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(576,951)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,685,341&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Tax&#13;    rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;34%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;34%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;34%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Income&#13;    tax and social contribution at combined statutory rate&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(176,915)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;196,163&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(573,016)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Adjustment&#13;    to reflect the effective rate:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Equity&#13;    in results of affiliated companies&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;42,431&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;22,072&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;394,492&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Profit&#13;    with differentiated rates or untaxed&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;37,605&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(287,502)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;798,603&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Transfer&#13;    pricing adjustment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(34,746)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(63,638)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(66,447)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Tax&#13;    loss carryforwards without recognizing deferred taxes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(368,612)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(821,920)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(89,978)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Limit&#13;    of Indebtedness &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(39,378)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(35,391)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(54,091)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Unrecorded&#13;    deferred taxes on temporary differences &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;541,655&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;643,990&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,133,091)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(Losses)/Reversal&#13;    for deferred income and social contribution tax credits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(403,080)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;44,691&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,949,003)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Refis&#13;    Effect and early discharge program &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,586)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income&#13;    tax and social contribution on foreign profit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(29,964)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(35,613)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;72,376&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Fair&#13;    value gain of 59.76% interest held in Namisa &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;855,551&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Goodwill&#13;    amortization of Metalic &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;31,439&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;31,439&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Tax&#13;    incentives&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;14,358&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;22,673&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Reversal&#13;    of deferred tax in Namisa&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(107,773)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Reversal&#13;    of deferred tax in Prada&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(46,681)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;    permanent deductions (additions)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,537&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;16,490&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,571)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Income&#13;    tax and social contribution in profit for the period&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(409,109)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(266,546)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(2,903,216)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;79%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;-46%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;172%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Currently,&#13;there is no sufficient evidence to support the recognition of deferred tax credits. For this reason, the Company maintains the&#13;tax credits arising from tax losses and negative basis of social contribution limited to 30% of the income tax and negative basis&#13;of deferred social contribution recognized in liabilities.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;14.b)&#13;Deferred income tax and social contribution:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;deferred income tax and social contribution recorded in non-current assets refer solely to tax losses and social contribution&#13;and were limited to 30% of the deferred income tax and social contribution recorded in liabilities. The remaining balance of tax&#13;losses and social contribution and the total temporary differences were written off and maintained in the Company&amp;#8217;s tax&#13;books for future utilization and amounted as of December 31, 2017 and 2016, respectively, to R$ 3,044,137 and R$ 1,093,321 in&#13;2017 and R$3,067,726 and R $ 1,095,848 in 2016.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 29%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Opening&#13;    Balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Movement&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Opening&#13;    balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Movement&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Closing&#13;    Balance &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Shareholders'&#13;    Equity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Profit&#13;    or loss &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Others&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Shareholders&#13;    ' Equity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Profit&#13;    or loss &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Others&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; 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   contribution tax losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    161,769 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    95,048 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (8,197)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    6,756 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    93,908 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (5,475)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13; 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font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    35,703 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13; 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text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    26,778 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (50,128)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    (110,344)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    (1,110,440)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    Deferred Assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    78,066 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    70,151 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    63,119 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    Deferred&amp;#160; Liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    (1,072,033)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (1,046,897)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;    (1,173,559)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    Deferred&amp;#160; &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (993,967)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (976,746)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    (1,110,440)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;(1)&#13;The Company taxes the foreign exchange differences on a cash basis to calculate income tax and social contribution.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company has foreign subsidiaries in its corporate structure, for which profits are taxed at income tax in the countries where&#13;they are domiciled by lower rates than those prevailing in Brazil. From 2013 up to 2017 such foreign subsidiaries generated profits&#13;amounting to R$ 926,161. If for some reason tax authorities understand that these profits are subject to additional taxation in&#13;Brazil in respect of income tax and social contribution, which if due, would total R$ 302,482.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company, based on its legal counsel&amp;#8217;s opinion, assessed the likelihood of loss in a potential claiming by tax authorities&#13;which resulted in a possible risk of loss and, therefore, no provision was recognized in the financial statements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;14.c)&#13;Impairment test - Deferred taxes&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Annually,&#13;CSN performs a technical study to demonstrate if the generation of future taxable profits support the realization of tax credits.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;This&#13;study is prepared at Entity level, in accordance with the Brazilian tax legislation, and is performed considering substantially&#13;the parent company&amp;#8217;s projections since the other group companies do not have material credits for purposes of this study.&#13;The parent company engages in the following businesses:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#8226;&#13;Steel Brazil;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#8226;&#13;Cement.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;deferred tax assets on tax losses and temporary differences refers mainly to the following:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 50%; border: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Nature&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Description&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Tax&#13;    losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;    recent periods, the Company started to incur in tax losses, mostly because of high financial expenses, as substantially all&#13;    our loans and financings are on this level.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Exchange&#13;    difference expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Since&#13;        2012 the Company opted by the taxation on a cash basis. As the Company have operated without taxable profit, it would&#13;        not make sense to use this deductibility year by year (accrual basis). As a result of the cash basis tax treatment, taxes&#13;        are only due and expenses are only deductible at the time of debt settlement.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Losses&#13;    on Usiminas shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;        losses on Usiminas shares are recognized on an accrual basis, but the taxable event will occur only at the time of divestment,&#13;        expected to occur in the period projected to compensate the deferred taxes.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;    provisions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Various&#13;        accounting provisions are recognized on an accrual basis, but their taxation occurs only at the time of its realization,&#13;        such as provisions for contingencies, impairment losses, environmental liabilities, etc.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;study is prepared based on the Company business plan of long-term in period reasonably estimated by management and considered&#13;several scenarios which vary according to different macroeconomic and operating assumptions.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;model for projection of taxable profit considers two main indicators:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Pre-Tax Profit, reflecting our projected EBITDA plus depreciation, other income and expenses and financial income (expenses);&#13;and&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Taxable Profit, which is our pre-tax profit plus (minus) expenses and income items that are taxable at a time different from the&#13;time obtained on an accrual basis (temporary differences).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Taxable&#13;profit is obtained considering adjustments to pre-tax profits for the following main items:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Foreign Exchange differences: are expected to be offset against future profits based on the original in liquidation debts owed&#13;to third parties and rescheduling of intercompany debts (to match the periods of greater profitability);&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 17.4pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Losses on Usiminas: the model assumed using the tax assets at the time of sale of the preferred shares (and realization of losses),&#13;exclusively; &lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 17.4pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Other provisions: in view of the unpredictability of the occurrence of losses for which we have recorded provisions, we assumed&#13;an even 10% utilization per year; and&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 17.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Tax loss: utilization is limited under Brazilian law to 30% of the taxable income in a given year. Under Brazilian law income&#13;tax losses do not expire and may be used to offset future taxable income.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;addition, a sensitivity analysis of tax credits utilization considering a change in macroeconomic assumptions, operational performance&#13;and liquidity events took place.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;On&#13;the other hand, as a negative factor, CSN has experienced income tax losses in most of the last five years resulting from the&#13;deterioration of the Brazilian political and macroeconomic environment, as well as due to the growth of financial leverage, which&#13;has unbalanced the relationship between operating and financial results.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;summary, the main positive and negative evidences we considered in making our projections were:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;i.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Positive aspects: Operating profit, non-expiration on tax losses benefit and extinguishment of the financial expenses arising&#13;from the elimination pre-existing relationship between Namisa and CSN, and dividends to be received from CSN Minera&amp;#231;&amp;#227;o.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;ii.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Negative aspects: history of tax losses, substantial generation of cash used for payment of debts and increase in iron ore costs&#13;since, from the business combination, the Company started purchasing iron ore at market price from CSN Minera&amp;#231;&amp;#227;o and,&#13;pursuant to the Brazilian legislation, the utilization of the tax loss is limited to 30% of the taxable profit in the year.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;existence of tax losses generated in the last years is a material negative evidence for being objectively verifiable, and, consequently,&#13;more weight is given to this evidence than to others which may have subjectivity features, according to the interpretation of&#13;IAS 12 standard.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Therefore,&#13;one considers that there are not sufficiently strong evidences that support the recording of the tax credits, limiting their recognition&#13;to 30% of the deferred tax liabilities.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;14.d)&#13;Income tax and social contribution recognized in shareholders' equity:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;income tax and social contribution recognized directly in shareholders' equity are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="background-color: white; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 73%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Income&#13;    tax and social contribution&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    gains on defined benefit pension plan&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;171,473&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;30,234&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Estimated&#13;    losses for deferred income and social contribution tax credits - actuarial gains &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(175,649)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(33,400)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Changes&#13;    in the fair value on available-for-sale financial assets &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(525,107)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(33,796)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    gains and assets available for sale by incorporation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;525,107&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;33,796&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Exchange&#13;    differences on translating foreign operations &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(369,017)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(425,510)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cash&#13;    flow hedge accounting&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;134,478&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;109,813&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Estimated&#13;    losses for deferred income and social contribution&amp;#160; tax credits - cash flow hedge&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(134,478)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(109,813)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(373,193)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(428,676)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfIncomeTaxExplanatory>
    <SID:DisclosureOfIncomeTaxInstallmentsProgramsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;15.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Tax&#13;                                         installments programs&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;position of the REFIS debts (refinancing program) and other tax installment payment plans, were recorded in current and non-current&#13;liabilities, as stated in  the table of Note 13, are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="4" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Non-current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Federal&#13;    REFIS Law 11.941/09 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12,552&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;11,956&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;20,083&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;19,779&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Federal&#13;    REFIS Law 12.865/13 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,984&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,572&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;56,381&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;57,905&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other&#13;    refinancing program &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,015&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;6,916&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,778&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,628&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;21,551&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;24,444&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;79,242&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;83,312&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;REFIS debts refer to tax refinance programs&#13;launched by the Brazilian Federal Government to allow tax owners to pay their fiscal debts in installments. Usually, the adhesion&#13;to those programs by the companies allow them to benefit from relief of interest and penalties.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;</SID:DisclosureOfIncomeTaxInstallmentsProgramsExplanatory>
    <ifrs-full:DisclosureOfProvisionsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Claims&#13;of different nature are being challenged at the appropriate courts. Details of the accrued amounts and related judicial deposits&#13;are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 52%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Accrued&#13;    liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: white"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Judicial&#13;    deposits&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Tax&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;113,451&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;119,523&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;52,542&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;62,035&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Social&#13;    security &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;74,522&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;62,574&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;50,098&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; 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margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;provision for tax, social security, labor, civil and environmental liabilities was estimated by management and is mainly based&#13;on the legal counsel&amp;#8217;s assessment and only proceedings for which the risk is classified as probable loss are accrued. Additionally,&#13;this provision includes tax liabilities resulting from lawsuits filed by the Company, subject to SELIC (Central Bank&amp;#8217;s policy&#13;rate).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&lt;u&gt;Tax&#13;lawsuits&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;main tax lawsuits assessed by the outside legal counsel as probable losses to which CSN or its subsidiaries are parties are as&#13;follows: (i) Municipal tax assessments (ISS) incident in lease contracts; (ii) ICMS Assessment Notice for the alleged nonpayment&#13;of this tax on product imports; (iii) Tax Forfeiture to collect ICMS reported but not paid; (iv) collection of income tax and&#13;social contribution for the offset of nonexistent tax credits.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&lt;u&gt;Labor&#13;lawsuits&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017, the Group is a defendant in 8,778 labor lawsuits. Most of the claims relate to subsidiary and/or joint liability,&#13;salary equalization, health hazard premiums and hazardous duty premiums, overtime pay, difference in the 40% fine for the severance&#13;pay fund (FGTS) related to period prior to retirement and as a result of federal government economic plans, health care plan,&#13;indemnity claims resulting from alleged occupational diseases or on-the-job accidents, breaks between working hours, and differences&#13;in profit sharing from 1997 to 1999 and from 2000 to 2003.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;During&#13;the year ended December 31, 2017 there were addition or write-off movements in labor lawsuits, due to court orders issued to terminate&#13;lawsuits and the constant revision of the Company&amp;#8217;s accounting estimates related to the provision for contingencies that&#13;take into consideration the different nature of the claims made, as required by the Company&amp;#8217;s accounting policies.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&lt;u&gt;Civil&#13;lawsuits&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Among&#13;the civil lawsuits in which the Company is a defendant are claims for compensation. Generally these lawsuits result from on-the-job&#13;accidents, occupational diseases and contractual litigation related to the industrial activities of the Group, real estate actions,&#13;healthcare plan, and reimbursement of costs incurred in labor courts.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&lt;u&gt;Environmental&#13;lawsuits&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;environmental administrative/judicial proceedings filed against the Company include mainly administrative proceedings for alleged&#13;environmental irregularities and the regularization of environmental permits; at the judicial level, the Company is a party to&#13;actions collecting the fines imposed for such alleged environmental irregularities and public civil actions claiming regularization&#13;coupled with compensation, in most cases claiming environmental recovery. In general these proceedings arise from alleged damages&#13;to the environment related to the Company&amp;#8217;s industrial activities.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;environmental processes present high complexity for estimating the amount at risk, should be taken into consideration, among various&#13;aspects, procedural development, the extent of damage and the projection of repairing costs.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;There&#13;are other environmental processes for which it is not yet possible to assess the risk and contingency value due to the aforementioned&#13;complexity estimation, the peculiarities of the matters involving them and also their procedural steps. The main processes of&#13;environmental nature are listed below:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;In 2010 we signed a Term for Undertaking (&lt;i&gt;Termos de Ajustamento de Conduta&lt;/i&gt; ), or (&amp;#8220;TAC&amp;#8221;) with the State of&#13;Rio de Janeiro to study and make investments to update environmental control equipment at the steel plant UPV. In the TAC it was&#13;initially estimated investments in the amount of R$216 million, increased to R$260 million after the cost of projects was determined&#13;more precisely. In 2013 we signed an addendum to the TAC in order to enlighten certain issues, as well as to include further obligations&#13;established by the State Environmental Institute (&amp;#8220;Instituto Estadual do Ambiente&amp;#8221; or &amp;#8220;INEA&amp;#8221;), which resulted&#13;in additional investments of R$165 million, already made. The TAC signed in 2010 expired in 2015 and CSN, the State of Rio de&#13;Janeiro and INEA signed a new TAC in April 2016, which determined new investments amounting to R$178.5 million to adopt measures&#13;of adequacy at UPV, the payment of environmental fines of R$16 million and the amount of R$6.1 million as a compensatory measure&#13;to be applied in environmental programs in Volta Redonda. UPV was authorized to fully operate during the period this new TAC is&#13;in force by the protocol n&amp;#186; IN034283 (&amp;#8220;Autoriza&amp;#231;&amp;#227;o Ambiental de Funcionamento&amp;#8221; or &amp;#8220;AAF&amp;#8221;).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Within&#13;the context of the TAC signed in April 2016, upon the expiration of the environmental authorization, a renewal of the authorization&#13;was issued in December 2017 &lt;font style="background-color: white"&gt;by the Deliberation CECA/CFL n&amp;#186; 6.141 &lt;/font&gt;under &lt;font style="background-color: white"&gt;n&amp;#186;&#13;IN042958, allowing the full operation of UPV for 180 days which will expire on June 20, 2018. During this period we will continue&#13;seeking a final consensual solution to the environmental issues of UPV under discussion with the environmental institutions of&#13;the State of Rio de Janeiro.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;font style="background-color: white"&gt;In July 2012, the Public Ministry of the State of Rio de Janeiro initiated a public civil&#13;action against us to require us to (i) remove wastings left in industrial landfill areas in the city of Volta Redonda and (ii)&#13;transfer 750 residences of the Volta Grande IV condominium, also in the city of Volta Redonda. These requirements were denied&#13;by the Court, which determined the presentation of a schedule to investigate the area and, if necessary, to remediate the potential&#13;issues raised by the Public Ministry. The aforementioned schedule was presented and all the surveys performed during the investigation&#13;including the risk assessment and intervention plan were concluded at the end of April 2014. Also, we were notified as to indemnification&#13;actions initiated by owners of the residential condominium mentioned above to be reimbursed for material and moral damages.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;font style="background-color: white"&gt;In August 2013, the Public Federal Ministry initiated a similar action as the one described&#13;above. Up to date we discuss the proper forum to judge both public civil actions.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;font style="background-color: white"&gt;With regards to other supposedly contaminated areas in Volta Redonda, the Public Ministry&#13;initiated three public civil actions claiming for environmental remediation and indemnification related to certain &amp;#225;reas&#13;denominated Marcia I, II, III and IV, Wandir I and II and Reciclam. These claims are at initial stage and we are currently performing&#13;environmental studies that will determine the extent of possible environmental damages related to soil contamination, as well&#13;as the action plan to fulfill with the legislation in force. As soon as the studies are concluded, they will be presented and&#13;added to the pleadings.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;font style="background-color: white"&gt;In 2015, the Public Federal Ministry initiated a public civil action against us claiming&#13;for the adequacy and regularization for the emission of particles from the UPV and the stoppage of its operations. In accordance&#13;with CONAMA Resolution&amp;#160; n.&amp;#186; 436/2011, we have to adjust the emission of particles to match to the current legal standards&#13;required by December 2018. We are fully compliant with the environmental rules in force.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;font style="background-color: white"&gt;In 2016, we were notified as to a new public civil action jointly initiated by the Public&#13;Federal Ministry and the Public Ministry of the State of Rio de Janeiro in relation to a supposedly irregular waste deposit in&#13;the landfill area named &amp;#34;Aterro Panco&amp;#34;. The claims are for the recovery of degraded areas, compensation for damages to&#13;fauna and flora and to human health, as well as indemnification for material and moral damages caused to the environment. Due&#13;to the nature of this action and to the current stage of the pleading, this action is still considered as inestimable.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;In 2004, the Public Federal Ministry initiated a public civil action against us for a supposedly environmental contamination and&#13;pollution of the Para&amp;#237;ba do Sul river caused by our industrial activities of UPV. The Court of the State of Rio de Janeiro&#13;maintained the condemnation previously given and reinforced the obligation of the Company to compensate eventual environmental&#13;damages. We appealed to the Superior Court of Justice which accepted the appeal and determined the pleading to return to the previous&#13;stage and nullified all the decisions previously given. A technical survey was also determined to be performed in the area.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;A civil investigation is ongoing to assess (i) the environmental requisites to our project in the city of Arcos (cement plant);&#13;(ii) monitoring and mitigation of the environmental impacts of our productive activities; (iii) conformity of the conditions our&#13;our environmental licenses, including the creation of a museum in Corumb&amp;#225; ecological station and the establishment of a Private&#13;Reserve of the Natural Heritage; and (iv) measures for preservation of the cultural heritage and adoption of compensatory measures.&#13;In February 2011 a Term of Undertaking was signed (&amp;#8220;TAC&amp;#8221;) to assure the fulfillment of the obligations raised by the&#13;Public Ministry. The Ministerial Board has issued a clearance certificate to the major part of the TAC, except for three pending&#13;items that still remain open.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;font style="background-color: white"&gt;In 2009 and 2010, we signed Judicial Agreements (&amp;#8220;TAJ&amp;#8221;) with the Public Federal&#13;Ministry to recover environmental liabilities caused by our coal mining activities in the Southeast of Santa Catarina until the&#13;90&amp;#8217;s. The environmental liabilities reached by the TAJ include the restoration of certain degraded areas. We are currently&#13;under negotiation of a new execution schedule.&lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;In relation to the mining activities matters, due to the accident involving a Brazilian mining company in November 2015, the State&#13;of Minas Gerais initiated several civil investigations based on the inventory of tailing dams of the State released in 2014. Those&#13;procedures seek to find structures not assured by external auditors due to technical unstability or the technical stability was&#13;not assured due to the lack of documentation or technical data.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;In March 2016 we were notified of a public civil action initiated against the State of Minas Gerais and the State Environmental&#13;Foundation (&amp;#8220;FEAM&amp;#8221;) questioning the stability of the structure of our tailing dam known as &amp;#8220;BAIA 4&amp;#8221; &amp;#8211;&#13;a small structure built within the industrial area and used to collect particles generated during the process of ore filtration.&#13;That pleading was filed before the defense takes place due to out-of-date information. CSN was able to prove that BAIA 4 structure&#13;was steady which led to the filing of the action. In August 2016, we were notified of a new public civil action questioning the&#13;stability of the structure of our tailing dam known as &amp;#8220;Dique do Engenho&amp;#8221; (Engenho dam). We presented the documentation&#13;to the State authorities to prove the stability and safety of the Engenho dam &amp;#8220;Dique do Engenho&amp;#8221;. We expect this action&#13;to be also filed shortly.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;u&gt;Other administrative and judicial proceedings&lt;/u&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;table below shows a summary of the carrying amounts of the main legal matters with possible risk of loss on December 31, 2017and&#13;2016.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 77%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income&#13;    tax / Social contribution - Assessment Notice and imposition of fine (AIIM) - Capital gain for an alleged sale of the shares&#13;    of its subsidiary NAMISA (1)&amp;#160; .&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;    11,073,961 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    8,415,142 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income&#13;    tax / Social contribution - Assessment Notice and imposition of fine (AIIM) - Disallowance of deductions of goodwill generated&#13;    in the reverse incorporation of Big Jump by Namisa &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    2,623,179 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    2,457,855 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Assessment&#13;    Notice and Imposition of fine (AIIM) - Income tax/ Social contribution - gloss of interest on prepayment arising from&amp;#160;&#13;    supply contracts of iron ore and port services &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    2,500,606 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    2,327,499 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Notices&#13;    of violation and imposition of fine - Income taxes and social contribution due to profits from foreign subsidiaries (years&#13;    2008,2010 and 2011) &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    1,858,640 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    1,644,898 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Tax&#13;    foreclosures - ICMS - Electricity credits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    920,306 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    838,192 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Installments&#13;    MP 470 - alleged insufficiency of tax losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    704,739 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    652,553 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Offset&#13;    of taxes that were not approved by the Federal Revenue Service - IRPJ/CSLL, PIS/COFINS e IPI&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    1,685,648 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    1,505,079 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Disallowance&#13;    of the ICMS credits - Transfer of iron ore&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    499,006 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    570,997 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;ICMS&#13;    - Refers to the transfer of imported raw material at an amount lower than the price disclosed in the import documentation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    275,233 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    279,511 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Disallowance&#13;    of the tax losses arising on adjustments to the SAPLI&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13; 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   185,249 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CFEM&#13;    - Divergence on the understanding between CSN and DNPM on the calculation basis &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    290,249 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    348,512 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;    tax (federal, state, and municipal) lawsuits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13; 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   &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    170,330 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Social&#13;    security lawsuits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    278,600 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    263,951 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; 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   1,111,944 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    814,440 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Labor&#13;    and social security lawsuits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   203,486 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Tax&#13;    foreclosures&amp;#160; - Fine of Volta Grande&amp;#160; IV (3)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    67,620 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   117,858 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    113,741 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    30,639,075 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    25,845,585 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;1.&amp;#160;&amp;#160;&amp;#160;&amp;#160;In&#13;February 2017, we were notified of the judgment of the Amendment of Judgment filed due the CARF&amp;#8217;s decision on case, in which&#13;the Federal Revenue Service of Brazil challenges the capital gain on the alleged sale of 40% of NAMISA (currently CSN Minera&amp;#231;&amp;#227;o&#13;S.A.). The CARF, in short, agreed with the infringement notice. The Company, however, is taking of the lawfulness of the operation&#13;and, therefore, is evaluating the appropriate legal and procedural measures to reverse the decision. Currently we have been discussing&#13;the subject in several processes and there is a fiscal execution by which a portion of our assets, such as buildings, equipment,&#13;land, vehicles and fixtures and furniture, has been given as a guarantee. This processual scenario does not change our assessment&#13;and, accordingly, we maintain that contingency as possible.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;In 1995, the Municipality of Volta Redonda filed a civil action requesting compliance with the requirements of the Environmental&#13;Compensation Program (PAC) agreed between the municipality and CSN. In May 2008, despite the fact that CSN had demonstrated its&#13;compliance with the TAC / 1995, involving an approximate amount of R$ 16 million, the Municipality of Volta Redonda disagreed&#13;and requested payment of the obligations considered by the Municipality as outstanding. After the initial discussions, the Municipality&#13;of Volta Redonda filed a petition to execute the allegedly unfulfilled items, in the original amount of R$ 172 million, which&#13;was duly contested by the Company. The First Instance Judge appointed a team of experts to determine the outstanding obligations&#13;and the respective value involved. Currently, the process is suspended, at the request of both parties, with a view to negotiations&#13;for a possible agreement.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;On April 8, 2013, INEA imposed on CSN a fine of R$ 35 million in respect of the aspects involving the Volta Grande IV condominium,&#13;determining that the actions already considered and discussed in the civil suit filed in July 2012. In connection with the application&#13;of this fine, an annulment action was distributed, in January 2014, to the 10th Civil Court of the State of Rio de Janeiro, seeking&#13;the annulment of the fine and its effects. In parallel, INEA filed a tax enforcement action in order to enforce the amount of&#13;the fine imposed. The aforementioned Tax Enforcement action was distributed in May 2014 to the 4th Volta Redonda Active Debt Registry&#13;in the State of Rio de Janeiro. Currently, said enforcement action is suspended until the judgment of the annulment action, in&#13;order to avoid conflicting decisions.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;assessments made by the legal counsel define these administrative and judicial proceedings as entailing risk of possible loss&#13;and, therefore, no provision was recorded in conformity with Management&amp;#8217;s judgment and accounting practices adopted in Brazil.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfProvisionsExplanatory>
    <ifrs-full:DisclosureOfOtherProvisionsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;17.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;PROVISION&#13;                                         FOR ENVIRONMENTAL LIABILITIES AND ASSET RETIREMENT OBLIGATIONS&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;balance of the provision for environmental liabilities and asset retirement obligation - ARO are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 49%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 22%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 4%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 25%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Environmental&#13;    liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;255,517&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;273,475&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Asset&#13;    retirement obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;81,496&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;73,589&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;337,013&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;347,064&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;17.&#13;a) Environmental liabilities &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017, there is a provision recognized for expenditures relating to environmental investigation and recovery services&#13;for potentially contaminated areas surrounding establishments in the States of Rio de Janeiro, Minas Gerais and Santa Catarina.&#13;Estimated expenditures will be reviewed periodically and the amounts already recognized will be adjusted whenever necessary. These&#13;are Management&amp;#8217;s best estimates based on the environmental remediation studies and projects. This provision is recognized&#13;as other operating expenses.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;provision is measured at the present value of the expenditures required to settle the obligation, using a pretax rate that reflects&#13;current market assessments of the time value of money and the specific risks of the obligation. The increase in the obligation&#13;due to passage of time is recognized as other operating expenses.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;discount rate used to calculate the provision to present value through December 31, 2017 was 10.54% in real terms. The liability&#13;recognized is periodically updated based on the general market price index (IGP-M) for the period.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Some&#13;contingent environmental liabilities are monitored by environmental department were not recorded in provisions due to its characteristics,&#13;they do not meet the recognition criteria present in IAS 37.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;17.&#13;b) Asset retirement obligations &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Asset&#13;retirement obligations refer to estimated costs for decommissioning, retirement or restoration of areas upon the termination of&#13;activities related to mining resources. The initial measurement is recognized as a liability discounted to present value and subsequently&#13;through increase in expenses over time. &amp;#160;The asset retirement cost equivalent to the initial liability is capitalized as&#13;part of the carrying amount of the asset, being depreciated over the useful life of the asset.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;2015, the Company completed a new certification of iron mineral reserves in the Casa de Pedra and Engenho mines. This certification,&#13;prepared by a specialized company, has certified reserves of 3,021 million tons of iron ore.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfOtherProvisionsExplanatory>
    <ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;18.a)&#13;Transactions with Holding Companies&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Vicunha&#13;Siderurgia S.A. is the Company&amp;#8217;s main shareholder, with 49.21% of the voting shares.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Also&#13;integrating the Company&amp;#8217;s control block are Rio Iaco Participa&amp;#231;&amp;#245;es S.A., CFL Participa&amp;#231;&amp;#245;es S.A. and&#13;Vicunha T&amp;#234;xtil, which hold interest in CSN&amp;#8217;s voting capital of 4.29%, 0.29% and 0.36%, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Vicunha&#13;steel&amp;#8217;s corporate structure is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Vicunha&#13;Steel S.A. &amp;#8211; holds 67.92% of Vicunha A&amp;#231;os S.A.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CFL&#13;Participa&amp;#231;&amp;#245;es S.A. &amp;#8211; holds 12.82% of National Steel S.A. and holds 40% of Vicunha Steel S.A.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Rio&#13;Purus Participa&amp;#231;&amp;#245;es S.A. &amp;#8211; holds 19.24% of Vicunha A&amp;#231;os S.A. and holds 60% of Vicunha Steel S.A.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;18.b)&#13;Transactions with subsidiaries, joint ventures, associates, exclusive funds and other related parties &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;By transaction &amp;#8211; Assets and Liabilities&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="12" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; 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   &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; width: 32%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Trade&#13;    receivables &lt;sup&gt;(note 5)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;115,388&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;129,837&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;115,388&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;129,837&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Dividends&#13;    receivable &lt;sup&gt;(note 5)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;41,528&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;37,679&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;41,528&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;37,679&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    asset &lt;sup&gt;(note 7)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;111,281&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;119,854&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;111,281&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;119,854&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Short-term&#13;    investments/Investments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;53&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;315,319&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;53&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;315,319&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;557,135&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;479,960&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;    receivables &lt;sup&gt;(note 7)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,577&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5,768&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;30,770&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;32,020&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;34,347&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; 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   &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;488,603&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;696,745&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;631,834&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;859,732&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; 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font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Other&#13;    payables &lt;sup&gt;(Note 13)&lt;/sup&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13; 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   &lt;td style="width: 5%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Revenues&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; 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padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;725,285&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    Interest &lt;b&gt;&lt;sup&gt;(Note 24)&lt;/sup&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;61,549&#13; 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font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,099,851)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,103,428)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    Interest &lt;b&gt;&lt;sup&gt;(Note 24)&lt;/sup&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;18.d)&#13;Key management personnel &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;key management personnel with authority and responsibility for planning, directing and controlling the Company&amp;#8217;s activities,&#13;include the members of the Board of Directors and statutory directors. 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   &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Post-employment&#13;    benefits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;110&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;306&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;311&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;39,831&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;72,158&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;47,889&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;remuneration of key management personnel in 2016 includes payments of contracts with executives that were linked to parameters&#13;that were achieved mainly in the first quarter 2016.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory>
    <ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;19.a)&#13;Paid-in capital &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Fully&#13;subscribed and paid-in capital as of December 31, 2017 and December 31, 2016 is R$4,540,000 comprising 1,387,524,047 book-entry&#13;common shares without par value. Each common share entitles its holder to one vote in Shareholders&amp;#8217; Meetings.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;19.b)&#13;Authorized capital&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company&amp;#8217;s bylaws in effect as of December 31, 2017 determine that the capital can be raised to up to 2,400,000,000 shares&#13;by decision of the Board of Directors.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;19.c)&#13;Legal reserve&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;This&#13;reserve is recognized at the rate of 5% of the profit for each period, as provided for by Article 193 of Law 6.404/76, up to the&#13;ceiling of 20% of share capital.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;19.d)&#13;Ownership structure&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017, the Company&amp;#8217;s ownership structure was as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 29%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: right; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: right; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: center; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Number&#13;    of common shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: center; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;%&#13;    of total shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: center; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;    % of voting capital&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: center; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Number&#13;    of common shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: center; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;%&#13;    of total shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: center; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;    % of voting capital&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-left: 0.05in; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Vicunha&#13;    A&amp;#231;os S.A. &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;682,855,454&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;49.21%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;50.32%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;682,855,454&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;49.21%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;50.32%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-left: 0.05in; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Rio&#13;    Iaco Participa&amp;#231;&amp;#245;es S.A. 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   &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;18.36%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;18.77%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;Total&#13;    shares outstanding&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: right; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;100.00%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;1,357,133,047&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: right; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;97.81%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: right; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;100.00%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-left: 0.05in; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Treasury&#13;    shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;30,391,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: right; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2.19%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;30,391,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: right; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2.19%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    shares&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: right; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;1,387,524,047&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;100.00%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: right; text-indent: -0.05in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;1,387,524,047&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;100.00%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(*)&#13;Controlling group companies.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;19.e)&#13;Treasury shares &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Board of Directors authorized various share buyback programs in order to hold shares in treasury for subsequent disposal and/or&#13;cancelation with a view to maximizing the generation of value to the shareholder through an efficient capital structure management,&#13;as shown in the table below:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Program&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Board&amp;#8217;s&#13;    Authorization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Authorized&#13;    quantity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Program&#13;    period&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Average&#13;    buyback price&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Minimum&#13;    and maximum buyback price&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Number&#13;    bought back&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Share&#13;    cancelation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Balance&#13;    in treasury&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 6%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1&amp;#186;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3/13/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    70,205,661 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 20%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;From&#13;    3/14/2014 to 4/14/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    9.34 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    9.22 and R$ 9.45&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    2,350,000 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    2,350,000 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2&amp;#186;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4/15/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    67,855,661 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;From&#13;    4/16/2014 to 5/23/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    8.97 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    8.70 and R$ 9.48&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    9,529,500 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    11,879,500 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3&amp;#186;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5/23/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    58,326,161 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;From&#13;    5/26/2014 to 6/25/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    9.21 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    8.61 e R$ 9.72&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    31,544,500 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    43,424,000 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4&amp;#186;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6/26/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    26,781,661 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;From&#13;    6/26/2014 to 7/17/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    10.42 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    9.33 and R$ 11.54&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    26,781,661 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    70,205,661 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7/18/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Not&#13;    applicable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Not&#13;    applicable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    60,000,000 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    10,205,661 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5&amp;#186;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7/18/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    64,205,661 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;From&#13;    7/18/2014 to 8/18/2014 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    11.40 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    11.40 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    240,400 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    10,446,061 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8/19/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Not&#13;    applicable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Not&#13;    applicable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    10,446,061 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6&amp;#186;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8/19/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    63,161,055 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;From&#13;    8/19/2014 to 9/25/2014 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    9.82 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    9.47 and R$ 10.07&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    6,791,300 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    6,791,300 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7&amp;#186;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9/29/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    56,369,755 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;From&#13;    9/29/2014 to 2/29/2014 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    7.49 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    4.48 and R$ 9.16&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    21,758,600 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    28,549,900 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8&amp;#186;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12/30/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    34,611,155 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;From&#13;    12/31/2014 to 3/31/2015 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    5.10 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    4.90 and R$ 5.39&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    1,841,100 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    30,391,000 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9&amp;#186;&#13;    (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;03/31/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    32,770,055 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;From&#13;    4/01/2015 to 6/30/2015 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(*)&#13;There were no share buyback in this program.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1)&amp;#160;&amp;#160;&amp;#160;&#13;In 2014 the Board of Directors approved the cancelation of 70,446,061 treasury shares without change in the Company&amp;#8217;s share&#13;capital.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017, the position of the treasury shares was as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td rowspan="3" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Quantity&#13;        purchased&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(in&#13;        units)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Amount&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="5" style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Share&#13;    price&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Share&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;paid&#13;    for&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;market&#13;    price&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;the&#13;    shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Minimum&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Maximum&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Average&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;as&#13;    of 12/31/2017(*)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 24%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    30,391,000 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    238,976 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;R$&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    4.48 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;R$&#13;    10.07 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;R$&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    7.86 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 19%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    253,765 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(*)&#13;Using the last share average quotation on B3 S.A. -&amp;#160;Brasil, Bolsa, Balc&amp;#227;o (former BM&amp;#38;FBovespa)&amp;#160;as of December&#13;31, 2017 of R$8.35 per share.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;19.f)&#13;Policy on investments and payment of interest on capital and dividends &amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;At&#13;a meeting held on December 11, 2000, the Board of Directors decided to adopt a profit distribution policy which, after compliance&#13;with the provisions in Law 6.404/76, as amended by Law 9.457/97, will entail the allocation of all the profit to the Company&amp;#8217;s&#13;shareholders, provided that the following priorities are observed, irrespective of their order: (i) carrying out the business&#13;strategy; (ii) fulfilling its obligations; (iii) making the required investments; and (iv) maintaining a healthy financial situation&#13;of the Company.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;19.g)&#13;Earnings/(loss) per share: &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Basic&#13;earnings per share were calculated based on the profit/(loss) attributable to the owners of CSN divided by the weighted average&#13;number of common shares outstanding during the year, excluding the common shares purchased and held as treasury shares, as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 44%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="5" style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Common&#13;    Shares&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(Loss)&#13;    profit for the year&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Continued&#13;    operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,272&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(925,186)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,216,033)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Discontinued&#13;    operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(9,561)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,911&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;10,272&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(934,747)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(1,214,122)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Weighted&#13;    average number of shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,357,133,047&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,357,133,047&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,357,150,010&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Basic&#13;    and diluted EPS&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Continued&#13;    operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0.00757&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(0.68172)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(0.89602)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Discontinued&#13;    operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;-&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(0.00704)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;0.00141&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;0.00757&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(0.68876)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(0.89461)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company does not hold potential dilutable outstanding ordinary shares that could result in dilution of earnings per share.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory>
    <ifrs-full:DisclosureOfDividendsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;20.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;PAYMENT&#13;                                         TO SHAREHOLDERS &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #222222"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company's Bylaws provide the distribution of 25% minimum dividends of adjusted net income under the law, to the shareholders.&#13;The dividends are calculated in accordance with the Company&amp;#8217;s Bylaws and in accordance with the Brazilian Corporate Law.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #222222"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #222222"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;On&#13;March 11,2015, the Board of Directors approved the proposal distribution of dividends the profit reserve account (statutory reserve&#13;of working capital), in the amount of R$275,000, corresponding to R$ 0.202633043 per share. Dividends were paid as of March 19,&#13;2015, without monetary update.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #222222"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #222222"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;following table shows the history of deliberate and paid dividends:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 33%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 20%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 20%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Approval&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Payment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Approval&#13;    Year&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Dividends&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Payment&#13;    Year&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Dividends&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;700,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;424,939&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;274,917&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;275,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;274,918&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2016&#13;    (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; 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   (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; 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   &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    paid&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;974,827&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*)&#13;There is no dividend deliberation on the year of 2016 and 2017.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfDividendsExplanatory>
    <ifrs-full:DisclosureOfRevenueExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;21.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;NET&#13;                                         SALES AND SERVICES REVENUE&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Net&#13;sales and services revenue is comprised as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 40%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; border-top: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; border-top: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Gross&#13;    revenue&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Domestic&#13;    market&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;11,487,011&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;10,206,195&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(415,841)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(518,232)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(470,332)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(15,827,089)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(14,855,170)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(13,640,622)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;depreciation, amortization and depletion additions for the year were distributed as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 50%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 24%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 24%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Production&#13;    costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,376,862&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,241,425&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Sales&#13;    expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;8,851&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9,163&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;General&#13;    and Administrative Expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;23,052&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;28,228&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,408,765&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,278,816&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other&#13;    operating expenses (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;44,570&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;43,681&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,453,335&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,322,497&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*)&#13;Refers mainly to the amortization of intangible assets, see note 23.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfExpensesByNatureExplanatory>
    <ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;23&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;OTHER&#13;                                         OPERATING INCOME (EXPENSES) &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13; 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   &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;663,509&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,610,347&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13; 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   &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Other&#13;    operating expenses&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Taxes&#13;    and fees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(136,348)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(88,249)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(13,999)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Write-off&#13;    / (Provision) of judicial deposits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(38,258)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(64,886)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(24,145)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Expenses&#13;    with environmental liabilities, net &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(7,156)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(5,023)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(41,697)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Expenses&#13;    from tax, social security, labor, civil and environmental law suits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(95,744)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(151,534)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(273,890)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Contractual&#13;    fines&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(16,624)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(309)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Depreciation&#13;    of unused equipment and amortization of intangible assets (Note 22)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(44,570)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(43,681)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(41,068)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Write&#13;    off of PP&amp;#38;E and Intangible assets (Note 9 and 10)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(28,127)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(88,339)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(6,466)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Losses&#13;    /reversals estimated in inventories &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(4,801)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Provisions/(Provision)&#13;    for industrial restructuring&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Hedge&#13;    cash flow realized (Note 12 b)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(92,140)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; 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padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(387,989)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="width: 2%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*)&#13;This is a net amount, certain and due, arising from the final judicial decision favorable to the Company, which is irreversible&#13;and irrevocable, in order to apply the STJ's consolidated position on the subject, which culminated in sentencing the Eletrobr&amp;#225;s&#13;to the payment of the correct interest and monetary correction of the Compulsory Loan. The final judicial decision, as well as&#13;the certainty about the amounts involved in the settlement of the judgment (judicial procedure to request the satisfaction of&#13;the right), allowed the conclusion that the right to receive this value is certain. Thus, in line with our legal and accounting&#13;advisors, we recognize the credits in noncurrent assets against the result of Other Operating Revenues.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory>
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   parties (Note 18 b)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,185)&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;28,274&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(806,760)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;842,242&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*)&#13;Refers substantially an updating of tax credits.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; 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    <ifrs-full:DisclosureOfOperatingSegmentsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;According&#13;to the Group&amp;#180;s structure, the businesses are distributed and managed in five operating segments as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Steel&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Steel Segment consolidates all the operations related to the production, distribution and sale of flat steel, long steel, metallic&#13;containers and galvanized steel, with operations in Brazil, United States, Portugal and Germany. The Segment supplies the following&#13;markets: construction, steel containers for the Brazilian chemical and food industries, home appliances, automobile and OEM (motors&#13;and compressors). The Company&amp;#8217;s steel units produce hot and cold rolled steel, galvanized and pre-painted steel of great&#13;durability. They also produce tinplate, a raw material used to produce metallic containers.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Overseas,&#13;Lusosider, which is based in Portugal, produces cold rolled steel and galvanized steel. CSN LLC in the U.S.A. meets local market&#13;needs by supplying cold rolled and galvanized steel.&amp;#160; In January 2012, CSN acquired Stahlwerk Th&amp;#252;ringen (SWT), a manufacturer&#13;of long steel located in Unterwellenborn, Germany. SWT is specialized in the production of shapes used for construction.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;January 2014 the production of long steel products started in Brazil,&amp;#160;consolidating the company as a source of complete construction&#13;solutions, complementing its portfolio of products with high value added in the steel chain.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Mining&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;This&#13;segment encompasses the activities of iron ore and tin mining.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;high quality iron ore operations are located in the Iron Quadrilateral in Minas Gerais, which has its own mines and sells third&#13;party iron ore.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;At&#13;the end of 2015, CSN and the Asian Consortium formalized a shareholders' agreement for the combination of assets linked to iron&#13;ore operations and the related logistics structure, forming a new company that has focused in mining of the Group activities from&#13;December 2015. In this context, the new company, currently named CSN Minera&amp;#231;&amp;#227;o S.A., holds the TECAR arraignment, the&#13;Casa de Pedra mine and all the shares of Namisa, which was incorporated on December 31, 2015. CSN still owns 100% of Min&amp;#233;rios&#13;Nacional which includes the mines of Fernandinho (operational), Cayman and Pedras Pretas (mineral resources), all located in Minas&#13;Gerais.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Moreover,&#13;CSN controls the Estanho de Rond&amp;#244;nia S.A., company with mining units and tin casting, in the state of Rondonia.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Logistics &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;i.&#13;Railroad&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CSN&#13;has equity interests in three railroad companies: MRS Log&amp;#237;stica, which manages the former Southeast Network of Rede Ferrovi&amp;#225;ria&#13;Federal S.A. (RFFSA), Transnordestina Log&amp;#237;stica S.A. and FTL - Ferrovia Transnordestina Log&amp;#237;stica S.A., which has the&#13;concession to operate the former Northeast Network of the RFFSA in the states of Maranh&amp;#227;o, Piau&amp;#237;, Cear&amp;#225;, Rio Grande&#13;do Norte, Para&amp;#237;ba, Pernambuco and Alagoas.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;a)&#13;MRS &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;railroad transportation services provided by MRS are fundamental to the supply of raw materials and the shipment of final products.&#13;The total amount of iron ore, coal and coke consumed by the Presidente Vargas Mill as well as part of the steel produced by CSN&#13;for the domestic market and for export are carried by MRS.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Southeast Brazilian railroad system, encompassing 1,674 kilometers of tracks, serves the tri-state industrial area of S&amp;#227;o&#13;Paulo-Rio de Janeiro-Minas Gerais, in the southeast region, linking the mines located in Minas Gerais to the ports located in&#13;S&amp;#227;o Paulo and Rio de Janeiro, and the steel mills of CSN, Companhia Sider&amp;#250;rgica Paulista, or Cosipa, and Gerdau A&amp;#231;ominas.&amp;#160;&#13;Besides serving other customers, the railroad system carries iron ore from the Company&amp;#8217;s mines in Casa de Pedra, Minas Gerais,&#13;and coke and coal from the Itagua&amp;#237; Port, in Rio de Janeiro, to Volta Redonda, and carries CSN&amp;#8217;s export products to&#13;the ports of Itagua&amp;#237; and Rio de Janeiro.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;b)&#13;TLSA and FTL &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;TLSA&#13;and FTL hold the concession of the former RFFSA&amp;#8217;s Northeast Network. The Northeast Network totals 4,238 km, divided into&#13;two sections: i) Network I, which comprises the S&amp;#227;o Luiz&amp;#8211;Mucuripe, Arrojado&amp;#8211;Recife, Itabaiana&amp;#8211;Cabedelo,&#13;Paula Cavalcante&amp;#8211;Macau&amp;#8211;Recife, and Propri&amp;#225;&amp;#8211;Jorge Lins (Network I) ;and ii) Network II, which comprises&#13;the Miss&amp;#227;o Velha&amp;#8211;Salgueiro, Salgueiro&amp;#8211;Trindade, Trindade&amp;#8211; Eliseu Martins, Salgueiro&amp;#8211;Porto de Suape,&#13;and Miss&amp;#227;o Velha&amp;#8211;Porto de Pec&amp;#233;m sections.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Network links up with the main ports in the region, offering an important competitive advantage by means of opportunities for&#13;combined transportation solutions and logistics projects tailored to customer needs.&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;II.&#13;Port Logistics&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Port Logistics Segment consolidates the operation of the terminal built during the post-privatization period of the ports, Sepetiba&#13;Tecon.. The Sepetiba terminal features complete infrastructure to meet all the needs of exporters, importers and ship owners.&#13;Its installed capacity exceeds that of most other Brazilian terminals. It has mooring berths and a huge storage area, as well&#13;as the most modern and appropriate equipment, systems and intermodal connections.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;Company&amp;#8217;s constant investment in projects in the terminals consolidates the Itagua&amp;#237; Port Complex as one of the most&#13;modern in Brazil.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Energy&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CSN&#13;is one of the largest industrial consumers of electric power in Brazil. As energy is fundamental in its production process, the&#13;Company invests in assets for generation of electric power to guarantee its self-sufficiency. These assets are as follows: It&amp;#225;&#13;hydroelectric power plant, in the State of Santa Catarina, with rated capacity of 1,450 MW, where CSN has a share of 29.5%; Igarapava&#13;hydroelectric power plant, Minas Gerais, with rated capacity of 210 MW, in which CSN holds 17.9% of the capital; and a thermoelectric&#13;co-generation Central unit with rated capacity of 238 MW, which has been operating at the UPV since 1999, that uses the residual&#13;gases produced by the steel mill itself.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Cement&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;cement division consolidates the cement production, distribution and sale operations, which use the slag produced by the Volta&#13;Redonda plant&amp;#8217;s blast furnaces.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;In&#13;the second half of 2016, the Company started the operation of a new clinker kiln in Arcos/MG, where the Company already operates&#13;a clinker kiln using its limestone of a company-owned mine and also two cement mills in additions to the mills that already operate&#13;in Volta Redonda/RJ.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;information presented to Management regarding the performance of each business segment is generally derived directly from the&#13;accounting records, combined with some intercompany allocations.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Sales by geographic area&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Sales&#13;by geographic area are determined based on the customers&amp;#8217; location. On a consolidated basis, domestic sales are represented&#13;by revenues from customers located in Brazil and export sales are represented by revenues from customers located abroad.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Results per segment&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;from 2013, the Company no longer proportionately consolidates the joint ventures MRS and CBSI. For segment information preparation&#13;and presentation purposes, Management decided to maintain the proportionate consolidation of the joint ventures, as historically&#13;presented. For consolidated profit reconciliation purposes, the amounts of these companies were eliminated in the column &amp;#8220;Corporate&#13;expenses/elimination&amp;#8221;.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 28%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Steel&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Mining&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Logistics&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    885,961 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    9,818,135 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    Net Revenue (note 21)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    12,959,023 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    4,620,971 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    238,240 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    1,416,612 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    407,671 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    487,129 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    (1,605,045)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    18,524,601 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cost&#13;    of sales and services&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (10,537,547)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (3,005,840)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (156,997)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (1,024,696)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (285,085)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (512,762)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    1,926,786 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;    (13,596,141)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Gross&#13;    profit&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    2,421,476 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    1,615,131 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    81,243 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    391,916 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    122,586 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (25,633)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    321,741 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    4,928,460 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;General&#13;    and administrative expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (963,822)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (158,958)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (27,943)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    4,535,821 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    4,039,875 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    843,340 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    9,419,036 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    Net Revenue (note 21)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    11,515,908 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    4,581,903 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    207,722 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    1,319,907 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    269,095 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    490,608 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    (1,236,194)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    17,148,949 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cost&#13;    of sales and services&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (9,393,237)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (3,099,236)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (141,542)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (914,361)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (195,994)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (467,373)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    1,571,701 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;    (12,640,042)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Gross&#13;    profit&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    2,122,671 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    1,482,667 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    66,180 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    405,546 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    73,101 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    23,235 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    335,507 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    4,508,907 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;General&#13;    and administrative expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (914,927)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (185,149)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (25,180)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; 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   &lt;td style="vertical-align: top; width: 8%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Mining&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 8%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Logistics&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; 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   &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 8%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Corporate&amp;#160;expenses&#13;    / elimination&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 8%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;Consolidated&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,295,907)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,682,533&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    market&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,445,813&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,012,027&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;121,324&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,579,164&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    Net Revenue (note 23)&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;11,202,999&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,187,250&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;212,729&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,156,933&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;244,549&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;431,820&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(1,174,583)&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;15,261,697&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cost&#13;    of sales and services&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(9,126,889)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,323,687)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(141,809)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(788,046)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(195,644)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(330,263)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,166,237&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(11,740,101)&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Gross&#13;    profit&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,076,110&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;863,563&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;70,920&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;368,887&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;48,905&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;101,557&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(8,346)&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,521,596&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;General&#13;    and administrative expenses&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(955,247)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(69,602)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(20,473)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(89,678)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(23,186)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(72,894)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(669,441)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,900,521)&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Depreciation&#13;    (note 11 a)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;670,496&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;377,344&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12,777&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;189,361&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;17,073&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;46,505&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(182,687)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,130,869&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Proportionate&#13;    EBITDA of joint ventures&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;499,475&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;499,475&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Adjusted&#13;    EBITDA&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,791,359&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,171,305&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;63,224&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;468,570&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;42,792&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;75,168&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(360,999)&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,251,419&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 29%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sales&#13;    by geographic area&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Asia&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;16,980&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,836,505&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;122,267&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,975,752&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;North&#13;    America&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,901,989&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,901,989&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Latin&#13;    America&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,237,736&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Others&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;45,442&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;45,442&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Foreign&#13;    market&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4,445,813&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,012,027&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;121,324&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;7,579,164&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Domestic&#13;    market&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;6,757,186&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;175,223&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;212,729&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,156,933&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;244,549&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;431,820&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(1,295,907)&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;7,682,533&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;11,202,999&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,187,250&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;212,729&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,156,933&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;244,549&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;431,820&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(1,174,583)&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;15,261,697&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(*)&#13;The ore sales volumes presented in this note take into consideration Company sales and the interest in its subsidiaries and joint&#13;ventures .&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;EBITDA and Adjusted EBITDA&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Adjusted&#13;EBITDA is the measurement based on which the chief operating decision maker assesses the segment performance and the capacity&#13;to generate recurring operating cash, consisting of profit for the year less net financial income (costs), income tax and social&#13;contribution, depreciation and amortization, equity in results of affiliated companies, results of discontinued operations and&#13;other operating income (expenses), plus the proportionate EBITDA of joint ventures.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Even&#13;though it is an indicator used in segment performance measurement, EBITDA is not a measurement recognized by accounting practices&#13;adopted in Brazil or IFRS, it does not have a standard definition, and may not be comparable with measurements using similar names&#13;provided by other entities.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;required by IFRS 8, the table below shows the reconciliation of the measurement used by the chief operating decision maker with&#13;the results determined using the accounting practices:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net&#13;    income (loss) for the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;111,229&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(853,058)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,215,964)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Result&#13;    from Discontinued Operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9,561&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,911)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Depreciation/Amortization/Depletion&#13;    (Note 22)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,408,765&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,278,816&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,130,869&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income&#13;    tax and social contribution (Note 14)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;409,109&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;266,546&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,903,216&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Financial&#13;    income (cost) (Note 24)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,463,627&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,522,427&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,365,162&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;EBITDA&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4,392,730&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,224,292&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;6,181,372&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;    operating (income) expenses (Note 23)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(177,342)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;413,221&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,269,156)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Equity&#13;    in results of affiliated companies&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(109,111)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(64,918)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,160,272)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Proportionate&#13;    EBITDA of joint ventures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;538,170&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;502,345&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;499,475&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Adjusted&#13;    EBITDA (*)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4,644,447&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4,074,940&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,251,419&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(*)&#13;The Company discloses its adjusted EBITDA net of its share of investments and other operating income (expenses) because it understands&#13;that these should not be included in the calculation of recurring operating cash generation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</ifrs-full:DisclosureOfOperatingSegmentsExplanatory>
    <ifrs-full:DisclosureOfEmployeeBenefitsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;26.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;EMPLOYEE&#13;                                         BENEFITS&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;pension plans granted by the Company cover substantially all employees. The plans are administered by Caixa Beneficente dos Empregados&#13;da CSN (&amp;#8216;CBS&amp;#8221;), a private non-profit pension fund established in July 1960 which has as members the employees (and&#13;former employees) of the Company and some subsidiaries who joined the fund through an agreement, and the employees of CBS itself.&#13;The Executive Officers of CBS is formed by a CEO and two other executive officers, all appointed by CSN. The Decision-Making Board&#13;is the higher decision-making and guideline-setting body of CBS, composed by the president and ten members, six chosen by CSN,&#13;and four elected by the fund&amp;#8217;s participants.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Until&#13;December 1995, CBS Previd&amp;#234;ncia administered two defined benefit plans based on years of service, salary and Social Security&#13;benefits. On December 27, 1995 the then Private Pension Secretariat (&amp;#8220;SPC&amp;#8221;) approved the implementation of a new benefit&#13;plan, effective beginning that date, called Mixed Supplementary Benefit Plan (&amp;#8216;Mixed Plan&amp;#8221;), structured in the form&#13;of a variable contribution plan that was discontinued on September 16, 2013. As from that date, all new employees must join the&#13;CBSPrev Plan, structured in the defined contribution modality, created also in September 2013.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017 CBS had 35,176 participants (34,051 as of December 31, 2016), of whom 20,734 were active contributors (19,442&#13;as of December 31, 2016), 13,587 were retired employees (13,783 as of December 31, 2016), and 855 were related beneficiaries (826&#13;as of December 31, 2016). Out of the total participants as of December 31, 2017, 11,367 belonged to the defined benefit plan,&#13;12,567 to the mixed plan, 1,141 to the CBSPrev Namisa plan, and 10,101 to the CBSPrev plan.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;plan assets of CBS are primarily invested in repurchase agreements (backed by federal government securities), federal government&#13;securities indexed to inflation, shares, loans and real estate. As of December 31, 2017 and 2016 CBS held 20,143,031 common shares&#13;of CSN. The total plan assets of the entity amounted to R$5.1 billion as of December 31, 2017 (R$5.0 billion as of December 31,&#13;2016). The administrators of the CBS funds seek to match plan assets with benefit obligations payable on a long-term basis. Pension&#13;funds in Brazil are subject to certain restrictions regarding their capacity for investment in foreign assets and, therefore,&#13;these funds invest mainly in Brazilian securities.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Plan&#13;Assets are all available assets and the benefit plans&amp;#8217; investments, not including the amounts of debts to sponsors.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;For&#13;the defined benefit plans 35% of the average salary&amp;#8221; and &amp;#8220;average salary supplementation plan, the Company holds a&#13;financial guarantee with CBS Previd&amp;#234;ncia, the entity that administers said plans, to ensure their financial and actuarial&#13;balance, in the event of any future actuarial loss or actuarial gain.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;As&#13;provided for in the prevailing law that governs the pension fund market, for the years ended December 31, 2017 and 2016, CSN did&#13;not have to pay the installments because the defined benefit plans posted actuarial gains for the period.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;26.&#13;a) Description of the pension plans &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&lt;u&gt;Plan&#13;covering 35% of the average salary&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;This&#13;plan began on February 1, 1966 and is a defined benefit plan aimed at paying pensions (for length of service, special situations,&#13;disability or old age) on a lifetime basis, equivalent to 35% of the adjusted average of the participant&amp;#8217;s salary for the&#13;last 12 months. The plan also guarantees sick pay to participants on Official Social Security leaves of absence and further ensures&#13;payments of savings fund, funeral allowance and pecuniary aid. This plan was discontinued on October 31, 1977 when the new supplementary&#13;plan based on average salary took effect.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&lt;u&gt;Average&#13;salary supplementation plan&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;This&#13;plan began on November 1, 1977 and is a defined benefit plan aimed at complementing the difference between the adjusted average&#13;of the participant&amp;#8217;s salary for the last 12 months and the Official Social Security benefit for retirement, also on a lifetime&#13;basis. As in the 35% plan, there is coverage for the benefits of sick pay, death and pension. This plan was discontinued on December&#13;26, 1995 with the creation of the mixed supplementary benefit plan.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&lt;u&gt;Mixed&#13;supplementary benefit plan&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;This&#13;plan began on December 27, 1995 and is a variable contribution plan. Besides the scheduled retirement benefit, it also covers&#13;the payment of risk benefits (pension paid while the participant is still working, disability compensation and sick/accident pay).&#13;Under this plan, the retirement benefit is calculated based on the amount accumulated by the monthly contributions of the participants&#13;and sponsors, as well as on each participant&amp;#8217;s option for the manner in which they receive them, which can be lifetime (with&#13;or without continuity of pension for death) or through a percentage applied to the balance of the benefit-generating fund (loss&#13;for indefinite period). After retirement is granted, the plan takes on the characteristics of a defined benefit plan if the participant&#13;has chosen to receive his benefit in the form of monthly income for life. This plan was discontinued on September 16, 2013 when&#13;the CBS Prev plan became effective.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&lt;u&gt;CBS&#13;Prev Plan&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;new CBS Prev Plan, which is a defined contribution plan, started on September 16, 2013. Under this plan, the retirement benefit&#13;is determined based on the accumulated amount by monthly contributions of participants and sponsors. To receive the benefit, each&#13;participant can opt for: (a) receiving part in cash (up to 25%) and the remaining balance through a monthly income through a percentage&#13;applied to the benefit-generating fund, not being applicable to death pension benefits, or (b) receive only a monthly income through&#13;a percentage applied to the benefit-generating fund.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;With&#13;the creation of the CBS Prev Plan, the mixed supplementary benefit plan was discontinued for the entry of new participants as&#13;from September 16, 2013.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&lt;u&gt;CBSPREV&#13;Namisa Plan&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;It&#13;is a Defined Contribution plan with benefits of risks during the activity (projection of the balances in case of disability or&#13;death and sickness / accident allowanced). It has been in operation since January 6, 2012, when it was created exclusively for&#13;the employees of Nacional Min&amp;#233;rios S.A. After the corporate reorganization, which took place in 2016, other Sponsors joined&#13;this Plan, among them CSN Minera&amp;#231;&amp;#227;o S.A. (Previously Congonhas Min&amp;#233;rios S.A.)&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Under&#13;this plan, all the benefits offered are calculated based on the accumulated amount from the monthly contributions of participants&#13;and sponsors, and are paid through a percentage applied to the balance of the benefit generating fund. The CBSPREV Namisa Plan&#13;is closed since July 2017.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;26.b)&#13;Investment policy &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;investment policy establishes the principles and guidelines that will govern the investments of funds entrusted to the entity,&#13;in order to foster the security, liquidity and profitability required to ensure equilibrium between the plan&amp;#8217;s assets and&#13;liabilities based on an ALM (Asset Liability Management) study that takes into consideration the benefits of participants and&#13;beneficiaries for each plan.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;investment plan is reviewed annually and approved by the Decision-Making Board considering a five-year horizon, as established&#13;by resolution CGPC 7 of December 4, 2003. The investment limits and criteria established in the policy are based on Resolution&#13;3,792/09 published by the National Monetary Council (&amp;#8220;CMN&amp;#8221;).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;26.c)&#13;Employee benefits&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;actuarial calculations are updated at the end of each annual reporting period by outside actuaries and presented in the financial&#13;statements pursuant to IAS 19 Employee Benefits.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; width: 42%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; width: 13%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; width: 2%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; width: 13%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; width: 2%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; width: 13%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; width: 2%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; width: 13%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Actuarial&#13;    asset&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Actuarial&#13;    liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Pension&#13;    plan benefits (Note 9 and 15)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(111,281)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(119,854)&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;41,937&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;28,004&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Post-employment&#13;    healthcare benefits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;866,784&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;691,262&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(111,281)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(119,854)&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;908,721&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;719,266&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;reconciliation of employee benefits&amp;#8217; assets and liabilities is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; width: 69%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Present&#13;    value of defined benefit obligation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,077,849&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,872,442&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Fair&#13;    value of plan assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(3,305,356)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(3,193,493)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Deficit&#13;    (Surplus)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(227,507)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(321,051)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Restriction&#13;    to actuarial assets due to recovery limitation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;158,163&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;229,201&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Liabilities&#13;    (Assets), net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(69,344)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(91,850)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;41,937&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;28,004&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(111,281)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(119,854)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(Assets)&#13;    liabilities recognized in the balance sheet&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(69,344)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(91,850)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;movement in the present value of the defined benefit obligation during 2017 is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 62%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 23%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Present&#13;    value of obligations at the beginning of the year&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,872,442&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,430,381&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Cost&#13;    of service&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,285&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,244&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Interest&#13;    cost&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;322,359&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;311,361&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Benefits&#13;    paid&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(284,777)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(264,287)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    loss/(gain)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;166,540&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;393,743&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Present&#13;    value of obligations at the end of the year&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,077,849&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,872,442&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;movement in the fair value of the plan assets during 2017 is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 70%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Fair&#13;    value of plan assets at the beginning of the year&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,193,493)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,684,736)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Interest&#13;    income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(360,013)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(345,521)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Benefits&#13;    paid&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;284,777&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;264,287&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Expected&#13;    return on plan assets (less interest income)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(36,627)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(427,523)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Fair&#13;    value of plan assets at the end of the year&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,305,356)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,193,493)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;amounts recognized in the income statement for the year ended December 31, 2017 and 2016 are comprised as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 55%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 4%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Cost&#13;    of current service&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,285&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,807&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Interest&#13;    cost&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;322,359&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;311,361&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;293,533&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Expected&#13;    return on plan assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(360,013)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(345,521)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(322,460)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Interest&#13;    on the asset ceiling effect&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;26,843&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;22,189&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;18,422&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(9,526)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(10,727)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(8,698)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Total&#13;    unrecognized costs (income) (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Total&#13;    (income) recognized in the income statement&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(9,532)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(10,734)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(8,702)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    (income), net (*)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(9,526)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(10,727)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(8,698)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*)&#13;Effect of the limit of IAS 19 &lt;i&gt;Employee Benefits.&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;(cost)/income is recognized in the income statement in other operating expenses.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;movement in the actuarial gains and losses in 2017 is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 56%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 10%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; background-color: #DCE6F1; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    losses and (gains)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;166,540&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;393,743&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(137,859)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Return&#13;    on plan assets (less interest income)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(36,627)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(427,523)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;147,728&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Change&#13;    in the asset&amp;#8217;s limit (excluding the interest revenue)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(97,882)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;41,796&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(4,208)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,031&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;8,016&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;5,661&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    losses and (gains) recognized in other comprehensive income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,037&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;8,023&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,665&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unrecognized&#13;    actuarial (gains) &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(6)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(7)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(4)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    cost of actuarial losses and (gains) (*)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,031&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;8,016&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;5,661&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*)&#13;Actuarial (gain)/loss results from the fluctuation in the investments comprised in the CBS&amp;#8217;s asset portfolio.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Breakdown&#13;of actuarial gains or losses, required by IAS 19:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 74%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 26%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Loss&#13;    due to change in demographic assumptions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,488)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Loss&#13;    due to change in financial assumptions &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;264,638&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Loss&#13;    due to experience adjustments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(94,610)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Return&#13;    on plan assets (less interest income)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(36,627)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Change&#13;    in the asset&amp;#8217;s limit (excluding the interest revenue)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(97,882)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    losses and (gains)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,031&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;main actuarial assumptions used were as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 38%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 34%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    financing method&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Projected&#13;    unit credit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Projected&#13;    unit credit&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Functional&#13;    currency&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Real&#13;    (R$)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Real&#13;    (R$)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Recognition&#13;    of plan assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Fair&#13;    value&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Fair&#13;    value&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Nominal&#13;    discount rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Mil&amp;#234;nnium&#13;    Plan : 10.42% Plan 35%: 10.30% and Supplementation: 10.32%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Milenium&#13;                                         Plan: 11.68%,&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Plan&#13;        35% and Suplementation: 11.72%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Inflation&#13;    rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5.50%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Nominal&#13;    salary increase rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;6.05%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;6.56%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Nominal&#13;    benefit increase rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5.50%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Rate&#13;    of return on investments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Mil&amp;#234;nnium&#13;    Plan: 10.42% Plan 35% :10.30% and Supplementation: 10.32%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Milenium&#13;                                         Plan: 11.68%,&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Plan&#13;        35% and Suplementation: 11.72%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;General&#13;    mortality table&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;35%&#13;    and Average Salary Supplementation&amp;#160;&amp;#160;Plans :&amp;#160;&amp;#160;AT 2000 segregated by gender (10% smoothed)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Milenium&#13;    Plan, 35% and Average Salary Supplementation Plans: AT 2000 segregated by gender (10% smoothed)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Disability&#13;    table&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Plan&#13;    35% and Supplementation: Light M&amp;#233;dia Mill&amp;#234;nnium Plan: Prudential ( retirement)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Light&#13;    Median&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Disability&#13;    mortality table&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Winklevoss&#13;    - 1%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Winklevoss&#13;    - 1%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Turnover&#13;    table&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Millennium&#13;    plan 5% p.a., nil for DB plans&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Millennium&#13;    plan 5% p.a., nil for DB plans&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Retirement&#13;    age&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;100%&#13;    on the first date he/she becomes eligible for programmed retirement benefit under the plan&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;100%&#13;    on the first date he/she becomes eligible for programmed retirement benefit under the plan&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Household&#13;    of active participants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;95%&#13;    will be married at the time of retirement, with the wife being 4 years younger than the husband&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;95%&#13;    will be married at the time of retirement, with the wife being 4 years younger than the husband&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;assumptions related to the mortality table are based on published statistics and mortality tables. These tables represent an average&#13;life expectancy in years of employees who retire at the age of 65, as shown below:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 34%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 16%; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;BD&#13;    Plan (*)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Mil&amp;#234;nio&#13;    Plan (*)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 10%; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;BD&#13;    Plan (*)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Mil&amp;#234;nio&#13;    Plan (*)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Longevity&#13;    at age of 65 for current participants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Male&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;20.45&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;19.55&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;20.45&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;19.55&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Female&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;23.02&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;22.17&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;23.02&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;22.17&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Longevity&#13;    at age of 65 for current participants who are 40&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Male&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;42.69&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;41.59&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;42.69&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;41.59&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Female&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;46.29&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;45.30&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;46.29&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;45.30&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*)&#13;The BD Plan is part of the 35% and Average Salary Supplementation Plan and the Mil&amp;#234;nio Plan is part of the Mixed Supplementary&#13;Benefit Plan.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Allocation&#13;of plan assets:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 34%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 2%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 2%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Variable&#13;    income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;50,966&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.54%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;62,904&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.97%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Fixed&#13;    income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,085,783&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;93.36%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,966,272&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;92.88%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Real&#13;    estate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;44,083&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.33%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;42,383&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.33%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Others&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;124,524&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3.77%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;121,934&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3.82%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,305,356&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;100.00%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,193,493&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;100.00%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Variable-income&#13;assets comprise mainly CSN shares.&amp;#9;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Fixed-income&#13;assets comprise mostly debentures, Interbank Deposit Certificates (&amp;#8220;CDI&amp;#8221;) and National Treasury Notes (&amp;#8220;NTN-B&amp;#8221;).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Real&#13;estate refers to buildings appraised by a specialized asset appraisal firm. There are no assets in use by CSN and its subsidiaries.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;For&#13;the pension plan, the expense as of December 31, 2017 was R$41,544 (R$35,798 as of December 31, 2016).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;26.d)&#13;Expected contributions&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;No&#13;contributions are expected to be paid to the defined benefit plans in 2017.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;For&#13;the mixed supplementary benefit plan, contributions in the amount of R$26,170 are forecasted to be paid in 2018 for the portion&#13;of defined contribution and R$784 for the portion of defined benefit (risk benefit).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;26.e)&#13;Sensitivity analysis &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;quantitative sensitivity analysis regarding the significant assumptions for the pension plans as of December 31, 2017 is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&#13;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Plan&#13;    covering 35% of the average salary&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Average&#13;    salary supplementation plan&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Mixed&#13;    supplementary benefit plan (Mil&amp;#234;nio Plan) &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; width: 41%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assumption:&#13;    Discount rate&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sensitivity&#13;    level&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on current service cost and on interest on actuarial obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;246&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(320)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;879&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(919)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(656)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;491&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on present value of obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(15,691)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;15,342&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(75,107)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;82,773&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(46,256)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;49,545&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assumption:&#13;    Salary growth&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sensitivity&#13;    level&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on current service cost and on interest on actuarial obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;330&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(283)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on present value of obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assumption:&#13;    Mortality table&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sensitivity&#13;    level&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on current service cost and on interest on actuarial obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,799&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,646)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;8,896&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(8,120)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,555&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(4,993)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on present value of obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;17,563&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(16,073)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;86,537&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(79,006)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;53,031&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(47,660)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assumption:&#13;    Benefit adjustment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sensitivity&#13;    level&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.0%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-1.0%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.0%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-1.0%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.0%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-1.0%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on current service cost and on interest on actuarial obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,045)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,041&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(4,623)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,564&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(894)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;904&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on present value of obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(10,158)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;10,116&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(44,773)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;44,205&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(9,417)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9,425&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;forecast benefit payments of the defined benefit plans for future years are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; width: 48%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Forecast&#13;    benefit payments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 5%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 24%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;276,660&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;285,841&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    3&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;294,923&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    4&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;303,858&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    5&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;312,591&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Next&#13;    5 years&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,682,216&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    forecast payments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,156,089&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;26.f)&#13;Post-employment health care plan &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Refers&#13;to a healthcare plan created on December 1, 1996 exclusively for former retired employees, pensioners, those who received an amnesty,&#13;war veterans, widows of employees who died as a result of on-the-job accidents and former employees who retired on or before March&#13;20, 1997 and their dependents. Since then, the healthcare plan does not allow the inclusion of new beneficiaries. The plan is&#13;sponsored by CSN.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;amounts recognized in the balance sheet were determined as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 67%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Present&#13;    value of obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;866,784&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;691,262&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;866,784&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;691,262&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;reconciliation of the healthcare liabilities is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 67%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    liability at the beginning of the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;691,262&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;489,074&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Expenses&#13;    recognized in income for the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;77,269&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;62,342&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Sponsor's&#13;    contributions transferred in prior year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(72,192)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(70,411)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Recognition&#13;    of loss/(gain) for the year &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;170,445&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;210,257&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Actuarial&#13;    liability at the end of the year &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;866,784&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;691,262&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;actuarial gains and losses recognized in shareholders' equity are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 59%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;Actuarial&#13;    gain (loss) on obligation&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;170,445&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;210,257&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(97,501)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;Gain&#13;    (loss) recognized in shareholders' equity&amp;#160;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;170,445&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;210,257&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(97,501)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;weighted average life expectancy based on the mortality table used to determined actuarial obligations is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 72%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Longevity&#13;    at age of 65 for current participants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Male&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;19.55&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;19.55&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Female&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;22.17&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;22.17&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Longevity&#13;    at age of 65 for current participants who are 40&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Male&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;41.59&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;41.59&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Female&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;45.30&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;45.30&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;actuarial assumptions used for calculating postemployment healthcare benefits were:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 51%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 24%; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 24%; border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Biometrics&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;General&#13;    mortality table&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;AT&#13;    2000 segregated by gender&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: -2.8pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;AT&#13;    2000 segregated by gender&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Disability&#13;    moratality table&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Winklevoss&#13;    with death probabilities reduced by 1% in all ages&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Winklevoss&#13;    with death probabilities reduced by 1% in all ages&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Financial&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    nominal discount rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;10.34%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;11.73%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Inflation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5.50%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Nominal&#13;    increase in medical cost based on age&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&#13;    - 3.00%real a.a&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&#13;    - 3.00%real a.a&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Nominal&#13;    medical costs growth rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;8.41%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;8.93%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Average&#13;    medical cost&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,001.69&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;698,57&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;26.g)&#13;Sensitivity analysis &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;quantitative sensitivity analysis regarding the significant assumptions for the postemployment healthcare plans as of December&#13;31, 2017 is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="white-space: nowrap; width: 48%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 25%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 25%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Healthcare&#13;    Plan&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assumption:&#13;    Discount rate&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sensitivity&#13;    level&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td colspan="2" style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Effect&#13;    on current service cost and on interest on actuarial obligations&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;248&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;660&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 16pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on present value of obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(33,996)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;36,985&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assumption:&#13;    Medical Inflation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sensitivity&#13;    level&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.0%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-1.0%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 16pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on current service cost and on interest on actuarial obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,150&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(6,698)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Effect&#13;    on present value of obligations&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;78,813&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(67,670)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assumption:&#13;    Mortality table&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sensitivity&#13;    level&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.0%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-1.0%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 16pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on current service cost and on interest on actuarial obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,059)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,040&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 16pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on present value of obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(19,906)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;19,728&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;forecast benefit payments of the postemployment healthcare plans for future years are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Forecast&#13;    benefit payments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 33%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;75,009&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;78,161&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    3&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;81,121&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    4&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;83,850&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    5&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;86,296&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Next&#13;    5 years&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;456,301&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="white-space: nowrap; width: 38%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    forecast payments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 36%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; width: 26%; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    &amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;860,738&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</ifrs-full:DisclosureOfEmployeeBenefitsExplanatory>
    <ifrs-full:DisclosureOfCommitmentsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;27.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;COMMITMENTS&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;27.&#13;a) Take-or-pay contracts&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017 and 2016, the Company was a party to take-or-pay contracts as shown in the following table:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Payments&#13;    in the period (in&lt;/b&gt;&lt;br /&gt;&#13;    &lt;b&gt;millions of R$)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Type&#13;    of service&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;After&#13;    2021&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Transportation&#13;    of iron ore, coal, coke, steel products, cement&lt;br /&gt;&#13;    and mining products.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;873,186&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;957,373&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;877,288&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;877,288&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;854,609&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;732,391&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,602,687&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; 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   &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;6,012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;6,012&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; 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border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;925,124&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;896,780&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;774,562&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,610,202&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;7,354,710&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;27.&#13;b) Concession agreements&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Minimum&#13;future payments related to government concessions as of December 31, 2017 fall due according to the schedule set out in the following&#13;table:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Concession&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 30%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Type&#13;    of service&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;After&#13;    2021&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;FTL&#13;    (Ferrovia Transnordestina Log&amp;#237;stica)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;30-year&#13;    concession granted on December 31, 1997, renewable for another 30 years, to develop public service and operating the railway&#13;    system in northeastern Brazil. The northeastern railway system covers 4238 kilometers of railway network and operates in Maranh&amp;#227;o,&#13;    Piau&amp;#237;, Cear&amp;#225;, Para&amp;#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9,069&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9,069&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9,069&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9,069&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;54,414&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;90,690&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Tecar&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Concession&#13;    to operate the TECAR, a solid bulk terminal, one of the four terminals that make up the Port of Itaguai, located in Rio de&#13;    Janeiro. 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On May 10, 2017,, was approved the Decree n&amp;#186; 9,048, which changes de concession extension&#13;    period for port operations. 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text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;147,323&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;147,323&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,983,419&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,572,711&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;27.c)&#13;Projects and other commitments&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Transnordestina project&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Transnordestina project which corresponds to rail network II of the Northeast Railway System, includes building 1,753 km of new,&#13;next-generation, wide-gauge tracks. The project posts a 52% progress which was estimated to be concluded in 2017 (completion period&#13;currently under review and discussion with the responsible agencies). The Company expects that the investments will permit Transnordestina&#13;Log&amp;#237;stica S.A.,the concessionaire that holds the Transnordestina project, to transport of several products, such as iron&#13;ore, limestone, soy, cotton, sugarcane, fertilizers, oil, and fuel. The concession will expire in 2057 and can be terminated before&#13;this date if the minimum return agreed with the Government is reached. Transnordestina has already obtained the required environmental&#13;permits, purchased part of the equipment, contracted some of the services, and in certain regions the project is at an advanced&#13;implementation stage.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;sources of financing for the project are: (i) financing granted by Banco do Nordeste/ FNE and the BNDES, (ii) debentures issued&#13;by FDNE, (iii) Permanent Track Use contracts, and (iv) capital contribution by CSN and public shareholders. The approved construction&#13;investment is R$7,542,000 and the balance of disbursable funds will be adjusted using the IPCA as from April 2012. Should additional&#13;funds be required, they will be provided by CSN and/or third parties under Permanent Track Use contracts.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;budget to conclude the project is under review, currently it is being analyzed by the competent agencies (shareholders), and it&#13;is expected that the reviewed budget will be as follows: Miss&amp;#227;o Velha-Salgueiro: R$0.4 billion, Salgueiro-Trindade: R$0.7&#13;billion, Trindade-Eliseu Martins: R$2.4 billion, Miss&amp;#227;o Velha-Porto de Pec&amp;#233;m: R$3 billion, Salgueiro-Porto de Suape:&#13;R$4.7 billion, amounting R$ 11.2 billion.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company guarantees 100% of TLSA&amp;#8217;s financing granted by Banco do Nordeste/FNE and the BNDES, and 49.15% of the debentures&#13;issued by FDNE (includes the corporate guarantee of 48.47%, a collateral letter of 1.25% issued to BNB and the corporate guarantee&#13;of 1.25% pledged to BNB). Under the FDNE charter, approved by Federal Decree 6,952/2009, and the Investment Agreement entered&#13;into with the public shareholders/ financiers, 50% of the debentures may be converted into TLSA shares.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Court of Auditors of the Union - TCU through a protective order issued in May 2016, regarding the case TC 012.179/2016, forbade&#13;new transfers of public resources to TLSA from Valec Engenharia, Constru&amp;#231;&amp;#245;es e Ferrovias S.A., Fundo de Investimento&#13;do Nordeste &amp;#8211; FINOR, Fundo Constitucional de Financiamento do Nordeste &amp;#8211; FNE, Fundo de Desenvolvimento do Nordeste&#13;&amp;#8211; FDNE, Banco Nacional de Desenvolvimento Econ&amp;#244;mico e Social &amp;#8211; BNDES and BNDES Participa&amp;#231;&amp;#245;es S.A.&amp;#8211;&#13;BNDESPar. After filing an appeal against the protective order and providing the necessary explanations, in June 2016 the order&#13;issued by TCU was withdrawn unanimously by the members of this court, with the continuity of investments planned having been restored.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;By&#13;means of another protective order issued in January 2017, relating to the case TC 012.179/2016, the Court of Auditors of the Union&#13;forbade new transfers of public resources to TLSA by Valec Engenharia, Constru&amp;#231;&amp;#245;es e Ferrovias S.A., Fundo de Investimento&#13;do Nordeste &amp;#8211; FINOR, Fundo Constitucional de Financiamento do Nordeste &amp;#8211; FNE, Fundo de Desenvolvimento do Nordeste&#13;&amp;#8211; FDNE, Banco Nacional de Desenvolvimento Econ&amp;#244;mico e Social &amp;#8211; BNDES and BNDES Participa&amp;#231;&amp;#245;es S.A.&amp;#8211;&#13;BNDESPar. The Company has provided the required clarifications to the TCU and has acted firmly in order that the decision can&#13;be repealed soon and the flow of investments planned can be restored.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;There&#13;is an administrative procedure with the ANTT (National Land Transportation Agency) which evaluates the regular compliance with&#13;the obligations of the Concession Agreement corresponding to System II by Concessionaire TLSA. ANTT&amp;#8217;s technical area, in&#13;a unilateral opinion, understood that non-compliance with the contractual obligations by the Concessionaire is evidenced. The&#13;technical area&amp;#8217;s opinion is under evaluation and, if the irregularity is proven, ANTT may apply the applicable penalties,&#13;among them, forfeiture. The procedure is in fact finding phase and until the moment there is not final decision on the merit.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;relation to the rail network I, operated by Ferrovia Transnordestina Log&amp;#237;stica S.A.(&amp;#8220;FTL&amp;#8221;), there is an administrative&#13;procedure with the National Agency for Land Transportation (&amp;#8220;ANTT&amp;#8221;) that analyzes the regular fulfillment of the obligations&#13;of the Concession Agreement by the Concessionaire FTL. In view of a unilateral analysis, ANTT informed that FTL would have failed&#13;to comply with the TAC (Terms of Undertaking) signed in 2013 as a result of the non-compliance with the production target for&#13;2013. ANTT decided to file an administrative proceeding to investigate the non-compliance with the concession agreement and, if&#13;the irregularity is proved, it can apply the related penalties, among them the forfeiture. The Concessionaire has not appealed&#13;against such decision, and the proceeding is at the finding-of-facts stage and, so far, there is no final decision on the merit.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfCommitmentsExplanatory>
    <ifrs-full:DisclosureOfInsuranceContractsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;28.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;INSURANCE&#13;                                         &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Aiming&#13;to properly mitigate risk and in view of the nature of its operations, the Company and its subsidiaries have taken out several&#13;different types of insurance policies. Such policies are contracted in line with the CSN Risk Management policy and are similar&#13;to the insurance taken out by other companies operating in the same lines of business as CSN and its subsidiaries. The risks covered&#13;under such policies include the following: Domestic Transportation, International Transportation, Life and Casualty, Health Coverage,&#13;Fleet Vehicles, D&amp;#38;O (Civil Liability Insurance for Directors and Officers), General Civil Liability, Engineering Risks, naming&#13;Risks, Export Credit, Insurance guarantee and Port Operator&amp;#8217;s Civil Liability.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;2017, after negotiation with insurers and reinsurers in Brazil and abroad, an insurance policy was issued for the contracting&#13;of a policy of Operational Risk of Property Damages and Loss of Profits, with effect from September 30, 2017 to March 31, 2019.&#13;Under the insurance policy, the LMI (Maximum Limit of Indemnity) is US$600 million and covers the following units and subsidiaries&#13;of the Company: Presidente Vargas steelworks, CSN Minera&amp;#231;&amp;#227;o, and Sepetiba Tecon. CSN takes responsibility for a range&#13;of retention of US$375 million in excess of the deductibles for property damages and loss of profits.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In view of their nature, the risk&#13;assumptions adopted are not part of the scope of an audit of the financial statements and, accordingly, were not audited by our&#13;independent auditors.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfInsuranceContractsExplanatory>
    <ifrs-full:DisclosureOfCashFlowStatementExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;29.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;ADDITIONAL&#13;                                         INFORMATION TO CASH FLOWS &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;following table provides additional information on transactions related to the statement of cash flows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 52%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 2%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income&#13;    tax and social contribution paid &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;268,847&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;456,227&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;134,920&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Addition&#13;    to PP&amp;#38;E with interest capitalization (note 9 and 24)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;91,957&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;215,794&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;166,366&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Acquisition&#13;    of fixed assets through loans.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,265&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,437&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;566,413&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Capitalization&#13;    in subsidiaries without cash &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;20,264&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,229&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;385,333&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;679,458&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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    <ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;31.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;SUBSEQUENT&#13;                                         EVENTS&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Debt&#13;                                         renegotiation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;February 2018 the Company concluded the renegotiation of its debt of R$4.9 billion with Banco do Brasil S.A. (&amp;#8220;BB&amp;#8221;)&#13;related to the issuance of its own Export Credit Notes as well as the issuances of its subsidiary CSN Minera&amp;#231;&amp;#227;o, moving&#13;maturity dates from 2018 through 2022 to dates until December 2024, giving as collateral some of our preferred shares of Usiminas&#13;(USIM5). Additionally, the Company is under similar negotiation with Caixa Econ&amp;#244;mica Federal (&amp;#8220;CEF&amp;#8221;) to postpone&#13;maturity dates of its debt, having the primary conditions favorably appreciated by the Directive Council of CEF.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Debt&#13;                                         issuance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;February 2018 the Company issued debt instruments (&amp;#8220;Notes&amp;#8221;) through its wholly-owned subsidiary CSN Resources S.A.&#13;in the amount of US$350 million, with maturity date in 2023 and annual interests of 7.625%. In conjunction with the debt issuance,&#13;the Company made a repurchase offer (&amp;#8220;Tender Offer&amp;#8221;) of the outstanding Notes previously issued by CSN Islands XI&#13;Corp and CSN Resources S.A., wholly-owned subsidiaries of the Company, having been repurchased US$350 million in Notes with maturities&#13;scheduled for 2019 and 2020. The Notes are unconditionally and irrevocably guaranteed by the Company.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#8226;&#13;Debt Amortization&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company paid in advance on February 15 and March 5, 2018 the amounts of US$ 208 million and US$ 148 million, respectively, of&#13;foreign debt (&amp;#34;Bonds&amp;#34;) totaling US$ 356 million.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"&gt;&lt;b&gt;&amp;#8226;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Transaction&#13;with the related party Banco Fibra&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;During the first quarter of 2018 we purchased US$23 million of&#13;8,125% p.a. of Notes issued by Banco Fibra, with maturity date in February 2028.&lt;br /&gt;&#13;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;#8226;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Sale of shares held in treasury&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"&gt;In April 2018 we sold 22,981,500 shares that&#13;were held in treasury at the unit average price of R$7.86, equivalent to R$181MM, and were sold at the unit average price of R$9.29,&#13;totaling cash inflows in the amount of R$213MM. The surplus of R$32MM between the sale price of the shares and their purchase price&#13;was recognized in the capital reserve.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory>
    <ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.a)&#13;Basis of preparation &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;consolidated financial statements have been prepared and are being presented in accordance with International Financial Reporting&#13;Standards &amp;#8220;IFRS&amp;#8221; issued by the International Accounting Standards Board (IASB). All the relevant information of the&#13;financial statements, and only this information, are being highlighted and correspond to those used by the Company's management.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also&#13;requires management to exercise its judgment in the process of applying the Company&amp;#8217;s accounting policies. It is disclosed&#13;in the notes to this report all subjects involving a high degree of judgment or complexity or when assumptions and estimates are&#13;significant to the consolidated financial statements, those subjects are related to the allowance for doubtful debts, provision&#13;for inventory losses, provision for labor, civil, tax, environmental and social security contingences, depreciation, amortization,&#13;depletion, provision for impairment, deferred taxes, financial instruments and employee benefits. Actual results may differ from&#13;these estimates.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;financial statements are presented in thousands of Brazilian Reais (R$). Depending on the applicable IFRS standard, the measurement&#13;criteria used in preparing the financial statements considers the historical cost, net realizable value, fair value or recoverable&#13;amount. When the IFRS allows us to option between acquisition cost and other measurement criteria, the acquisition cost was the&#13;criteria used.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;consolidated financial statements were approved by the Board of Directors on April 30, 2018.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory>
    <ifrs-full:DisclosureOfBasisOfConsolidationExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.b)&#13;Consolidated financial statements &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;accounting policies have been consistently applied to all consolidated companies. The consolidated financial statements for the&#13;years ended December 31, 2017 and 2016 include the following direct and indirect subsidiaries, joint ventures and joint operations,&#13;as well as the exclusive funds, as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="4" style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Equity&#13;    interests (%)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; width: 36%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Companies&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; width: 6%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right; border-top-color: Black; border-top-width: 0.5pt; width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; width: 7%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top-color: Black; border-top-width: 0.5pt; width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; width: 48%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Core&#13;    business&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle; background-color: #DDEBF7"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Direct interest&#13;    in subsidiaries: full consolidation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;CSN Islands VII Corp.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Financial transactions&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle; background-color: #DDEBF7"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;CSN Islands XI Corp.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Financial transactions&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;CSN Islands XII Corp.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Financial transactions&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle; background-color: #DDEBF7"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;CSN Minerals S.L.U. (1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Equity interests&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;CSN Export Europe,&#13;    S.L.U. (1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Financial transactions and Equity interests&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle; background-color: #DDEBF7"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;CSN Metals S.L.U. 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text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Investment&#13;    fund&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;preparing the consolidated financial statements, we have adopted the following consolidation procedures:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Transactions between subsidiaries, associates, joint ventures and joint operations &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; 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Unrealized losses are eliminated in the same manner as unrealized gains, although&#13;only to the extent that there are not indications of impairment. The Company eliminates the effect on profit or loss of transactions&#13;carried out with joint ventures and, as a result, reclassifies part of the equity in results of joint ventures to financial costs,&#13;cost of sales and income tax and social contribution.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;base date to the financial statements of the subsidiaries and joint ventures is the same as of the Company, and their accounting&#13;policies are also in line with the policies adopted by the CSN.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Subsidiaries&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Subsidiaries&#13;are all entities (including special purpose entities) which financial and operating policies can be conducted by the Company and&#13;when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to use its&#13;power to affect its returns. The existence and effect of potential voting rights that are actually exercisable or convertible&#13;are taken into consideration when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from&#13;the date when the control is transferred to the Company and are deconsolidated from the date when such control ceases. &amp;#9;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Joint&#13;ventures and joint operations&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Joint&#13;arrangements are all entities over which the Company has joint control with one or more other parties. The investments in joint&#13;arrangements are classified as joint operations or joint ventures depending on the contractual rights and obligations of each&#13;investor.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Joint&#13;operations are accounted for in the financial statements in order to represent the Company's contractual rights and obligations.&#13;Therefore, the assets, liabilities, revenues and expenses related to its interests in joint operations are accounted for individually&#13;in the financial statements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Joint&#13;ventures are accounted for under the equity method and are not consolidated.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company eliminates the effect on profit or loss of transactions carried out with joint ventures and, as a result, eliminates part&#13;of the equity in results of joint ventures to financial costs, cost of sales, net sales and income tax and social contribution.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Associates&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Associates&#13;are all entities over which the Company has significant influence but not control, generally through a shareholding percentage&#13;from 20% up to 50% of the voting rights. Investments in associates are accounted for under the equity method and are initially&#13;recognized at cost.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Transactions and non-controlling interests&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company treats transactions with non-controlling interests as transactions with owners of the Company. For purchases from non-controlling&#13;interests, the difference between any consideration paid and the relevant share acquired of the carrying value of subsidiary net&#13;assets is recorded in shareholders' equity. Gains and losses on disposals to non-controlling interests are also recognized directly&#13;in shareholders' equity.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;When&#13;the Company no longer holds control, any retained interest in the entity is remeasured to its fair value, with the change in the&#13;carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting&#13;for the retained interest in an associate, joint venture or financial asset. In addition, any amounts previously recognized in&#13;other comprehensive income in respect of that entity are accounted for as if the Company had disposed of the related assets or&#13;liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DisclosureOfBasisOfConsolidationExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;c) Foreign currencies &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;i.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Functional and presentation currency&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Items&#13;included in the financial statements are related to each one of the Company's subsidiaries are measured using the currency of&#13;the primary economic environment in which the subsidiary operates (&amp;#8220;functional currency&amp;#8221;). The consolidated financial&#13;statements are presented in Brazilian Reais (R$), which is the Company&amp;#8217;s functional currency and the Group&amp;#8217;s presentation&#13;currency.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;ii.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Transactions and balances&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Transactions&#13;in foreign currencies are translated into the functional currency using the exchange rates in effect at the dates of the transactions&#13;or valuations when their values are remeasured. Foreign exchange gains and losses resulting from the settlement of those transactions&#13;and from the translation at exchange rates in effect as of December 31, 2017 related to monetary assets and liabilities denominated&#13;in foreign currencies are recognized in the income statement, except when they are recognized in shareholders' equity as a result&#13;of foreign operation characterized as foreign investment.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;balances of assets and liabilities are translated by exchange rates prevailing at the end of the reporting period. As of December&#13;31, 2017, US$1 is equal to R$3.3080 (R$3.2591 at December 31, 2016) and &amp;#8364;1 is equal to R$3.9693 (R$3.4384 at December 31,&#13;2016).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;All&#13;other foreign exchange gains and losses, including foreign exchange gains and losses related to borrowings and cash and cash equivalents,&#13;are presented in the income statement as financial income or costs.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Changes&#13;in the fair value of monetary securities denominated in foreign currency, classified as available-for-sale, are segregated into&#13;exchange differences related to the amortized cost of the security and other changes in the carrying amount of the security. Exchange&#13;differences related to amortized cost are recognized in profit or loss, and other changes in the carrying amount are recognized&#13;in shareholders' equity.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Exchange&#13;differences on non-monetary financial assets and liabilities classified as measured at fair value through profit or loss are recognized&#13;in profit or loss as part of the gain or loss on the fair value. Exchange differences on investments classified as available-for-sale&#13;are included in comprehensive income in shareholders' equity.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;iii.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Group companies&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;results and financial position of all the Group&amp;#8217;s entities (none of which has the currency of a hyper-inflationary economy)&#13;that have a functional currency different from the presentation currency are translated into the presentation currency as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;The assets and liabilities of each balance sheet presented are translated by exchange rate at the end of the reporting period;&#13;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;The income and expenses of each income statement are translated at average exchange rates (unless this average is not a reasonable&#13;approximation of the cumulative effect of the rates at the transaction dates, in which case income and expenses are translated&#13;at the rate in effect at the transaction dates); &lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;All resulting exchange differences are recognized as a separate component in other comprehensive income; and&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Gains and losses accumulated in shareholders' equity are included in the income statement when the foreign operation is partially&#13;disposed or sold.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;On&#13;consolidation, exchange differences resulting from the translation of monetary items with characteristics of net investment in&#13;foreign operations are recognized in shareholders' equity. When a foreign operation is partly disposed of or sold, exchange differences&#13;previously recorded into other comprehensive income are recognized in the income statement as part of the gain or loss on sale.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;d) Cash and cash equivalents&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Cash&#13;and cash equivalents include cash on hand, in bank accounts and other short-term highly liquid investments redeemable within 90&#13;days from the end of the reporting period, readily convertible into a known amount of cash and subject to an insignificant risk&#13;of change in value. Bank certificates of deposit and government securities that do not meet the above criteria are not considered&#13;cash equivalents and are classified as financial investments, according to note 4.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents>
    <ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;e) Trade receivables&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Trade&#13;receivables are initially recognized at fair value, including the related taxes and expenses. Foreign currency-denominated trade&#13;receivables are adjusted at the exchange rate in effect at the end of the reporting period. The allowance for estimated losses&#13;on doubtful debts were recognized in an amount considered sufficient to cover any losses. Management&amp;#8217;s assessment takes&#13;into consideration the customer&amp;#8217;s history and financial position, as well as the opinion of their legal counsel regarding&#13;the collection of these receivables for recognizing the allowance for estimated losses.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;f) Inventories&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Inventories&#13;are carried at the lower of cost and net realizable value. Cost is determined using the weighted average cost method on the acquisition&#13;of raw materials. The costs of finished goods and work in process comprise raw materials, labor and other direct costs (based&#13;on the normal production capacity). Net realizable value represents the estimated selling price in the normal course of business,&#13;less estimated costs of completion and costs necessary to make the sale. The allowance for estimated losses on slow-moving or&#13;obsolete inventories are recognized when considered necessary.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Stockpiled&#13;ore inventories are accounted for as processed when removed from the mine. The cost of finished goods comprises all direct costs&#13;necessary to transform stockpiled inventories into finished goods.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories>
    <ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;g) Investments&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Investments&#13;in subsidiaries, joint ventures and associates are accounted for under the equity method of accounting and are initially recognized&#13;at cost. The gains or losses are recognized in profit or loss as operating income (or expenses). In the case of foreign exchange&#13;differences arising on translating foreign investments that have a functional currency different from the Company&amp;#8217;s, changes&#13;in investments due exclusively to foreign exchange differences, as well as adjustments to pension plans and available-for-sale&#13;investments that impact the subsidiaries&amp;#8217; shareholders' equity, are recognized in line item &amp;#8220;Cumulative translation&#13;adjustments&amp;#8221;, in the Company&amp;#8217;s shareholders' equity, and are only recognized in profit or loss when the investment&#13;is disposed or written off due to impairment loss. Other investments are recognized at cost or fair value.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;When&#13;necessary, the accounting policies of subsidiaries, joint ventures and associates are changed to ensure consistency with the policies&#13;adopted by the Company.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2h)&#13;Business combination&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;acquisition method is used to account for on each business combination conducted by the Company. The payment obligation transferred&#13;by acquiring an entity is measured by the fair value of the assets transferred, liabilities incurred and equity instruments issued&#13;by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration&#13;arrangement, where applicable. Acquisition-related costs are recognized in profit or loss for the year, as incurred. Identifiable&#13;assets acquired and liabilities assumed in a business combination are initially measured at their fair values at the acquisition&#13;date.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;i) Property, plant and equipment&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Property,&#13;plant and equipment are carried at cost of acquisition, formation or construction, less accumulated depreciation or depletion&#13;and any impairment loss. Depreciation is calculated under the straight-line method based on the remaining economic useful economic&#13;lives of assets, as mentioned in note 9. The depletion of mines is calculated based on the quantity of ore mined. Land is not&#13;depreciated since their useful life is considered indefinite. However, if the tangible assets are mine-specific, that is, used&#13;in the mining activity, they are depreciated over the shorter between the normal useful lives of such assets and the useful life&#13;of the mine. The Company recognizes in the carrying amount of property, plant and equipment the cost of replacement and consequently&#13;reducing the carrying amount of the part that is replaced if it is probable that future economic benefits embodied therein will&#13;revert to the Company, and if the cost of the asset can be reliably measured. All other disbursements are expensed as incurred.&#13;Borrowing costs related to funds obtained for construction in progress are capitalized until these projects are completed.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;If&#13;some components of property, plant and equipment have different useful lives, these components are accounted for in separate line&#13;items of property, plant and equipment.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Gains&#13;and losses on disposal are determined by comparing the sale value less the residual value and are recognized in &amp;#8216;Other operating&#13;income (expenses)&amp;#8217;.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Exploration&#13;expenditures are recognized as expenses until the viability of mining activities is established, after this period the subsequent&#13;development costs are capitalized. Exploration and valuation expenditures include:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Research and analysis of historical data related to area exploration;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Topographic, geological, geochemical and geophysical studies;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Determine the mineral asset&amp;#8217;s volume and quality/grade;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Examine and test the extraction processes and methods;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Topographic surveys of transportation and infrastructure needs;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Market and financial studies;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;development costs from new mineral deposits or from capacity expansion in mine operations are capitalized and amortized using&#13;the produced (extracted) units method based on the probable and proven ore quantities. The development stage includes:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Drillings to define the ore body;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Access and draining plans;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Advance removal of overburden (top soil and waste material removed prior to initial mining of the ore body) and waste material&#13;(non-economic material that is intermingled with the ore body).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Stripping&#13;costs (the costs associated with the removal of overburden and other waste materials) incurred during the development of a mine,&#13;before production commences, they are capitalized as part of the depreciable cost of developing the property. Such costs are subsequently&#13;amortized over the useful life of the mine based on proven and probable reserves.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Stripping&#13;costs in the production phase are included in the cost of the inventory produced, except when a specific extraction campaign is&#13;made to access deeper deposits of where ore body is located. In these cases, costs are capitalized and taken to noncurrent&#13;assets when the mineral ore deposit is extracted and are amortized over the useful life of the ore body.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company holds spare parts that will be used to replace parts of property, plant and equipment and that used to increase the asset&amp;#8217;s&#13;useful life when it exceeds 12 months. These spare parts are classified in property, plant and equipment and not in inventories.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;j) Intangible assets&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Intangible&#13;assets comprise assets acquired from third parties, including through business combinations.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;These&#13;assets are recognized at cost of acquisition or formation, less amortization calculated on a straight-line basis method based&#13;on the estimated periods of exploration or recovery&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Mineral&#13;rights acquired are classified in line item &amp;#8220;other assets&amp;#8221; in intangible assets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Intangible&#13;assets with indefinite useful lives and goodwill based on expected future profitability are not amortized.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Goodwill&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Goodwill represents the positive difference between the amount paid and/or payable for the acquisition of a business and the&#13;net fair values of the acquiree&amp;#180;s assets and liabilities. Goodwill on acquisitions from business combination is recognized&#13;as intangible assets in the consolidated financial statements. The gain from a bargain purchase is recognized directly in&#13;the statement of income at the acquisition date. Goodwill is annually tested for impairment. Impairment losses on goodwill&#13;are not reversed. Gains and losses on the disposal of a Cash-Generating Unit (CGU) include the carrying amount of goodwill&#13;related to the CGU sold.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Goodwill&#13;is allocated to CGUs for impairment testing purposes. The allocation is made to CGUs of CGUs that are expected to benefit from&#13;the business combination in which the goodwill arose, and recalling that unit is not greater than the operating segment.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Software&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Software&#13;licenses purchased are capitalized based on the costs incurred to purchase the software and make it ready for use. These costs&#13;are amortized on a straight-line basis over the estimated useful lives from one to five years.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;k) Impairment of non-financial assets &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Assets&#13;with infinite useful lives, such as goodwill, are not subject to amortization and are annually tested for impairment. Assets subject&#13;to amortization and/or depreciation, such as property, plant and equipment, are tested for impairment whenever events or changes&#13;in circumstances indicate that their carrying amounts may not be recoverable. An impairment loss is recognized by determining an asset&amp;#180;s recoverable amount. The recoverable amount is the higher of the fair value of an asset less costs to&#13;sell and its value in use. For impairment testing purposes, assets are grouped at their lowest levels for which there are separately&#13;identifiable cash flows (Cash Generating Units, or CGUs). Non-financial assets, except for goodwill, are subsequently reviewed&#13;for possible reversal of the impairment at the reporting date.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;l) Employee benefits&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;i.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Employee&#13;                                         benefits &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Defined&#13;contribution plans &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;A&#13;defined contribution plan is as a post-employment benefit plan whereby an entity pays fixed contributions to a separate entity&#13;(pension fund) and will not have any legal or constructive obligation to pay additional amounts. Obligations for contributions&#13;to defined contribution pension plans are recognized as employee benefit expenses in the periods during which services are provided&#13;by employees. Contributions paid in advance are recognized for an asset since it is agreed that either cash reimbursement or future&#13;reduction on payables will flow back to CSN. Contributions to a defined contribution plan that is expected to mature twelve (12)&#13;months after the end of the period in which the employee provides services are discounted to their present values.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Defined&#13;benefit plans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;A&#13;defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company&amp;#8217;s net obligation&#13;regarding defined pension benefit plans is calculated individually for each plan by estimating the value of the future benefit&#13;that the employees accrue as return for services provided in the current period and in prior periods; such benefit is discounted&#13;to its present value. The discount rate is the yield presented at the end of the reporting period for top line debt securities&#13;whose maturity dates approximate the terms and conditions of the Company&amp;#8217;s obligations and which are denominated in the&#13;same currency as the one in which it is expected that the benefits will be paid. The calculation is made annually by a qualified&#13;actuary using the projected unit credit method. When the calculation results in a benefit for the Company, the asset to be recognized&#13;is limited to the total amount of any unrecognized costs of past services and the present value of the economic benefits available&#13;in the form of future plan reimbursements or reduction in future contributions to the plan. The present value of economic benefits&#13;is calculated taking into account the funding requirements applicable to the Company&amp;#8217;s plans. An economic benefit is available&#13;to the Company if it is realizable during the life of the plan or upon settlement of the plan&amp;#8217;s liabilities.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company and some of its subsidiaries offered a postretirement healthcare benefit to its employees. The right to these benefits&#13;is usually contingent to their remaining in employment until the retirement age and the completion of the minimum length of service.&#13;The expected costs of these benefits are accumulated during the employment period, and are calculated using the same accounting&#13;method used for defined benefit pension plans. These obligations are annually valued by qualified independent actuaries.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;When&#13;the benefits of a plan are increased, the portion of the increased benefit related to past services of employees is recognized&#13;in profit or loss until the benefits become vested. When benefits became vesting rights, all actuarial gains or losses are immediately&#13;recognized in profit or loss.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company recognizes all actuarial gains and losses resulting from defined benefit plans immediately in other comprehensive income.&#13;If the plan is extinguished, actuarial gains and losses are recognized in profit or loss.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;ii.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Profit&#13;                                         sharing and bonus&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Employee&#13;profit sharing and executives&amp;#8217; variable compensation are linked to the achievement of operating and financial targets. The&#13;Company recognizes a liability and an expense substantially allocated to production cost and, where applicable, to general and&#13;administrative expenses when such goals are met.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;m) Provisions&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Provisions&#13;are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that&#13;the Company will be required to settle the obligation and it has reliable cost estimation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;amount recognized as a provision is the best value estimation required to settle the present obligation at the end of the reporting&#13;period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash&#13;flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect&#13;of the time value of money is material). Success fees are accrued to the extent that they make it probable that disbursements&#13;will occur. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third&#13;party, a receivable is recognized as an asset if it is probable that reimbursement will be received and that the amount of the&#13;receivable can be measured reliably.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;n) Concessions&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company has governmental concessions to provide the following types of services: railway and port transportation managed by Company&amp;#180;s&#13;subsidiaries and joint-ventures. The concessions included in the consolidated financial statements are related to the rail network&#13;in the Northeast area, managed by the subsidiary FTL, the container terminal in Itagua&amp;#237;, managed by the subsidiary Sepetiba&#13;Tecon and the port terminal TECAR for exporting ore and importing coal, which is managed by the subsidiary CSN Minera&amp;#231;&amp;#227;o.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company&amp;#180;s concession contracts are not within the scope of the international interpretative standard IFRIC 12, considering&#13;that the grantor (refers to the government) has effectively no control over what, to whom and at what price the services will&#13;be provided by the dealer (refers to the private part) to the customers. In essence, all concession contracts has operating leasing&#13;characteristics. Therefore, the accounting should follow the accounting rules applicable to leases. Our concession agreements&#13;provide for the use of a specific asset for an agreed period of time, but without any transfer of ownership to the Company or&#13;option to buy these assets after the completion of these contracts.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Payments&#13;made under operating leases are recognized in the income statement on a straight line basis over the period of the contracts.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;There&#13;are assets related to our concessions which are subject to reversion to the grantor at the end of the concession agreement.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;residual carrying amounts of these assets on December 31, 2017 are listed below with an indication of their classification in&#13;our financial statements:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Concession&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Net&#13;    book value (R$)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Classification&#13;    in balance sheet&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Sepetiba&#13;    Tecon S.A. (TECON)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;313&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;million&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Fixed&#13; 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(TLSA)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;7,934&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;million&#13;    (1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Investment&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;MRS&#13;    Log&amp;#237;stica S.A. (MRS)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;3,428&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;million&#13;    (2)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Investment&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The&#13;amount of fixed and intangible assets is recognized in TLSA&amp;#8217;s financial statements. We recognize our interest in the net&#13;assets of TLSA under the equity method and our investment balance in TLSA as of December 31, 2017 was R$1,473,298.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The&#13;amount of fixed and intangible assets is recognized in MRS&amp;#8217;s financial statements. We recognize our interest in the net&#13;assets of MRS by the  equity method and our investment balance consolidated in MRS as of December 31, 2017 was R$ 1,325,032.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;o) Share capital &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 24pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Common&#13;shares are classified in shareholders' equity.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Incremental&#13;costs directly attributable to the issue of new shares or options are shown in shareholders' equity as a deduction to the amount&#13;received, net of taxes.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;When&#13;any Company of the Group buys Company shares (treasury shares), the amount paid, including any directly additional costs (net&#13;of income tax), is deducted from shareholders' equity attributable to owners of the Company until the shares are canceled or sold.&#13;When these shares are subsequently sold, any amount received, net of any directly attributable additional transaction costs and&#13;the related income tax and social contribution effects, is included in shareholders' equity attributable to owners of the Company.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;p) Revenue recognition&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Operating&#13;revenue from the sale of goods in the normal course of business is measured at the fair value of the receivables. Revenue is recognized&#13;when there is convincing evidence that the most significant risks and rewards of ownership of goods have been transferred to the&#13;buyer, it is probable that future economic benefits will flow to the entity, the associated costs and possible return of goods&#13;can be reliably estimated, there is no continued involvement with the goods sold, and the amount of the operating revenue can&#13;be reliably measured. If it is probable that discounts will be granted and the value thereof can be reliably measured, then the&#13;discount is recognized as a reduction of the operating revenue as sales are recognized. Revenue from services provided is recognized&#13;as it is realized.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The appropriate timing for transfer&#13;of risks and rewards varies depending on the individual terms and conditions of the sales contract. For international sales, this&#13;timing depends on the type of term of the contract term.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue>
    <ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;q) Financial income and financial expenses &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Financial&#13;income includes interest income from funds invested (except available-for-sale financial assets), dividend income not accounted&#13;for under the equity method, gains on disposal of available-for-sale financial assets, changes in the fair value of financial&#13;assets measured at fair value through profit or loss, and gains on derivative instruments that are recognized in profit or loss.&#13;Interest income is recognized in profit or loss under the effective interest method. Dividend income is recognized in profit or&#13;loss when the Company&amp;#8217;s right to receive payment has been established. Distributions received from investees accounted for&#13;under the equity method reduce the investment value.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Financial&#13;expenses comprise interest expenses on borrowings,  losses on the fair&#13;value of financial instruments measured at fair value through profit or loss, impairment losses recognized in financial assets,&#13;and losses on derivative instruments that are recognized in profit or loss. Borrowing costs that are not directly attributable&#13;to the acquisition, construction or production of a qualifying asset are measured through profit or loss under the effective interest&#13;method.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Foreign&#13;exchange gains and losses are reported on a net basis.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;r) Income tax and social contribution&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Current&#13;income tax and social contribution are calculated based on the tax laws enacted by the end of the reporting period, including&#13;in the countries where the Group entities operate and generate taxable profit. Management periodically assesses the positions&#13;taken in the tax calculations with respect to situations where applicable tax regulations are open to interpretations. The Group&#13;recognizes provisions where appropriate, based on the estimated payments to tax authorities. The income tax and social contribution&#13;expense comprises current and deferred taxes. Current and deferred taxes are recognized in profit or loss unless they are related&#13;to business combinations or items recognized directly in shareholders' equity.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Current&#13;tax is the expected tax payable or receivable on taxable profit or loss for the year at tax rates that have been enacted by the&#13;end of the reporting period and any adjustment to taxes payable in relation to prior years.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Deferred&#13;tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements&#13;and the corresponding tax bases used in the computation of taxable profit. Deferred tax is not recognized for the following temporary&#13;differences: initial recognition of assets and liabilities in a transaction that is not a business combination and does not affect&#13;either the accounting or taxable profit or loss, and differences associated with investments in subsidiaries and joint ventures&#13;when it is probable that they will not reverse in the foreseeable future.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Moreover,&#13;a deferred tax liability is not recognized for taxable temporary differences resulting from the initial recognition of goodwill.&#13;The deferred tax is measured at the rates that are expected to be applied on temporary differences when they reverse, based on&#13;the laws enacted by the end of the reporting period.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Current&#13;income tax and social contribution are carried at their net amounts by the taxpayer, in liabilities when there are amounts payable&#13;or in assets when prepaid amounts exceed the total amount due at the end of the reporting period.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Deferred&#13;tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current&#13;tax liabilities and when they relate to income taxes levied by the same taxation authority on the same entity subject to taxation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;A&#13;deferred income tax and social contribution asset is recognized for all tax losses, tax credits, and deductible temporary differences&#13;to the extent that it is probable that taxable profits will be available against which those tax losses, tax credits, and deductible&#13;temporary differences can be utilized. Annually, the Company reviews and verifies the existence of future taxable income and a&#13;provision for loss is recognized when the realization of these credits is not likely.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;s) Earnings/(Loss) per share &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Basic&#13;earnings/loss per share are calculated by means of the profit/loss for the year attributable to owners of the Group and the weighted&#13;average number of common shares outstanding in the related period. Diluted earnings/loss per share are calculated by means of&#13;the average number of shares outstanding, adjusted by instruments potentially convertible into shares, with diluting effect, in&#13;the reported periods. The Group does not have any instruments potentially convertible into shares and, accordingly, diluted earnings/loss&#13;per share are equal to basic earnings/loss per share.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory>
    <SID:DescriptionOfAccountingPolicyForEnvironmentalAndRestorationCostsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;t) Environmental and restoration costs &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company recognizes a provision for the recovery costs and fines when a loss is probable and the amounts of the related costs can&#13;be reliably measured. Generally, the period when the provision for recovery is recognized coincides with the end of a feasibility&#13;study or the commitment to adopt a formal action plan.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Expenses&#13;related to compliance with environmental regulations are charged to profit or loss or capitalized, as appropriate. Capitalization&#13;is considered appropriate when the expenses refer to items that will continue to benefit the Group and that are basically related&#13;to the acquisition and installation of equipment to control and/or prevent pollution.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company make the provisions for asset retirement&#13;obligations which refer to estimated costs for decommissioning, retirement or restoration of areas upon the termination of activities&#13;of our mining resources. The initial measurement is recognized as a liability discounted to present value and subsequently through&#13;increase in expenses over time. The asset retirement cost equivalent to the initial liability is capitalized as part of the carrying&#13;amount of the asset and is depreciated over the useful life of the asset.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</SID:DescriptionOfAccountingPolicyForEnvironmentalAndRestorationCostsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;u) Research and development&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Research&#13;expenditures are recognized as expenses when incurred. Expenditures on project developments (related to the design and testing&#13;stages of new or improved products) are recognized as intangible assets when it is probable that projects will be successful,&#13;based on their commercial and technological feasibility, and only when the cost can be reliably measured. When capitalized, development&#13;expenditures are amortized from the start of a product commercial production, on a straight-line basis and over the period of&#13;the expected benefit.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;v) Financial instruments &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;i)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Financial assets &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Financial&#13;assets are classified into the following categories: measured at fair value through profit or loss, loans and receivables, held-to-maturity&#13;and available-for-sale. The classification depends on the purpose for which the financial assets were acquired. Management determines&#13;the classification of its financial assets at the time of initial recognition.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Recognition&#13;                                         and measurement&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company classifies, at initial recognition, its financial assets into four categories: i) fair value through profit or loss, ii)&#13;loans and receivables, iii) held-to-maturity assets, and iv) available-for-sale financial assets. Assets are recognized at fair&#13;value, plus (with the exception of assets recognized at fair value through profit or loss) transaction costs that are directly&#13;attributable to the acquisition or issuance of financial asset.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;the subsequent measurement, loans and receivables are carried at amortized cost using the effective&#13;interest method.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Gains&#13;or losses resulting from changes in the fair value of financial assets measured at fair value through profit or loss are presented&#13;in the income statement under &amp;#8220;financial income&amp;#8221; in the period in which they arise. Dividend income from financial&#13;assets at fair value through profit or loss is recognized in the income statement as part of other financial income when the Company&amp;#8217;s&#13;right to receive the dividends has been established.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;changes in the fair value of available-for-sale financial assets are recognized as follows: (i) the effects of foreign exchange&#13;differences and the changes in the fair value of the investment in the investee&amp;#8217;s capital are recognized directly in the&#13;Company&amp;#8217;s shareholders&amp;#8217; equity, in &amp;#8220;Other comprehensive income&amp;#8221; and; (ii) the effects of foreign exchange&#13;differences and the changes in the option&amp;#8217;s fair value are recognized in the income statement for the year.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Interest&#13;on available-for-sale securities, calculated under the effective interest method, is recognized in the income statement as part&#13;of other income. Dividends from available-for-sale equity instruments, such as shares, are recognized in the income statement&#13;as part of other financial income when the Company&amp;#8217;s right to receive payments has been established.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;fair values of publicly quoted investments are based on current purchase prices. If the market for a financial asset (and for&#13;instruments not listed on a stock exchange) is not active, the Company establishes the fair value by using valuation techniques.&#13;These techniques include the use of recent transactions contracted with third parties, reference to other instruments that are&#13;substantially similar, analysis of discounted cash flows, and option pricing models that make maximum use of market inputs and&#13;relies as little as possible on entity-specific inputs.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Regular&#13;purchases and sales of financial assets are recognized at the trading date on which the Company undertakes to buy or sell the&#13;asset.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 18pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Derecognized&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Financial&#13;assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred, in the&#13;latter case, provided that the Company has transferred significantly all risks and rewards of ownership.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Financial&#13;                                         assets measured at fair value through profit or loss&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Financial&#13;assets at fair value through profit or loss are financial assets held for active and frequent trading. Derivatives are also categorized&#13;as held for trading and, accordingly, are classified in this category unless they have been designed as cash flow hedging instruments.&#13;Assets in this category are classified in current assets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Loans&#13;                                         and receivables&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;This&#13;category includes loans and receivables that are non-derivative financial assets with fixed or determinable payments not quoted&#13;in an active market. They are included in current assets, except those with maturity of more than 12 months after the end of the&#13;reporting period (which are classified as non-current assets). Loans and receivables include loans to associates, trade receivables,&#13;other receivables and cash and cash equivalents, except short-term investments. Cash and cash equivalents are recognized at fair&#13;value. Loans and receivables are carried at amortized cost using the effective interest method.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Held-to-maturity&#13;                                         assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;These&#13;are basically financial assets acquired with the positive intent and ability to hold to maturity. Held-to-maturity investments&#13;are initially recognized at their value plus any directly attributable transaction costs. Subsequent to initial recognition, they&#13;are measured at amortized cost using the effective interest method, less any impairment loss.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Available-for-sale&#13;                                         financial assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;These&#13;are non-derivative financial assets, designated as available-for-sale, that are not classified in any other category established.&#13;They are included in non-current assets when they are strategic investments for the Company, unless Management intends to dispose&#13;of the investment within 12 months from the end of the reporting period. Available-for-sale financial assets are recognized at&#13;fair value.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;ii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Impairment of financial assets&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company evaluates  at each reporting period whether there is an evidence of impairment in a financial asset or a group of&#13;financial assets. This evaluation should consider objective evidence of the occurrence of events that may impact the&#13;estimated cash flows of an individual financial asset or group of financial assets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assets&#13;                                         measured at amortized cost&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;A&#13;financial asset or a group of financial assets is impaired and impairment losses are incurred only if there are evidences of impairment&#13;as a result of one or more events that occurred after the initial recognition of the asset (a &amp;#8220;loss event&amp;#8221;), such&#13;loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets and&#13;the future cash flow estimation can be reliably calculated.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;criteria used by CSN to determine whether there are evidences of impairment loss includes:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;significant&#13;                                         financial weakness related to the issuer or counterparty;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;a&#13;                                         breach of contract, such as default or delinquency at interest or principal payments;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;the&#13;                                         issuer, for economic or legal reasons relating to the borrower&amp;#8217;s financial weakness,&#13;                                         grants to the borrower a concession that the lender would not otherwise consider;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;it&#13;                                         becomes probable that the borrower will incur in bankruptcy or other financial reorganization;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;the&#13;                                         disappearance of an active market for the related financial asset because of financial&#13;                                         weakness; or&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;observable&#13;                                         data indicating that there is a measurable decrease in the estimated future cash flows&#13;                                         from a portfolio of financial assets since the initial recognition of such assets, although&#13;                                         the decrease cannot yet be identified with the individual financial assets in the portfolio,&#13;                                         including:&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-&#13;Adverse changes in the payment status of borrowers in the portfolio;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-&#13;National or local economic conditions that correlate with defaults on the assets in the portfolio.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;amount of the loss is measured by the difference between the carrying amount of the asset and the present value of estimated future&#13;cash flows (excluding future credit losses that have not been incurred) discounted at the original effective interest rate of&#13;the financial asset. The carrying amount of the asset is reduced and the amount of the loss is recognized in the income statement.&#13;If a loan or held-to-maturity investment has a variable interest rate, the discount rate to measure an impairment loss is the&#13;current effective interest rate determined pursuant to the contract. As a practical expedient, the Company may measure impairment&#13;on the basis of an instrument&amp;#8217;s fair value using an observable market price.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;If,&#13;in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring&#13;after the impairment was recognized (such as an improvement in the debtor&amp;#8217;s credit rating), the previously recognized impairment&#13;loss is reversed and recognized in the consolidated income statement.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assets&#13;                                         classified as available-for-sale&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;the case of equity securities classified as available-for-sale, a significant or prolonged decline at the fair value of an investment&#13;in an equity instrument below of its cost is also an evidence of impairment. Determining what is considered a &amp;#8220;significant&amp;#8221;&#13;or &amp;#8220;prolonged&amp;#8221; decline requires judgment. For this judgment we assess, among other factors, the historical changes&#13;in the equity prices, the duration and proportion in which the fair value of the investment is lower than its cost as well as&#13;the financial health and short-term business prospects for the investee, including factors such as: industry and segment performance,&#13;changes in technology and operating/financial cash flows. If any of the impairment evidences is observed for available-for-sale&#13;financial assets, the cumulative loss&amp;#8212;measured as the difference between the acquisition cost and the current fair value,&#13;less any impairment loss on the financial asset previously recorded in profit or loss&amp;#8212;is reclassified from equity to profit&#13;or loss. Impairment losses recognized in the income statement as available-for-sale instruments are not reversed.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;CSN&#13;tested for impairment its available-for-sale investment in Usiminas shares, see note 12 &amp;#8211; Financial Instruments.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;iii)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Financial liabilities&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Financial&#13;liabilities are classified under the following categories &amp;#8216;&amp;#8217;measured at fair value through profit or loss&amp;#8217;&amp;#8217;&#13;and &amp;#8216;&amp;#8217;other financial liabilities&amp;#8217;&amp;#8217;. Management determines the classification of its financial liabilities&#13;at the time of initial recognition.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Financial&#13;                                         liabilities measured at fair value through profit or loss&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Financial&#13;liabilities classified in category fair value through profit or loss are financial liabilities held for trading or those designated&#13;at the time of initial recognition.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Derivatives&#13;are also classified as trading securities, and thereby are classified so, unless they have been designated as effective hedging&#13;instruments.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Gains&#13;and losses on financial liabilities classified at fair value through profit or loss are recognized in profit or loss&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Other&#13;                                         financial liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other&#13;financial liabilities are measured at amortized cost using the effective interest method. The Company holds the following non-derivative&#13;financial liabilities: borrowings, financing and debentures as well as trade payables.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Write-off&#13;of financial liabilities&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Financial&#13;liabilities are written off only when the obligations are terminated and canceled or when they mature. The difference between&#13;the carrying amount of the financial liability written off and the consideration paid and payable is recognized in profit or loss.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Offsetting&#13;                                         of financial instruments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Financial&#13;assets and financial liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable&#13;right to set off the recognized amounts as well as the intention to either settle them on a net basis or to realize the asset&#13;and settle the liability simultaneously.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;iv)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;Derivative instruments and hedging activities&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Derivatives&#13;                                         measured at fair value through profit or loss&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Derivatives&#13;are initially recognized at fair value on the date when a derivative contract is entered, thereafter they are subsequently measured&#13;at their fair value and any changes are recognized as &amp;#8220;Financial income (costs)&amp;#8221; in the income statement.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cash&#13;                                         flow Hedge &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company adopts hedge accounting and designates certain financial liabilities as a hedging instrument of a foreign exchange risk&#13;associated to the cash flows from forecast, highly probable exports (cash flow hedges).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;At&#13;the inception of the transaction, the Company documents the relationships between the hedging instruments and the hedged items,&#13;as well as its risk management objectives and strategy for undertaking hedging transactions. The Company also documents its assessment,&#13;both at the inception of the hedge and on an ongoing basis, of whether the hedging transactions are highly effective in offsetting&#13;changes in the cash flows of the hedged items.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;effective portion of the changes in the fair value of financial liabilities designated and qualifying as cash flow hedge is recognized&#13;on equity, in line item &amp;#34;Hedge accounting&amp;#8221;. Any gain or loss related to the ineffective portion is recognized immediately&#13;in other operational income(expenses), if applicable.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;amounts accumulated in equity are reclassified to the income statement in the periods when the forecast exports affect profit&#13;or loss.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;When&#13;a hedging instrument expires, is settled in advance or the hedging relationship no longer meets the hedge accounting criteria,&#13;or even when Management decides to discontinue hedge accounting, all cumulative gains or losses recorded in equity at the time&#13;remain recognized in equity and, from that moment, the exchange variations are recorded in the financial income (expenses). When&#13;the forecast transaction is completed, the gain or loss is reclassified to profit or loss. When a forecast transaction is no longer&#13;expected to take place, the cumulative gain or loss previously recognized in shareholders&amp;#8217; equity is immediately transferred&#13;to the income statement, in line item &amp;#8220;Other operating income (expenses)&amp;#8221;.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;movements in the hedge amounts designated as exporting cash flow hedges are stated in note 12 &amp;#8211; Financial instruments.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Net&#13;                                         investment hedge &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;For&#13;net investment hedge, the Company designates part of its financial liabilities as hedging instruments of its overseas investments&#13;with functional currencies other than the Group&amp;#8217;s functional currency, according to IAS39. Such relationship occurs since&#13;the financial liabilities are related to the investments in the amounts required for the effective relationship.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;At&#13;the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged&#13;item, along with its risk management objectives and its strategy for undertaking out hedge transactions. Furthermore, at the inception&#13;of the hedge and on an ongoing basis, the Company documents whether the hedging instrument is highly effective in offsetting changes&#13;in fair values of the hedged item.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;effective portion of changes in the fair value of financial liabilities that are designated and qualify as a net investment hedge&#13;is recognized in equity in line item &amp;#8220;Hedge Accounting&amp;#8221;. The gain or loss relating to the ineffective portion is recognized&#13;in financial income (costs), when applicable. If at some point of the hedging relationship the balance of the debt is higher than&#13;the balance of the investment, the exchange variation on the excess debt will be reclassified to the statement of profit or loss&#13;as Other operating income/(expenses) (ineffectiveness of the hedge).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;amounts accumulated in equity will be realized in the statement of profit or loss upon disposal or partial disposal of the foreign&#13;operation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;changes in the amounts of hedge denominated as Net investment hedge are shown in note 12 &amp;#8211; Financial Instruments.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;w) Segment information&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;An&#13;operating segment is a component of the Group committed to the business activities from which it can obtain revenues and incur&#13;expenses, including revenues and expenses related to transactions with any other components of the Group. All the operating results&#13;of operating segments are reviewed regularly by the Executive Officers of CSN to enable decisions regarding resources to be allocated&#13;to the segment and assessment of its performance. The Company maintains distinct financial information for the distinct segments.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory>
    <ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;x) Government grants &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Government&#13;grants are not recognized until there is reasonable assurance that the Company will comply to the conditions attaching to them&#13;and assurance that the grants will be received, so then they will be recognized in profit or loss on a systematic basis over the&#13;periods in which the Company recognizes as expenses the related costs that the grants are intended to compensate.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 25.5pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company has state tax incentives in the North and Northeast regions, which are recognized in profit or loss as a reduction of&#13;the corresponding costs, expenses and taxes.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants>
    <ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2.&#13;y) Noncurrent assets held for sale and discontinued operations&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Noncurrent&#13;assets and groups of assets are classified as held for sale if their carrying amount is recovered mainly through a sale transaction&#13;and not through continued use.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;criteria for classification of items held for sale are considered to be met only when the sale is highly probable and the asset&#13;or group of assets is available for immediate sale.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Assets&#13;and liabilities classified as held for sale are presented separately as current items in the balance sheet.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Classification&#13;as a discontinued operation occurs through disposal, or when the transaction meets the criteria to be classified as held for sale&#13;if this occurs earlier. A discontinued operation is a component of a Group business which comprises operations and cash flows&#13;that may be clearly distinct from the rest of the Group and represent a separate business line or geographical area of &amp;#8203;&amp;#8203;operations.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;result of discontinued operations is presented in a single amount in the income statement, including the total income after income&#13;tax of these operations, less any impairment loss.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory>
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margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 21%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt/116% Times New Roman, Times, Serif"&gt;&lt;b&gt;Standard&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 60%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt/116% Times New Roman, Times, Serif"&gt;&lt;b&gt;Main&#13;    items introduced by the standard&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt/116% Times New Roman, Times, Serif"&gt;&lt;b&gt;Effective&#13;    date&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;IFRS&#13;        9 &amp;#8211; Financial Instruments&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;                                         standard retains but simplifies the combined measurement model and establishes two main&#13;                                         measurement categories of financial assets: amortized cost and fair value. The classification&#13;                                         basis depends on the entity business model and the characteristics of the financial asset&amp;#8217;s&#13;                                         contractual cash flow.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;IFRS&#13;        9 retains most of IAS 39 requirements for financial liabilities. The main change refers to those cases where the fair&#13;        value of the financial liabilities must be segregated so that the fair value portion related to the entities credit risk&#13;        is recognized in &amp;#8220;other comprehensive income&amp;#8221; and not in profit or loss for the period.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;        standard introduces an expected credit loss model for the measurement of the impairment of financial assets. However,&#13;        it is no longer necessary for a credit event to have occurred before a credit loss is recognized. Finally, IFRS 9 introduces&#13;        a new hedge accounting model that is designed to be more closely aligned with how entities undertake risk management activities&#13;        when hedging financial and non-financial risk exposures.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;        requirements for derecognition of financial assets and liabilities under IFRS 9 are carried forward from IAS 39.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;January&#13;        1, 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;IFRS15&#13;                                         &amp;#8211; Revenue from Contracts with Customers&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;This&#13;                                         new standard introduces the principles that an entity will apply to determine the revenue&#13;                                         measurement and when such revenue shall be recognized.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;IFRS&#13;        15 replaces IAS 11 &amp;#8211; &lt;i&gt;Construction Contracts&lt;/i&gt;, IAS 18 - &lt;i&gt;Revenue&lt;/i&gt; and related interpretations.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;January&#13;        1, 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;IFRS16&#13;    - Leases&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;This&#13;        new standard defines the principles for recognition, measurement, presentation and disclosure of leases and introduces&#13;        a single model for the accounting of leases in the balance sheet for the lessees. A lessee recognizes a right-of-use asset&#13;        that represents his obligation to make lease payments. Optional exemptions are available for short- term leases and low-value&#13;        items. For lessors, accounting treatment remains practically the same, with the classification of leases as operating&#13;        leases or financial leases, and accounting for these two types of lease differently. IFRS 16 replaces existing lease standards,&#13;        including IAS 17 &amp;#8211; L&lt;i&gt;easing Operations&lt;/i&gt; and IFRIC 4, SIC 5 and SIC 27 &amp;#8211; &lt;i&gt;Complementary Aspects of Leasing&#13;        Operations&lt;/i&gt;.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;January&#13;        1, 2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;IFRIC&#13;    22 &amp;#8211; Foreign Currency Transaction and Advance Consideration&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;    Interpretation covers foreign currency transactions (or part of them) when an entity recognizes a non-monetary asset or non-monetary&#13;    liability arising from the payment or receipt of advance consideration before the entity recognizes the related asset, expense&#13;    or income (or part of it).&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;January&#13;    1, 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;IFRIC&#13;    23 &amp;#8211; Uncertainty over Income Tax Treatments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Can&#13;    be unclear how tax law applies to a particular transaction or circumstance. This interpretation complements the IAS 12 &amp;#8211;&#13;    Income Tax, clarify how to reflect the effects of uncertainty over income tax treatments. &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;January&#13;    1, 2019&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;following information presents the possible impacts on the adoption of IFRS 9 and IFRS 15 which were available at the time of&#13;the preparation of these financial statements. In this way, these preliminary assessments and their potential impacts are subject&#13;to change until the initial adoption be disclosed in the 2018 financial statements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;IFRS 9 &amp;#8211; Financial Instruments&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Classification&#13;and measurement of financial assets: Management evaluated the classification and measurement of financial assets offered by the&#13;new pronouncement based on its diagnosis, business model, expectations of the company&amp;#8217;s cash flow and the financial assets&#13;management model. In this way, was concluded that the investment in Usiminas shares would be appropriately classified in the category&#13;of &amp;#34;fair value through profit or loss&amp;#34; and that the loans and receivables would be classified in the category of measured&#13;at &amp;#34;amortized cost&amp;#34;.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In the classification of the category of &amp;#34;fair&#13;value through profit or loss&amp;#34;, the gains or losses arising from the variation of the quotation of the shares are recorded directly&#13;in the statement of income at the time of adoption and throughout all future periods. On the other hand, since it is an initial&#13;adoption, the Company evaluated the possible impacts related to the investment in Usiminas shares and the gain of R$1.5 billion&#13;previously recognized and accumulated in Other comprehensive income was reclassified to &amp;#8220;Other operating income&amp;#8221; in&#13;the statement of income on January 1st, 2018. , arising from the recording of the accumulated balance currently recognized in other&#13;comprehensive income.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;IFRS 15 - Revenue from Contracts with Customers&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company's Management evaluated all stages of the new standard for the recognition of revenue from contracts with customers. Based&#13;on this analysis, the Company did not identify material measurement impacts on the application of this standard.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;observed impacts are related to the review of internal procedures, with the objective to ensure that the new contracts with clients&#13;will be properly evaluated and accounted in accordance with the principles of the new standard.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/115% Times New Roman, Times, Serif; 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margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;For IFRIC 23, during 2018 the Company will study this interpretation&#13;to assets how it applies to the Brazilian tax environment.&lt;/p&gt;&#13;&#13;&lt;p style="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company does not expect material impacts arising from the application of the interpretation.&lt;/font&gt;&lt;/p&gt;</ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations>
    <SID:SummaryOfSubsidiariesJointVenturesAndJointOperationsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;consolidated financial statements for the years ended December 31, 2017 and 2016 include the following direct and indirect subsidiaries,&#13;joint ventures and joint operations, as well as the exclusive funds, as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&#13;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="4" style="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Equity&#13;    interests (%)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; width: 36%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Companies&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; width: 6%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: right; border-top-color: Black; border-top-width: 0.5pt; width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right; width: 7%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-top-color: Black; border-top-width: 0.5pt; width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; border-bottom: Black 0.5pt solid; width: 48%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Core&#13;    business&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle; background-color: #DDEBF7"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Direct interest&#13; 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   &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;20.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Metallurgy and Equity interests&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*)&#13;They are Dormant Companies, therefore they do not appear in the note 8.a, where is disclosed business information under the equity&#13;method and classified as available for sale.&lt;/font&gt;&lt;/p&gt;</SID:SummaryOfSubsidiariesJointVenturesAndJointOperationsTableTextBlock>
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   &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 48%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Exclusive&#13;    funds&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 19%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Core&#13;    business&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Direct&#13;    interest: full consolidation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; 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   &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Investment&#13;    fund&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Caixa&#13;    V&amp;#233;rtice - Private credit balanced mutual fund&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;100.00&#13; 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padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Investment&#13;    fund&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfExclusiveFundsTableTextBlock>
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(TECON)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;313&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;million&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Fixed&#13; 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(FTL)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;230&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;million&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Fixed&#13;    assets&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Transnordestina&#13;    Log&amp;#237;stica S.A. (TLSA)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;7,934&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;million&#13;    (1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Investment&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;MRS&#13;    Log&amp;#237;stica S.A. (MRS)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;3,428&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;million&#13;    (2)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Investment&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The&#13;amount of fixed and intangible assets is recognized in TLSA&amp;#8217;s financial statements. We recognize our interest in the net&#13;assets of TLSA under the equity method and our investment balance in TLSA as of December 31, 2017 was R$1,473,298.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The&#13;amount of fixed and intangible assets is recognized in MRS&amp;#8217;s financial statements. We recognize our interest in the net&#13;assets of MRS by the equity method and our investment balance consolidated in MRS as of December 31, 2017 was R$ 1,325,032.&lt;/font&gt;&lt;/p&gt;</SID:SummaryOfConcessionsTableTextBlock>
    <SID:SummaryOfNewStandardsAndInterpretationsIssuedAndNotYetAdoptedTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;following standards and interpretations have been issued and will be mandatory for subsequent accounting periods and were not&#13;early adopted by the Group for the year ended December 31, 2017:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 21%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt/116% Times New Roman, Times, Serif"&gt;&lt;b&gt;Standard&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 60%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt/116% Times New Roman, Times, Serif"&gt;&lt;b&gt;Main&#13;    items introduced by the standard&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt/116% Times New Roman, Times, Serif"&gt;&lt;b&gt;Effective&#13;    date&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;IFRS&#13;        9 &amp;#8211; Financial Instruments&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;                                         standard retains but simplifies the combined measurement model and establishes two main&#13;                                         measurement categories of financial assets: amortized cost and fair value. The classification&#13;                                         basis depends on the entity business model and the characteristics of the financial asset&amp;#8217;s&#13;                                         contractual cash flow.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;IFRS&#13;        9 retains most of IAS 39 requirements for financial liabilities. The main change refers to those cases where the fair&#13;        value of the financial liabilities must be segregated so that the fair value portion related to the entities credit risk&#13;        is recognized in &amp;#8220;other comprehensive income&amp;#8221; and not in profit or loss for the period.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;        standard introduces an expected credit loss model for the measurement of the impairment of financial assets. However,&#13;        it is no longer necessary for a credit event to have occurred before a credit loss is recognized. Finally, IFRS 9 introduces&#13;        a new hedge accounting model that is designed to be more closely aligned with how entities undertake risk management activities&#13;        when hedging financial and non-financial risk exposures.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;        requirements for derecognition of financial assets and liabilities under IFRS 9 are carried forward from IAS 39.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;January&#13;        1, 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;IFRS15&#13;                                         &amp;#8211; Revenue from Contracts with Customers&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;This&#13;                                         new standard introduces the principles that an entity will apply to determine the revenue&#13;                                         measurement and when such revenue shall be recognized.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;IFRS&#13;        15 replaces IAS 11 &amp;#8211; &lt;i&gt;Construction Contracts&lt;/i&gt;, IAS 18 - &lt;i&gt;Revenue&lt;/i&gt; and related interpretations.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;January&#13;        1, 2018&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;IFRS16&#13;    - Leases&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;This&#13;        new standard defines the principles for recognition, measurement, presentation and disclosure of leases and introduces&#13;        a single model for the accounting of leases in the balance sheet for the lessees. A lessee recognizes a right-of-use asset&#13;        that represents his obligation to make lease payments. Optional exemptions are available for short- term leases and low-value&#13;        items. For lessors, accounting treatment remains practically the same, with the classification of leases as operating&#13;        leases or financial leases, and accounting for these two types of lease differently. IFRS 16 replaces existing lease standards,&#13;        including IAS 17 &amp;#8211; L&lt;i&gt;easing Operations&lt;/i&gt; and IFRIC 4, SIC 5 and SIC 27 &amp;#8211; &lt;i&gt;Complementary Aspects of Leasing&#13;        Operations&lt;/i&gt;.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;January&#13;        1, 2019&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;IFRIC&#13;    22 &amp;#8211; Foreign Currency Transaction and Advance Consideration&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;    Interpretation covers foreign currency transactions (or part of them) when an entity recognizes a non-monetary asset or non-monetary&#13;    liability arising from the payment or receipt of advance consideration before the entity recognizes the related asset, expense&#13;    or income (or part of it).&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;January&#13;    1, 2018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;IFRIC&#13;    23 &amp;#8211; Uncertainty over Income Tax Treatments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Can&#13;    be unclear how tax law applies to a particular transaction or circumstance. This interpretation complements the IAS 12 &amp;#8211;&#13;    Income Tax, clarify how to reflect the effects of uncertainty over income tax treatments. &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;January&#13;    1, 2019&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfNewStandardsAndInterpretationsIssuedAndNotYetAdoptedTableTextBlock>
    <SID:SummaryOfCashAndCashEquivalentsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 59%; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cash&#13;    and cash equivalents&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Cash&#13;    and banks&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;193,702&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;502,480&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Short-term&#13;    investments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 16.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;In&#13;    Brazil:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 24pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Government&#13;    securities &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;12,100&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;17,929&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 24pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Private&#13;    securities &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;644,525&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,390,707&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;656,625&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,408,636&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 16.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Abroad:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 24pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Time&#13;    deposits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,561,245&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,960,046&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    short-term investments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,217,870&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4,368,682&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cash&#13;    and cash equivalents&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,411,572&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4,871,162&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfCashAndCashEquivalentsTableTextBlock>
    <SID:SummaryOfTradeReceivablesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Trade&#13;    receivables&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Third&#13;    parties&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 16pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Domestic&#13;    market&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;1,290,823&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,027,639&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 16pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Foreign&#13;    market&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;982,846&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;919,936&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,273,669&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,947,575&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 16pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Allowance&#13;    for doubtful accounts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(191,979)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(172,782)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,081,690&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,774,793&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Related&#13;    parties (Note 18 b)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;115,388&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;129,837&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,197,078&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,904,630&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Other&#13;    receivables&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Dividends&#13;    receivable (Note 18 b) (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;41,528&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;37,679&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Advances&#13;    to employees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;33,942&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;34,607&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other&#13;    receivables&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,667&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;20,300&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;b&gt;79,137&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;92,586&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,276,215&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,997,216&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*)&#13;Refers mainly to dividends from CSN Minera&amp;#231;&amp;#227;o S.A. totaling R$ 837,084 received in February 2018.&lt;/font&gt;&lt;/p&gt;</SID:SummaryOfTradeReceivablesTableTextBlock>
    <SID:SummaryOfGrossTradeReceivablesFromThirdPartiesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;breakdown of gross trade receivables from third parties is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 62%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Current&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;1,391,839&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;1,381,255&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Past-due&#13;    up to 180 days&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;310,106&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;245,012&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Past-due&#13;    over 180 days&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;571,724&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;321,308&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;2,273,669&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;1,947,575&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfGrossTradeReceivablesFromThirdPartiesTableTextBlock>
    <SID:SummaryOfChangesInAllowanceForDoubtfulDebtsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;movements in the Group&amp;#8217;s allowance for doubtful debts are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 63%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Opening&#13;    balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(172,782)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(151,733)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Estimated&#13;    losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(36,697)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(25,474)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Recovery&#13;    of receivables &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;17,500&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,425&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Closing&#13;    balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(191,979)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(172,782)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfChangesInAllowanceForDoubtfulDebtsTableTextBlock>
    <SID:SummaryOfInventoryTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Finished&#13;    goods&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,308,802&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,183,619&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Work&#13;    in progress&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,135,589&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;674,860&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Raw&#13;    materials&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,050,588&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,124,158&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Spare&#13;    parts &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;814,725&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;824,478&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Iron&#13;    ore &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;278,041&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;255,029&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Advances&#13;    to suppliers&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12,514&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,168&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(-)&#13;    Provision for losses &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(135,840)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(101,176)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,464,419&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,964,136&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfInventoryTableTextBlock>
    <SID:SummaryOfChangesInProvisionForInventoryLossesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;movements in the provision for inventory losses are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 63%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Opening&#13;    balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(101,176)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(111,427)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Reversal&#13;    / (losses) for slow-moving and obsolescence &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(34,664)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;10,251&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Closing&#13;    balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(135,840)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(101,176)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfChangesInProvisionForInventoryLossesTableTextBlock>
    <SID:SummaryOfOtherCurrentAndNoncurrentAssetsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;group of other current and non-current assets is comprised as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 43%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 10%; background-color: white; padding-right: 3.5pt; 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   &lt;td nowrap="nowrap" style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,998,239&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Capital&#13;    increase/acquisition of shares &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;20,579&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;190,651&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Dividends&#13;    &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(79,189)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(36,765)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Comprehensive&#13;    income &lt;sup&gt;(2)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;850,640&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;713,442&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Equity&#13;    in results of affiliated companies &lt;sup&gt;(4)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;147,800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;108,031&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Amortization&#13;    of fair value &amp;#8211; investment in MRS&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(11,746)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(11,746)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Amortization&#13;    of fair value &amp;#8211; investment in CGPAR&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,940)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Impairment&#13;    of the Fair Value of Transnordestina &lt;sup&gt;(3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(387,989)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Others&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,460&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,472)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13; 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padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;5,499,995&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4,568,451&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1)&#13;In 2017 refers to the allocation of dividends from subsidiaries Sepetiba Tecon, MRS Logistica, CSN Energia, It&amp;#225; Energ&amp;#233;tica,&#13;CBSI &amp;#8211; Companhia Brasileira de Servi&amp;#231;os de Infraestrutura, CSN Minerals, CSN Steel, CSN Metals, CSN Minera&amp;#231;&amp;#227;o&#13;and CSN Americas.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2)&#13;Refers to the mark-to-market of investments classified as available for sale and translation to the reporting currency of the&#13;foreign investments (the functional currency of which is not the Brazilian Reais), actuarial gain/loss and gain/loss on net investment&#13;hedge from investments measured by equity method.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(3)&#13;Refers to impairment of the fair value of Transnordestina Log&amp;#237;stica S.A, see note 8.d).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(4)&#13;The reconciliation of the equity in results of affiliated companies included on investment balance with the amount disclosed in&#13;the income statement and it is due to the elimination of the results of the CSN&amp;#180;s transactions with these companies&lt;/font&gt;&lt;/p&gt;</SID:SummaryOfChangesOfInvestmentsBalancesInSubsidiariesJointVenturesJointOperationsAssociatesAndOtherInvestmentsTableTextBlock>
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   &lt;td style="vertical-align: bottom; width: 19%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 10%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 8%; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-top: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="5" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Joint-Venture&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Joint-Operation&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="5" style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&lt;i&gt;Joint venture&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: black 1pt solid; border-bottom: black 1pt solid"&gt;&#13;        &lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"&gt;&lt;b&gt;&lt;i&gt;Joint-Operation&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td rowspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Equity interest (%)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;MRS Log&amp;#237;stica&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;CBSI&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;Transnordestina Log&amp;#237;stica &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;It&amp;#225; Energ&amp;#233;tica&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;MRS Log&amp;#237;stica&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;CBSI&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;Transnordestina Log&amp;#237;stica &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;It&amp;#225; Energ&amp;#233;tica&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;34.94%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;50.00%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;46.30%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Current assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DDEBF7"&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 484,978 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 101 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 5,763 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 16,231 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 345,164 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,925 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 1,899 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 17,689 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;Advances to suppliers&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 14,911 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 37 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 22 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 7,452 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 951 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 99 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DDEBF7"&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;Other current assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 685,311 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 28,475 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 49,494 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 16,447 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 406,170 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 19,603 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 54,652 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 16,054 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Total current assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 1,185,200 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 28,613 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 55,257 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 32,700 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 758,786 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 23,479 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 56,551 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 33,842 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DDEBF7"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Non-current assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;Other non-current assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 693,434 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 974 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 238,004 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; &amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;27,459 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 598,577 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 234 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 261,292 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 29,219 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DDEBF7"&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;Investments, PP&amp;#38;E and intangible assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 6,277,550 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,423 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 7,927,881 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 484,406 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160; 6,215,442 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 3,434 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 7,407,189 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 516,186 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Total non-current assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160; &amp;#160;&amp;#160;6,970,984 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 3,397 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 8,165,885 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 511,865 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160; 6,814,019 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 3,668 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 7,668,481 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 545,405 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DDEBF7"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Total Assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 8,156,184 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 32,010 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 8,221,142 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 544,565 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160; 7,572,805 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 27,147 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 7,725,032 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 579,247 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DDEBF7"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Current liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;Borrowings and financing&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 668,947 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 1,411 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 52,691 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 653,491 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 76,441 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DDEBF7"&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;Other current liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 1,272,365 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 25,898 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 113,739 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 33,666 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 740,319 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 23,034 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 134,747 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 53,858 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Total current liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 1,941,312 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 27,309 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 166,430 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 33,666 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160; 1,393,810 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 23,034 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 211,188 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 53,858 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DDEBF7"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Non-current liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;Borrowings and financing&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,084,422 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 5,457,768 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160; 2,176,357 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 5,024,404 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DDEBF7"&gt;&#13;    &lt;td style="text-indent: 8pt"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;Other non-current liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 575,170 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; -&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 434 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 3,471 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 699,830 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; -&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; -&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 3,020 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Total non-current liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,659,592 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; -&amp;#160;&amp;#160; &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 5,458,202 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 3,471 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160; 2,876,187 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; -&amp;#160;&amp;#160; &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 5,024,404 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 3,020 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DDEBF7"&gt;&#13;    &lt;td&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Shareholders&amp;#8217; equity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 3,555,280 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 4,701 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 2,596,510 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 507,428 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160; 3,302,808 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 4,113 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13; 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padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 8,156,184 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 32,010 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 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   &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;CBSI&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Transnordestina Log&amp;#237;stica&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;It&amp;#225; Energ&amp;#233;tica&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;MRS Log&amp;#237;stica&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;CBSI&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Transnordestina Log&amp;#237;stica&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;It&amp;#225; Energ&amp;#233;tica&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13; 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padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 135,399 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 168,194 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160; 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-&amp;#160;&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 91,384 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160; 1,070,634 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 8pt Arial, Helvetica, Sans-Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160; 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    <SID:SummaryOfAssumptionsForInvestmentImpairmentTestTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Measurement&#13;of recoverable value:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 50%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; layout-grid-mode: line"&gt;&lt;font style="font: 10pt/116% Times New Roman, Times, Serif"&gt;&lt;b&gt;Cash&#13;    Flow Projection&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; layout-grid-mode: line"&gt;&lt;font style="font: 10pt/116% Times New Roman, Times, Serif"&gt;&lt;b&gt;Until&#13;    2057&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line"&gt;&lt;font style="font: 10pt/116% Times New Roman, Times, Serif"&gt;Gross&#13;    Margin&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line"&gt;&lt;font style="font: 10pt/116% Times New Roman, Times, Serif"&gt;Based&#13;    on market studies to capture operations costs and loads, according studied of market trends.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line"&gt;&lt;font style="font: 10pt/116% Times New Roman, Times, Serif"&gt;Estimated&#13;    Costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line"&gt;&lt;font style="font: 10pt/116% Times New Roman, Times, Serif"&gt;Costs&#13;    based on studies and market trends.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line"&gt;&lt;font style="font: 10pt/116% Times New Roman, Times, Serif"&gt;Growth&#13;    rate in perpetuity&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line"&gt;&lt;font style="font: 10pt/116% Times New Roman, Times, Serif"&gt;Growth&#13;    rate was not considered due to the projection model until the end of the concession. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line"&gt;&lt;font style="font: 10pt/116% Times New Roman, Times, Serif"&gt;Discount&#13;    rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line"&gt;&lt;font style="font: 10pt/116% Times New Roman, Times, Serif"&gt;Between&#13;    5.1% to 6.25% in real terms.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfAssumptionsForInvestmentImpairmentTestTableTextBlock>
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   &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;Construction&#13;    of cement plants.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2020&lt;/font&gt;&lt;/td&gt;&#13; 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margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2)&#13;Estimated completion date of phase 60 Mtpa;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(3)&#13;Refers substantially to the reforming of batteries for coke ovens and reuse of the carbochemical cooling waters;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(4)&#13;Refers substantially to the acquisition of new Integrated Cement Plants&lt;/font&gt;&lt;/p&gt;</SID:SummaryOfConstructionInProgressTableTextBlock>
    <SID:SummaryOfEstimatedUsefulLivesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;average estimated useful lives are as follows (in years):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 54%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 23%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 21%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Buildings&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;39&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;41&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Machinery,&#13;    equipment and facilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;21&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;18&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Furniture&#13;    and fixtures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;17&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;14&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfEstimatedUsefulLivesTableTextBlock>
    <SID:SummaryOfCapitalizeBorrowingCostsRatesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;rates used to capitalize borrowing costs are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 55%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Rates&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unspecified&#13;    projects&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;8.63%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;10.48%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfCapitalizeBorrowingCostsRatesTableTextBlock>
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   &lt;td nowrap="nowrap" style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Balance&#13;    at December 31, 2015 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    3,604,022 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13; 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   &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (27,440)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; 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   2,995 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    124 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    3,119 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Transfer&#13; 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   &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    16,538 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    16,538 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Writte-of&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (13,091)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (3)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (13,094)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Amortization&#13;    (note 22)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (41,449)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    (26,093)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (776)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (68,318)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Aquisition&#13;    of control - CGPAR&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    47 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; 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   &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    297,660 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    68,253 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    116,196 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    3,184,924 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    440 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;7,258,404&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;Cost&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    3,834,234 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    444,635 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    183,166 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    116,196 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    3,185,700 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    440 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    7,764,371 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;Accumulated&#13;    amortization &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (133,973)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (146,975)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (114,913)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (776)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (396,637)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;Adjustment&#13;    for accumulated recoverable value &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (109,330)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; 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   &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    68,253 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    116,196 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    3,184,924 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    440 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    41,916 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    183 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; 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padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    65 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13; 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   &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    26,183 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    26,183 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Disposals&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (70)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; 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   &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (70)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Amortization&#13; 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   (12,455)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (73,142)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Aquisition&#13;    of control - CGPAR&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (56)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (56)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Balance&#13;    at December 31,2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    3,590,931 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; 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   amortization &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    (133,973)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    (212,193)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    (109,330)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Balance&#13;    at December 31,2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    3,590,931 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    300,875 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    73,185 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    134,137 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    3,172,469 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    449 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;7,272,046&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</SID:SummaryOfIntangibleAssetsTableTextBlock>
    <SID:SummaryOfEstimatedUsefulLivesOfIntangibleAssetsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;estimated average useful lives by nature are as follows (in years):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 45%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 26%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 26%; padding-right: 3.5pt; padding-left: 3.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Software&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;8&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;8&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Customer&#13;    relationships&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;13&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;13&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfEstimatedUsefulLivesOfIntangibleAssetsTableTextBlock>
    <SID:SummaryOfCashGeneratingUnitsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;CGU with intangible assets in this situation are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Goodwill&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Trademarks&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 19%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cash&#13;    generating unity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Segment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,707,127&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 6pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 6pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2)&#13;The goodwill and trademark that are recorded in line item intangible assets at long steel segment, those transactions are derived&#13;from the business combination of &lt;i&gt;Stahlwerk Thuringen&lt;/i&gt; GmbH (&amp;#34;SWT&amp;#34;) and Gallardo Sections CSN. The assets mentioned&#13;are considered to have indefinite useful lives as they are expected to contribute indefinitely to the Company's cash flows.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 6pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 6pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(3)&#13;Refers to the goodwill based on expectations for future profitability, resulting from the acquisition of Namisa by CSN Minera&amp;#231;&amp;#227;o,&#13;an operation that was concluded in December 2015. From 2016, the balance started to be tested annually for impairment analysis.&lt;/font&gt;&lt;/p&gt;</SID:SummaryOfCashGeneratingUnitsTableTextBlock>
    <SID:SummaryOfAssumptionsForIntangibleAssetImpairmentTestTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;main assumptions used in calculations of value in use at December 31, 2017 are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Arial, Helvetica, Sans-Serif"&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td style="font-size: 9pt; font-weight: bold; vertical-align: bottom; border: Black 0.5pt solid; text-align: center; width: 17%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 9pt; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt; width: 29%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;Metal&#13;    Packaging&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 9pt; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt; width: 27%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;Long&#13;    Steel (**)&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-size: 9pt; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt; width: 27%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;Mining&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle; background-color: #DDEBF7"&gt;&#13;    &lt;td style="font-size: 9pt; font-weight: bold; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Measurement&#13;    of recoverable value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Discounted&#13;    Cash Flow&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Discounted&#13;    Cash Flow&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Discounted&#13;    Cash Flow&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle; background-color: white"&gt;&#13;    &lt;td style="font-size: 9pt; font-weight: bold; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cash&#13;    flow projection&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Until&#13;    2028&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Until&#13;    2028&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Until&#13;    2056&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle; background-color: #DDEBF7"&gt;&#13;    &lt;td style="font-size: 9pt; font-weight: bold; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Gross&#13;    Margin&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Gross&#13;    margin updated based on historical data, impacts of business restructuring and market trends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Gross&#13;    margin updated based on historical data and market trends.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Average&#13;    of the gross margin of each Cash generating units based on the history and projections to the next 39 years and long-term&#13;    price and exchange rate curves from industry reports.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: middle; background-color: white"&gt;&#13;    &lt;td style="font-size: 9pt; font-weight: bold; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cost&#13;    Atualization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Cost&#13;    based on historical data of each product and impacts of business restructuring.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Costs&#13;    based on historical data and market trends.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Costs&#13; 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The discount rate was based&#13;    on the weighted average cost of capital (&amp;#34;WACC&amp;#34;) that reflects the specific risk of each segment.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*)&#13;Refer to assets of subsidiary SWT, located in Germany. The discount rate was applied on the discounted cash flow prepared in Euros,&#13;the functional currency of this subsidiary.&lt;/font&gt;&lt;/p&gt;</SID:SummaryOfAssumptionsForIntangibleAssetImpairmentTestTableTextBlock>
    <SID:SummaryOfBorrowingsFinancingAndDebenturesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;balances of borrowings, financing and debentures, which are carried at amortized cost, are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 38%; padding-right: 3.5pt; 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   &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="border-top: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Rates&#13;    p.a.&amp;#160;&amp;#160;(%)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; 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padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Prepayment&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1%&#13;    to 3.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,174&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;110,944&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,607,925&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,290,062&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Perpetual&#13;    bonds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,503&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,259,100&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Fixed&#13;    rate notes &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4.14%&#13;    to 10%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;139,184&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;137,126&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,612,342&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,529,380&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;i&gt;ACC&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Others&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.2%&#13;    to 8%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;251,630&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;259,262&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,566,302&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;787,291&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;13,214,981&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;13,820,151&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;LOCAL&#13;    CURRENCY&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;BNDES/FINAME&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,3%&#13;    + TJLP and fixed rate 2.5% to 6% + 1,5% &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;71,121&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;73,736&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;960,872&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,012,268&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Debentures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;110.8%&#13;    to 113.7% of CDI&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;523,252&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;538,003&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;770,767&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,270,383&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Prepayment&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;109.5%&#13;    to 116.5% of CDI and fixed rate of 8%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,789,737&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;570,778&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,378,333&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,080,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;CCB&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;112.5%&#13;    and 113% of CDI&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,601,352&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;181,143&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,693,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,200,000&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4,985,462&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,363,660&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;9,802,972&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;14,562,651&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    borrowings and financing (Note 12 I)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;6,551,764&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,150,951&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;23,017,953&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;28,382,802&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Transaction&#13;    costs and issue premiums&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(24,862)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(33,503)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(34,011)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(59,232)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    borrowings and financing + transaction costs&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;6,526,902&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,117,448&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;22,983,942&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;28,323,570&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfBorrowingsFinancingAndDebenturesTableTextBlock>
    <SID:SummaryOfMaturitiesOfBorrowingsFinancingAndDebenturesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017, the breakdown of principal plus interest of long-term liabilities as borrowings, financing and debentures&#13;by maturity date is presented as follows:&amp;#9;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 20%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Prepayment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Bonds&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Perpetual&#13;    Bonds&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;CCB&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,308,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,308,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;14%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;7,475,842&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;5,612,342&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,308,000&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4,693,000&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,928,769&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;23,017,953&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;100%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*)&#13;In February 2018, the Company concluded the renegotiation of its debt with Banco do Brasil S.A (&amp;#8220;BB&amp;#8221;), as well as&#13;the issuance of debt instruments and repurchase of US$350 million (&lt;i&gt;Tender Offer&lt;/i&gt;), as described in more detail in note 31&#13;- Events subsequent.&lt;/font&gt;&lt;/p&gt;</SID:SummaryOfMaturitiesOfBorrowingsFinancingAndDebenturesTableTextBlock>
    <SID:SummaryOfNewFundingTransactionsAndAmortizationTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;table below presents the new funding transactions and amortization during the year:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 52%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 20%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 24%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Opening&#13;    balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;30,441,018&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;34,282,515&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Funding&#13;    Transactions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;538,771&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;30,034&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Forfaiting&#13;    funding / Drawee Risk&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;78,240&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Repayment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(1,528,023)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(695,938)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Payments&#13;    - Forfaiting / Drawee Risk&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(407,155)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Payment&#13;    of interest and other charges&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,634,931)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,044,342)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Payment&#13;    of interest and other charges &amp;#8211; Forfaiting / Drawee&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(5,694)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Provision&#13;    of interest and other charges&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,438,555&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,156,120&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Provision&#13;    of charges - &amp;#160;Forfaiting / Drawee Risk&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4,237&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Others&#13;    (1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;255,454&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,956,999)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Closing&#13;    balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;29,510,844&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;30,441,018&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1)&#13;Includes unrealized monetary and foreign exchange variations.&lt;/font&gt;&lt;/p&gt;</SID:SummaryOfNewFundingTransactionsAndAmortizationTableTextBlock>
    <SID:SummaryOfGroupCapturesAndAmortizedLoansTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;2017, the Group captures and amortized loans as shown below:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;&lt;b&gt;Funding&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 41%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 17%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Transaction&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Financial&#13;    institution&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Date&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Maturity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;CDC&#13;    - ERSA &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;BANCO&#13;    MERCEDEZ BENS &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; 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text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;10,334,149&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;10,112,913&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;14,948,054&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;14,737,550&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;25,376&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;26,169&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;58,714&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;55,640&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;15,032,144&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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   for sale&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Fair&#13;    value through profit or loss&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Loans&#13;    and receivables&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    1,869,519 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    Assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    2,222,433 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    2,952 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    6,921,521 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    41,528 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&#13;    9,188,434 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    1,374,268 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    5,264 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    8,031,434 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    37,679 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    9,448,645 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; 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   &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    23,017,953 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;23,017,953&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    28,382,802 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    28,382,802 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    Liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    32,541,183 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;32,541,183&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    121 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    32,781,529 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    32,781,650 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</SID:SummaryOfFinancialInstrumentsTableTextBlock>
    <SID:SummaryOfFinancialInstrumentsAtFairValueThroughProfitOrLossTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;following table shows the financial instruments recognized at fair value through profit or loss using a valuation method:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td colspan="2" rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1pt; 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   &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13; 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   &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13; 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   &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;121&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;121&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td colspan="2" style="padding-right: 3.5pt; padding-left: 1pt; text-indent: -1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; 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    <SID:SummaryOfInvestmentsInFinancialInstrumentsClassifiedAsAvailableForSaleTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;impairment recorded as of December 31, 2015 amounted R$555,298.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td rowspan="2" style="border-top: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Class&#13;    of shares&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td rowspan="2" style="border-top: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Quantity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Variation&#13;    in the carrying amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Common&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; 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   &lt;td nowrap="nowrap" style="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;107,156,651&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;8.26&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;885,114&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 18%; padding-right: 3.5pt; padding-left: 3.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2.57&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;275,392&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Preferred&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;114,280,556&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9.10&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,039,953&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;114,280,556&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4.10&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;468,550&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;571,403&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;221,437,207&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,200,459&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;221,437,207&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,353,664&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;846,795&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfInvestmentsInFinancialInstrumentsClassifiedAsAvailableForSaleTableTextBlock>
    <SID:SummaryOfForeignExchangeExposureTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Foreign&#13;    Exchange Exposure&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(Amounts&#13;    in US$&amp;#8217;000)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(Amounts&#13;    in &amp;#8364;&amp;#8217;000)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cash&#13;    and cash equivalents overseas&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;777,310&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,857&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Trade&#13;    receivables &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;310,642&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,799&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;    assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,283&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,636&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,091,235&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;9,292&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Borrowings&#13;    and financing&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4,332,686)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(73,186)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Trade&#13;    payables&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(97,622)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,941)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;    liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,984)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,368)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(4,434,292)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(78,495)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Foreign&#13;    exchange exposure&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(3,343,057)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(69,203)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cash&#13;    flow hedge accounting&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,317,667&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net&#13;    Investment hedge accounting&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;72,000&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Net&#13; 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font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</SID:SummaryOfForeignExchangeExposureTableTextBlock>
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   &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; 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   &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Appreciation&#13;    (R$)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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    <SID:SummaryOfDollarEuroSwapTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 18pt"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt/116% Times New Roman, Times, Serif"&gt;&lt;b&gt;Classification&#13;                                         of the derivatives in the balance sheet and statement of income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; 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   &lt;td nowrap="nowrap" style="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 17%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td rowspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Instruments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Amortizated&#13;    part (USD'000)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Effect&#13;    on Result (*) (R$'000)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Impact&#13;    on Shareholders' equity (R$'000))&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3/11/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;October&#13;    2016 - September 2019 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2.4442&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;500,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(133,334)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;53,203&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(316,726)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1/12/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;October&#13;    2015 - February 2019&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2.5601&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;175,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(114,999)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;38,937&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(44,880)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12/18/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;May&#13;    2020&amp;#160; &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2.6781&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;100,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(62,990)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;07/21/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;July&#13;    2019 - March 2021 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.1813&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;60,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(7,602)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;07/23/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;July&#13;    2019 - March 2021 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.2850&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;100,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,300)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;07/23/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;October&#13;    2018 - October 2022 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.2850&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;30,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(690)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;07/24/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;October&#13;    2018 - October 2022 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.3254&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;100,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,740&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;07/27/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;October&#13;    2018 - October 2022 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.3557&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;25,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,193&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;07/27/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;October&#13;    2018 - October 2022 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.3557&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;70,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,339&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;07/27/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;October&#13;    2018 - October 2022 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.3557&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;30,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,431&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;07/28/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;October&#13;    2018 - October 2022 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.3815&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;30,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,205&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1/8/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;sup&gt;&amp;#160;(1)&#13;    &lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.3940&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(9,000)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(774)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3/8/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Export&#13;    prepayments in US$ to third parties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Part&#13;    of the highly probable future monthly iron ore exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange - R$ vs. US$ spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;October&#13;    2018 - October 2022 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.3940&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;355,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;30,530&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,566,000&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(248,333)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;92,140&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(395,524)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</SID:SummaryOfHedgingInstrumentsTableTextBlock>
    <SID:SummaryOfChangesInHedgeAccountingTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;movements in the hedge accounting amounts recognized in shareholders&amp;#8217; equity as of December 31, 2017 are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 25%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Movement&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Realization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Movement&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Realization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Cash&#13;    flow hedge accounting &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; background-color: #DBE5F1"&gt;1,520,089&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,005,968)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(77,444)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;436,677&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;50,987&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(92,140)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;395,524&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Fair&#13;    value of cash flow hedge, net of taxes&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,520,089&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(1,005,968)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(77,444)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;436,677&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;50,987&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(92,140)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;395,524&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfChangesInHedgeAccountingTableTextBlock>
    <SID:SummaryOfNonDerivativeFinancialLiabilitiesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Non-derivative&#13;financial liabilities have been designated represented by loan agreements with financial institutions in the amount of &amp;#8364;&#13;120 million. The carrying amounts on December 31, 2017 are:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12/31/2017&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Designation&#13;    Date&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Hedging&#13;    Instrument&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Hedged&#13;    Item&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Type&#13;    of Hedged Risk&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Exchange&#13;    Rate on designation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Designated&#13;    amounts (EUR'000)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Amortized&#13;    part (USD&amp;#8217;000)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Impact&#13;    on shareholders' equity&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;09/01/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Non-derivative&#13;    financial&lt;br /&gt;&#13;    liabilities in EUR &amp;#8211; Debt contract&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Investments&#13;    in subsidiaries which&lt;br /&gt;&#13;    EUR is the functional currency&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Foreign&#13;    exchange -&lt;br /&gt;&#13;    R$ vs. EUR spot rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4.0825&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;120,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(48,000)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(17,911)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;120,000&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(48,000)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(17,911)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfNonDerivativeFinancialLiabilitiesTableTextBlock>
    <SID:SummaryOfChangesInNetInvestmentHedgeTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;changes in the amounts related to net investment hedge as of December 31, 2017 are presented below:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 25%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Movement&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Realization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Movement&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Realization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Net&#13;    investment hedge accounting&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;20,148&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(77,952)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(57,804)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(57,804)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;39,893&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(17,911)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfChangesInNetInvestmentHedgeTableTextBlock>
    <SID:SummaryOfCurrenciesUsedInSensitivityAnalysisTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 20%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 19%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 19%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 19%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 19%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Currency&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Scenario&#13;    1&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Scenario&#13;    2&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;USD&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 26%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 25%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 25%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Interest&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Interest&#13;    rate&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Scenario&#13;    1&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Scenario&#13;    2&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;CDI&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6.89%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8.61%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10.34%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;TJLP&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8.75%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10.50%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;LIBOR&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1.84%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2.30%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2.76%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</SID:SummaryOfCurrenciesUsedInSensitivityAnalysisTableTextBlock>
    <SID:SummaryOfInterestsUsedInSensitivityAnalysisTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;effects on income statement, considering the scenarios 1 and 2 are shown below:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 40%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 11%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 11%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 11%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 12%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Instruments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Notional&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Risk&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Probable&#13;    scenario (*)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Scenario&#13;    1&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Scenario&#13;    2&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Hedge&#13;    accounting of exports&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,317,667&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Dollar&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(92,105)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,089,711&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,179,422&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; 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   &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;5,550&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(including&#13;    exchange derivatives above)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*) The probable sceneries were&#13;calculated considering the following variations to the specified risks: Real x Dollar &amp;#8211; appreciation of Real in 2.11% /&#13;Real x Euro &amp;#8211; appreciation of Real in 1.52%. Source: Quotation from Central Bank of Brazil and Central Bank of Europe on&#13;02/16/2018.&lt;/font&gt;&lt;/p&gt;</SID:SummaryOfInterestsUsedInSensitivityAnalysisTableTextBlock>
    <SID:SummaryOfSensitivityAnalysisEffectsOnIncomeStatementTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company considered the scenarios 1 and 2 as 25% and 50% of evolution for volatility of the interest as of December 31, 2017.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; 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   &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,460,774&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Dividends&#13;    and interest on capital&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;510,692&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;510,692&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfSensitivityAnalysisOfInterestRateSwapsTableTextBlock>
    <SID:SummaryOfSensitivityAnalysisOfChangesInInterestRatesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;estimated fair values for certain consolidated long-term borrowings and financing were calculated at prevailing market rates,&#13;taking into consideration the nature, terms and risks similar to those of the recorded contracts, as below:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 37%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Carrying&#13;    amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Fair&#13;    value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Carrying&#13;    amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Fair&#13;    value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Perpetual&#13;    bonds&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,312,503&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,602,090&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,263,536&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,702,134&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Fixed&#13;    rate notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,751,526&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;6,207,946&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,666,506&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,907,339&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfSensitivityAnalysisOfChangesInInterestRatesTableTextBlock>
    <SID:SummaryOfContractualMaturitiesOfFinancialLiabilitiesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;table below shows the evolution of the capital structure of the Company in the last three years, with financing by equity and&#13;third-party capital.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 66%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Thousands&#13;    of reais&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 17%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 17%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Shareholder's&#13;    equity (equity)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;8,288,229&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,384,521&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Borrowings&#13;    and Financing&amp;#160;&amp;#160;(Third-party capital)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;29,510,844&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;30,441,018&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Gross&#13;    Debit/Shareholder's equity &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3.56&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4.12&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfContractualMaturitiesOfFinancialLiabilitiesTableTextBlock>
    <SID:SummaryOfOtherPayablesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;group of other payables classified in current and non-current liabilities is comprised as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="5" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Non-current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; 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   &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Dividends&#13;    and interest on capital payable (Note 12 I) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;510,692&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Advances&#13;    from customers&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;68,521&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;90,720&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;152,205&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;23,162&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Third&#13;    party materials in our possession&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;231&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;288&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other&#13;    payables&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;123,945&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;105,115&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;41,671&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;39,307&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,059,901&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;131,137&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 47%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 7pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Dividends&#13;                                         payable by the subsidiary CSN Minera&amp;#231;&amp;#227;o.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</SID:SummaryOfOtherPayablesTableTextBlock>
    <SID:SummaryOfIncomeTaxAndSocialContributionIncomeExpenseTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;income tax and social contribution recognized in profit or loss for the year are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 57%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 14%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: #333333"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&#13;        &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Income&#13;    tax and social contribution income (expense)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Current&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(358,981)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(206,178)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(135,671)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13; 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padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(2,903,216)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfIncomeTaxAndSocialContributionIncomeExpenseTableTextBlock>
    <SID:SummaryOfReconciliationOfIncomeTaxAndSocialContributionIncomeExpenseTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;reconciliation of consolidated income tax and social contribution expenses and income and the result from applying the effective&#13;rate to profit before income tax and social contribution are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 54%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; 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   &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;855,551&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Goodwill&#13;    amortization of Metalic &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;31,439&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;31,439&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Tax&#13;    incentives&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;14,358&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;22,673&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Reversal&#13;    of deferred tax in Namisa&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(107,773)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13; 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   &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;172%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfReconciliationOfIncomeTaxAndSocialContributionIncomeExpenseTableTextBlock>
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text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; 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   balance&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Movement&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Closing&#13;    Balance &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Shareholders'&#13;    Equity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Profit&#13;    or loss &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Others&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Shareholders&#13; 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   &lt;td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Deferred&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Income&#13;    tax losses &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; 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font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;    (2,853)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    970,800 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    245,846 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    (79,412)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    1,137,234 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Social&#13;    contribution tax losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    161,769 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    179,887 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;    (1,027)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    190,149 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (8,573)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    (107,976)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (940)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    72,660 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (993,967)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    71,769 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (60,368)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&#13;    5,820 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (976,746)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    26,778 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (50,128)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    (110,344)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    (1,110,440)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    Deferred Assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    78,066 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    70,151 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    63,119 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&#13;    Deferred&amp;#160; Liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    (1,072,033)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (1,046,897)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;    (1,173,559)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    Deferred&amp;#160; &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (993,967)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (976,746)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    (1,110,440)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</SID:SummaryOfDeferredIncomeTaxAndSocialContributionTableTextBlock>
    <SID:SummaryOfDeferredTaxAssetsOnTaxLossesAndTemporaryDifferencesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;deferred tax assets on tax losses and temporary differences refers mainly to the following:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 50%; border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;&lt;b&gt;Nature&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;&lt;b&gt;Description&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;Tax&#13;    losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;In&#13;    recent periods, the Company started to incur in tax losses, mostly because of high financial expenses, as substantially all&#13;    our loans and financings are on this level.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;Exchange&#13;    difference expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Since&#13;                                         2012 the Company opted by the taxation on a cash basis. As the Company have operated&#13;                                         without taxable profit, it would not make sense to use this deductibility year by year&#13;                                         (accrual basis). As a result of the cash basis tax treatment, taxes are only due and&#13;                                         expenses are only deductible at the time of debt settlement.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;Losses&#13;    on Usiminas shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;                                         losses on Usiminas shares are recognized on an accrual basis, but the taxable event will&#13;                                         occur only at the time of divestment, expected to occur in the period projected to compensate&#13;                                         the deferred taxes.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font: 10pt/115% Times New Roman, Times, Serif"&gt;Other&#13;    provisions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various&#13;                                         accounting provisions are recognized on an accrual basis, but their taxation occurs only&#13;                                         at the time of its realization, such as provisions for contingencies, impairment losses,&#13;                                         environmental liabilities, etc.&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfDeferredTaxAssetsOnTaxLossesAndTemporaryDifferencesTableTextBlock>
    <SID:SummaryOfTaxesInInstallmentsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;position of the REFIS debts (refinancing program) and other tax installment payment plans, were recorded in current and non-current&#13;liabilities, as mentioned in note 13, are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="4" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Non-current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Federal&#13;    REFIS Law 11.941/09 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12,552&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;11,956&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;20,083&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;19,779&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Federal&#13;    REFIS Law 12.865/13 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,984&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,572&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;56,381&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;57,905&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; 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   &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,628&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;21,551&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;24,444&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;79,242&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;83,312&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfTaxesInInstallmentsTableTextBlock>
    <SID:SummaryOfAccruedAmountsAndJudicialDepositsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Claims&#13;of different nature are being challenged at the appropriate courts. Details of the accrued amounts and related judicial deposits&#13;are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 52%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Accrued&#13;    liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Judicial&#13;    deposits&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;186,823&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Civil&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;148,212&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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    <SID:SummaryOfChangesInProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;changes in the provision for tax, social security, labor, civil and environmental risks in the year ended December 31, 2017 were&#13;as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   275,233 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    279,511 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Disallowance&#13;    of the tax losses arising on adjustments to the SAPLI&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   749,492 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Assessment&#13;    Notice- Income tax- Capital Gain of CFM vendors located outside&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    203,185 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   290,249 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    348,512 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;    tax (federal, state, and municipal) lawsuits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    3,065,131 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    2,727,258 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Assessment&#13; 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   98,189 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    96,316 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;    civil lawsuits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    203,486 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Tax&#13;    foreclosures&amp;#160; - Fine of Volta Grande&amp;#160; IV (3)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    67,620 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    58,045 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Others&#13;    Enviromental lawsuits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    117,858 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    113,741 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    30,639,075 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    25,845,585 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;1.&amp;#160;&amp;#160;&amp;#160;&amp;#160;In&#13;February 2017, we were notified of the judgment of the Amendment of Judgment filed due the CARF&amp;#8217;s decision on case, in which&#13;the Federal Revenue Service of Brazil challenges the capital gain on the alleged sale of 40% of NAMISA (currently CSN Minera&amp;#231;&amp;#227;o&#13;S.A.). The CARF, in short, agreed with the infringement notice. The Company, however, is taking of the lawfulness of the operation&#13;and, therefore, is evaluating the appropriate legal and procedural measures to reverse the decision. Currently we have been discussing&#13;the subject in several processes and there is a fiscal execution by which a portion of our assets, such as buildings, equipment,&#13;land, vehicles and fixtures and furniture, has been given as a guarantee. This processual scenario does not change our assessment&#13;and, accordingly, we maintain that contingency as possible.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;In 1995, the Municipality of Volta Redonda filed a civil action requesting compliance with the requirements of the Environmental&#13;Compensation Program (PAC) agreed between the municipality and CSN. In May 2008, despite the fact that CSN had demonstrated its&#13;compliance with the TAC / 1995, involving an approximate amount of R$ 16 million, the Municipality of Volta Redonda disagreed&#13;and requested payment of the obligations considered by the Municipality as outstanding. After the initial discussions, the Municipality&#13;of Volta Redonda filed a petition to execute the allegedly unfulfilled items, in the original amount of R$ 172 million, which&#13;was duly contested by the Company. The First Instance Judge appointed a team of experts to determine the outstanding obligations&#13;and the respective value involved. Currently, the process is suspended, at the request of both parties, with a view to negotiations&#13;for a possible agreement.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;On April 8, 2013, INEA imposed on CSN a fine of R$ 35 million in respect of the aspects involving the Volta Grande IV condominium,&#13;determining that the actions already considered and discussed in the civil suit filed in July 2012. In connection with the application&#13;of this fine, an annulment action was distributed, in January 2014, to the 10th Civil Court of the State of Rio de Janeiro, seeking&#13;the annulment of the fine and its effects. In parallel, INEA filed a tax enforcement action in order to enforce the amount of&#13;the fine imposed. The aforementioned Tax Enforcement action was distributed in May 2014 to the 4th Volta Redonda Active Debt Registry&#13;in the State of Rio de Janeiro. Currently, said enforcement action is suspended until the judgment of the annulment action, in&#13;order to avoid conflicting decisions.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</SID:SummaryOfLegalMattersWithPossibleRiskOfLossTableTextBlock>
    <SID:SummaryOfProvisionForEnvironmentalLiabilitiesAndAssetRetirementObligationTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;balance of the provision for environmental liabilities and asset retirement obligation - ARO are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 49%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 22%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 4%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 25%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Environmental&#13;    liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;255,517&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;273,475&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Asset&#13;    retirement obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;81,496&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;73,589&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;337,013&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;347,064&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfProvisionForEnvironmentalLiabilitiesAndAssetRetirementObligationTableTextBlock>
    <SID:SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByTransactionAssetsAndLiabilitiesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 14.2pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;By&#13;                                         transaction &amp;#8211; Assets and Liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="12" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Non-Current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 40%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 9%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 9%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 9%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 9%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 9%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 9%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assets&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Trade&#13;    receivables &lt;sup&gt;(note 5)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;115,388&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;129,837&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;115,388&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;129,837&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Dividends&#13;    receivable &lt;sup&gt;(note 5)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;41,528&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;37,679&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;41,528&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;37,679&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    asset &lt;sup&gt;(note 7)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;111,281&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;119,854&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;111,281&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;119,854&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Short-term&#13;    investments/Investments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;53&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;315,319&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;53&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;315,319&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Loans&#13;    &lt;sup&gt;(note 7)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,441&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;554,694&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;479,960&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;557,135&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;479,960&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other&#13;    receivables &lt;sup&gt;(note 7)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,577&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; 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border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; 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   &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;410&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;410&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; 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   &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1"&gt;&#13;    &lt;td&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;Partifib Projetos Imobili&amp;#225;rios&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;Vicunha Servi&amp;#231;os Ltda.&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;111,547&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;113,031&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;224,578&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;7,462&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;41,937&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;49,399&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1"&gt;&#13;    &lt;td&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Associates&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; background-attachment: scroll"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;Arvedi Metalfer do Brasil S.A.&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; background-attachment: scroll; text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;9,650&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; background-attachment: scroll; text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;29,020&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; background-attachment: scroll; text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;38,670&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; background-attachment: scroll; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; background-attachment: scroll; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; background-attachment: scroll; text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Total at 12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;162,987&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;696,745&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;859,732&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;138,071&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;41,937&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;180,008&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; background-attachment: scroll"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;Total at 12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; background-attachment: scroll; text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;488,603&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; background-attachment: scroll; text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;631,834&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; background-attachment: scroll; text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;1,120,437&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; background-attachment: scroll; text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;61,550&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; background-attachment: scroll; text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;28,004&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; background-attachment: scroll; text-align: right"&gt;&lt;font style="font: 7.5pt Arial, Helvetica, Sans-Serif"&gt;&lt;b&gt;89,554&lt;/b&gt;&lt;/font&gt;&lt;font style="font: 10pt Calibri, Helvetica, Sans-Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</SID:SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByCompanyAssetsAndLiabilitiesTableTextBlock>
    <SID:SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByCompanyStatementOfIncomeTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sales&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Purchases&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Finance&#13;    income and costs, net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sales&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Purchases&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Finance&#13;    income and costs, net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Foreign&#13;    exchange and monetary variation, net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sales&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Purchases&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Finance&#13;    income and costs, net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td colspan="27" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Joint&#13;    ventures and Joint Operation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Nacional&#13;    Min&amp;#233;rios S,A, (2)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;61,684&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(951)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(264,987)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1)&#13;Transnordestina Log&amp;#237;stica S.A: Assets: Refers mainly to contracts in R$: interest equivalent to 102.0% and 115.0% of CDI.&#13;On December 31, 2017, the borrowings carrying amounts totaled to R$507,009 (R$459,762 as of December 31, 2016).&lt;br /&gt;&#13;(2) Banco Fibra S.A: Assets: Refers to financial investments in CDB and Time deposit &amp;#8211; at market rate&lt;br /&gt;&#13;(3) Panatlantica:Receivables from the sale of steel products.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</SID:SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByCompanyStatementOfIncomeTableTextBlock>
    <SID:SummaryOfKeyManagementPersonnelCompensationTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;following is information on the compensation of such personnel and the related balances as of December 31, 2017.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 51%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="5" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Statement&#13;    of Income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Short-term&#13;    benefits for employees and officers&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;39,721&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;47,889&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfKeyManagementPersonnelCompensationTableTextBlock>
    <SID:SummaryOfOwnershipStructureTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017, the Company&amp;#8217;s ownership structure was as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 32%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.6pt; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.6pt; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.6pt; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 11%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 10%; padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.6pt; text-align: center; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Number&#13;    of common shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.6pt; text-align: center; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;%&#13;    of total shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.6pt; text-align: center; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;%&#13;    of voting capital&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.6pt; text-align: center; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Number&#13;    of common shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.6pt; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.6pt; text-align: center; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;%&#13;    of total shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.6pt; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.6pt; text-align: center; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;%&#13;    of voting capital&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Vicunha&#13;    A&amp;#231;os S.A. &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;682,855,454&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;49.21%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;50.32%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;682,855,454&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;49.21%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;50.32%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Rio&#13;    Iaco Participa&amp;#231;&amp;#245;es S.A. (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;58,193,503&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4.19%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4.29%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;58,193,503&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4.19%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4.29%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;CFL&#13;    Participa&amp;#231;&amp;#245;es S.A. (*)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,977,536&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.29%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.29%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,977,536&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.29%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.29%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Vicunha&#13;    Textil S.A. (*)&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,927,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; 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padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2.19%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.6pt; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    shares&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;1,387,524,047&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;100.00%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;1,387,524,047&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;100.00%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*)&#13;Controlling group companies.&lt;/font&gt;&lt;/p&gt;</SID:SummaryOfOwnershipStructureTableTextBlock>
    <SID:SummaryOfShareBuybackProgramsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Program&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Board&amp;#8217;s&#13;    Authorization&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Authorized&#13;    quantity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Program&#13;    period&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Average&#13;    buyback price&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Minimum&#13;    and maximum buyback price&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Number&#13;    bought back&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Share&#13;    cancelation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Balance&#13;    in treasury&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 6%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1&amp;#186;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3/13/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    70,205,661 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 20%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;From&#13;    3/14/2014 to 4/14/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    9.34 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    9.22 and R$ 9.45&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    2,350,000 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    2,350,000 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2&amp;#186;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4/15/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    67,855,661 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;From&#13;    4/16/2014 to 5/23/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    8.97 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    8.70 and R$ 9.48&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    9,529,500 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    11,879,500 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3&amp;#186;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5/23/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    58,326,161 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;From&#13;    5/26/2014 to 6/25/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    9.21 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    8.61 e R$ 9.72&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    31,544,500 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    43,424,000 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4&amp;#186;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6/26/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    26,781,661 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;From&#13;    6/26/2014 to 7/17/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    10.42 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    9.33 and R$ 11.54&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    26,781,661 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    70,205,661 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7/18/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Not&#13;    applicable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Not&#13;    applicable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    60,000,000 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    10,205,661 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5&amp;#186;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7/18/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    64,205,661 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;From&#13;    7/18/2014 to 8/18/2014 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    11.40 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    11.40 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    240,400 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    10,446,061 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8/19/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Not&#13;    applicable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Not&#13;    applicable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    10,446,061 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6&amp;#186;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8/19/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    63,161,055 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;From&#13;    8/19/2014 to 9/25/2014 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    9.82 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    9.47 and R$ 10.07&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    6,791,300 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    6,791,300 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7&amp;#186;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9/29/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    56,369,755 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;From&#13;    9/29/2014 to 2/29/2014 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    7.49 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    4.48 and R$ 9.16&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    21,758,600 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    28,549,900 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8&amp;#186;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12/30/2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    34,611,155 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;From&#13;    12/31/2014 to 3/31/2015 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    5.10 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;R$&#13;    4.90 and R$ 5.39&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    1,841,100 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    30,391,000 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9&amp;#186;&#13;    (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;03/31/2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&#13;    32,770,055 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;From&#13;    4/01/2015 to 6/30/2015 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(*)&#13;There were no share buyback in this program.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1)&amp;#160;&amp;#160;&amp;#160;&#13;In 2014 the Board of Directors approved the cancelation of 70,446,061 treasury shares without change in the Company&amp;#8217;s share&#13;capital.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</SID:SummaryOfShareBuybackProgramsTableTextBlock>
    <SID:SummaryOfPositionOfTreasurySharesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017, the position of the treasury shares was as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" rowspan="3" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Quantity&#13;                                         purchased&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(in&#13;        units)&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Amount&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="5" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Share&#13;    price&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Share&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;paid&#13;    for&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;market&#13;    price&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;the&#13;    shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Minimum&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Maximum&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Average&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;as&#13;    of 12/31/2017 (*)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 29%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;30,391,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;R$&#13;    238,976 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;R$&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;4.48&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;R$&#13;    10.07 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;R$&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7.86&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;R$&#13;    253,765&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*)&#13;Using the last share average quotation on B3 S.A. -&amp;#160;Brasil, Bolsa, Balc&amp;#227;o (former BM&amp;#38;FBovespa)&amp;#160;as of December&#13;31, 2017 of R$8.35 per share.&lt;/font&gt;&lt;/p&gt;</SID:SummaryOfPositionOfTreasurySharesTableTextBlock>
    <SID:SummaryOfDeliberateAndPaidDividendsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #222222"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;following table shows the history of deliberate and paid dividends:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 33%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 20%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 20%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Approval&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Payment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Approval&#13;    Year&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Dividends&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Payment&#13;    Year&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Dividends&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;700,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;424,939&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;-&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;274,917&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;275,000&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;274,918&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2016&#13;    (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;53&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2017&#13;    (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2017&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    approved&amp;#160;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;975,000&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    paid&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;974,827&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;(*) There is no dividend&#13;deliberation on the year of 2016 and 2017.&lt;/font&gt;&lt;/p&gt;</SID:SummaryOfDeliberateAndPaidDividendsTableTextBlock>
    <SID:SummaryOfNetSalesAndServicesRevenueTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Net&#13;sales and services revenue is comprised as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 40%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; border-top: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; border-top: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Gross&#13;    revenue&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Domestic&#13;    market&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;11,487,011&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;10,206,195&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;10,212,748&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Foreign&#13;    market&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;9,980,572&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9,571,630&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;7,725,818&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;21,467,583&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;19,777,825&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;17,938,566&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13; 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padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Sales&#13;    returns and discounts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(262,989)&lt;/font&gt;&lt;/td&gt;&#13; 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padding-left: 3.5pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Taxes&#13;    on sales&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,679,993)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2,438,461)&lt;/font&gt;&lt;/td&gt;&#13; 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border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Other&#13;    operating income&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Indemnities/gains&#13;    on lawsuits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,106&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;26,871&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5,189&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Rentals&#13;    and leases&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,841&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,483&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,150&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Reversal&#13;    of provisions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5,020&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Dividends&#13;    received&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,248&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;567&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5,794&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Extemporaneous&#13;    PIS/COFINS credits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;203,504&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;234,287&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Contractual&#13;    fines&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,970&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,501&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,200&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gain&#13;    on business combination &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;66,496&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,297,499&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    pension plan&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;36,952&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;48,790&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;8,702&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Gain&#13;    on sales of assets held for sale&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;252,023&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;    revenues&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;18,018&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;61,274&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;50,506&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;824,286&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;663,509&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,610,347&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Other&#13;    operating expenses&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Taxes&#13;    and fees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(136,348)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(88,249)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(13,999)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Write-off&#13;    / (Provision) of judicial deposits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(38,258)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(64,886)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(24,145)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Expenses&#13;    with environmental liabilities, net &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(7,156)&lt;/font&gt;&lt;/td&gt;&#13; 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   fines&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(16,624)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; 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   &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(88,339)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(6,466)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Losses&#13;    /reversals estimated in inventories &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(12,903)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(17,236)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,154&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Losses&#13;    on spare parts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,872)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(12,080)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(55,790)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Studies&#13;    and project engineering expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(32,956)&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Research&#13;    and development expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,944)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,269)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,363)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Advisory&#13;    expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(3,419)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(20,865)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(15,888)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Healthcare&#13;    plan expenses (Note 28 f) &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(97,837)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(80,489)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(56,838)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Impairment&#13;    of available-for-sale financial assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(555,298)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;REFIS&#13;    effect - Law 11,941/09 and Law 12,865/13&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4,801)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Provisions/(Provision)&#13;    for industrial restructuring&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5,807&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;96,390&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; 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   &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(77,444)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(11,439)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Impairment&#13;    of fair value of Transnordestina &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(387,989)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&#13;    expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(56,477)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(85,256)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; 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border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(646,944)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(1,076,730)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(1,341,191)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7.05pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Other&#13;    operating income (expenses), net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; 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font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,269,156&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 63%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(*)&#13;This is a net amount, certain and due, arising from the final judicial decision favorable to the Company, which is irreversible&#13;and irrevocable, in order to apply the STJ's consolidated position on the subject, which culminated in sentencing the Eletrobr&amp;#225;s&#13;to the payment of the correct interest and monetary correction of the Compulsory Loan. The final judicial decision, as well as&#13;the certainty about the amounts involved in the settlement of the judgment (judicial procedure to request the satisfaction of&#13;the right), allowed the conclusion that the right to receive this value is certain. Thus, in line with our legal and accounting&#13;advisors, we recognize the credits in noncurrent assets against the result of Other Operating Revenues.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</SID:SummaryOfOtherOperatingIncomeExpensesTableTextBlock>
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   &lt;td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13; 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   &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 6pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Related&#13;    parties (Note 18 b)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;61,549&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;60,964&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;65,084&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13; 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    <SID:SummaryOfConsolidatedSegmentResultsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;As&#13;from 2013, the Company no longer proportionately consolidates the joint ventures MRS and CBSI. For segment information preparation&#13;and presentation purposes, Management decided to maintain the proportionate consolidation of the joint ventures, as historically&#13;presented. For consolidated profit reconciliation purposes, the amounts of these companies were eliminated in the column &amp;#8220;Corporate&#13;expenses/elimination&amp;#8221;.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 28%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;P&amp;#38;L&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Steel&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Mining&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Logistics&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Energy&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cement&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Corporate&#13;    expenses/elimination&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Port&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Railroads&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;#N/D&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Metric&#13;    tons (Thou)- (unaudited (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    4,921,719 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    32,576,843 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    3,313,061 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;    (5,359,571)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Net&#13;    revenues&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Domestic&#13;    market&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    7,818,552 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    829,268 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    238,240 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    1,416,612 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    407,671 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    487,129 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;    (2,491,006)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    8,706,466 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    market&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    5,140,471 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    3,791,703 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    885,961 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    9,818,135 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    Net Revenue (note 21)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    12,959,023 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    4,620,971 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    238,240 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    1,416,612 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    407,671 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    487,129 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    (1,605,045)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    18,524,601 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cost&#13;    of sales and services&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (10,537,547)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (3,005,840)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (156,997)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (1,024,696)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (285,085)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (512,762)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    1,926,786 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;    (13,596,141)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Gross&#13;    profit&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    2,421,476 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    1,615,131 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    81,243 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    391,916 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    122,586 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (25,633)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    321,741 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   591,566 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    112,753 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13; 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   542,028 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    207,722 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    1,319,907 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    269,095 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    490,608 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;    (2,079,534)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    7,729,913 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    market&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    4,535,821 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    4,039,875 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    843,340 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    9,419,036 &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    Net Revenue (note 21)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    11,515,908 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    4,581,903 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    207,722 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    1,319,907 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    269,095 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    490,608 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&#13;    (1,236,194)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    17,148,949 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cost&#13;    of sales and services&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (9,393,237)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (3,099,236)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (141,542)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (914,361)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (195,994)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    (467,373)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&#13;    1,571,701 &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&#13;    (12,640,042)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Gross&#13;    profit&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13; 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   66,180 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    405,546 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&#13;    73,101 &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="vertical-align: top; width: 8%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Mining&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 8%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Logistics&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; 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   &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Domestic&#13;    market&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,757,186&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;175,223&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;212,729&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,156,933&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;244,549&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;431,820&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,295,907)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,682,533&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Foreign&#13;    market&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,445,813&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,012,027&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;121,324&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,579,164&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    Net Revenue (note 23)&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;11,202,999&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,187,250&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;212,729&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,156,933&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;244,549&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;431,820&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(1,174,583)&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;15,261,697&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cost&#13;    of sales and services&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(9,126,889)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,323,687)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(141,809)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(788,046)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(195,644)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(330,263)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,166,237&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(11,740,101)&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Gross&#13;    profit&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,076,110&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;863,563&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;70,920&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;368,887&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;48,905&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;101,557&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(8,346)&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,521,596&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;General&#13;    and administrative expenses&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(955,247)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(69,602)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(20,473)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(89,678)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(23,186)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(72,894)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(669,441)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(1,900,521)&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Depreciation&#13;    (note 11 a)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;670,496&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;377,344&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12,777&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;189,361&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;17,073&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;46,505&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(182,687)&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,130,869&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Proportionate&#13;    EBITDA of joint ventures&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;499,475&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;499,475&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Adjusted&#13;    EBITDA&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,791,359&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,171,305&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;63,224&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;468,570&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;42,792&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;75,168&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(360,999)&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,251,419&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 29%; text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sales&#13;    by geographic area&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 8%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Asia&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;16,980&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2,836,505&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;11,202,999&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,187,250&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;212,729&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,156,933&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;244,549&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;431,820&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(1,174,583)&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;b&gt;15,261,697&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(*)&#13;The ore sales volumes presented in this note take into consideration Company sales and the interest in its subsidiaries and joint&#13;ventures .&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</SID:SummaryOfConsolidatedSegmentResultsTableTextBlock>
    <SID:SummaryOfSegmentEbitdaAndAdjustedEbitdaTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;As&#13;required by IFRS 8, the table below shows the reconciliation of the measurement used by the chief operating decision maker with&#13;the results determined using the accounting practices:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Net&#13;    income (loss) for the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;111,229&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(853,058)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,215,964)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Result&#13;    from Discontinued Operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9,561&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,911)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Depreciation/Amortization/Depletion&#13;    (Note 22)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,408,765&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,278,816&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,130,869&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income&#13;    tax and social contribution (Note 14)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;409,109&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;266,546&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,903,216&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Financial&#13;    income (cost) (Note 24)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,463,627&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,522,427&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,365,162&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;EBITDA&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4,392,730&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,224,292&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;6,181,372&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other&#13;    operating (income) expenses (Note 23)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(177,342)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;413,221&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2,269,156)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Equity&#13;    in results of affiliated companies&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(109,111)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(64,918)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,160,272)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Proportionate&#13;    EBITDA of joint ventures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;538,170&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;502,345&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;499,475&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Adjusted&#13;    EBITDA (*)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4,644,447&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;4,074,940&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,251,419&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*)&#13;The Company discloses its adjusted EBITDA net of its share of investments and other operating income (expenses) because it understands&#13;that these should not be included in the calculation of recurring operating cash generation.&lt;/font&gt;&lt;/p&gt;</SID:SummaryOfSegmentEbitdaAndAdjustedEbitdaTableTextBlock>
    <SID:SummaryOfActuarialEmployeeBenefitAssetsAndLiabilitiesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;actuarial calculations are updated at the end of each annual reporting period by outside actuaries and presented in the financial&#13;statements pursuant to IAS 19 Employee Benefits.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 42%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Actuarial&#13;    asset&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Actuarial&#13;    liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Pension&#13;    plan benefits (Note 9 and 15)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(111,281)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;28,004&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Post-employment&#13;    healthcare benefits&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;866,784&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(119,854)&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;908,721&#13; 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    <SID:SummaryOfReconciliationOfEmployeeBenefitsAssetsAndLiabilitiesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;reconciliation of employee benefits&amp;#8217; assets and liabilities is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 69%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Present&#13;    value of defined benefit obligation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,077,849&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,872,442&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Fair&#13;    value of plan assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(3,305,356)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(3,193,493)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Deficit&#13;    (Surplus)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(227,507)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(321,051)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Restriction&#13;    to actuarial assets due to recovery limitation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;158,163&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;229,201&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Liabilities&#13;    (Assets), net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(69,344)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(91,850)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;41,937&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;28,004&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(111,281)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(119,854)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(Assets)&#13;    liabilities recognized in the balance sheet&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(69,344)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(91,850)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfReconciliationOfEmployeeBenefitsAssetsAndLiabilitiesTableTextBlock>
    <SID:SummaryOfChangesInPresentValueOfDefinedBenefitObligationTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;movement in the present value of the defined benefit obligation during 2017 is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 62%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 23%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Present&#13;    value of obligations at the beginning of the year&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,872,442&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,430,381&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Cost&#13;    of service&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,285&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,244&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Interest&#13;    cost&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;322,359&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;311,361&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Benefits&#13;    paid&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(284,777)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(264,287)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    loss/(gain)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;166,540&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;393,743&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Present&#13;    value of obligations at the end of the year&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,077,849&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,872,442&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfChangesInPresentValueOfDefinedBenefitObligationTableTextBlock>
    <SID:SummaryOfChangesInFairValueOfPlanAssetsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;movement in the fair value of the plan assets during 2017 is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 70%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Fair&#13;    value of plan assets at the beginning of the year&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,193,493)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(2,684,736)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Interest&#13;    income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(360,013)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(345,521)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Benefits&#13;    paid&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;284,777&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;264,287&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Expected&#13;    return on plan assets (less interest income)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(36,627)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(427,523)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Fair&#13;    value of plan assets at the end of the year&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,305,356)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,193,493)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfChangesInFairValueOfPlanAssetsTableTextBlock>
    <SID:SummaryOfEmployeeBenefitsRecognizedInIncomeStatementTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;amounts recognized in the income statement for the year ended December 31, 2017 and 2016 are comprised as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 55%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; width: 4%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Cost&#13;    of current service&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,285&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,807&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Interest&#13;    cost&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;322,359&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;311,361&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;293,533&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Expected&#13;    return on plan assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(360,013)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(345,521)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(322,460)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Interest&#13;    on the asset ceiling effect&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;26,843&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;22,189&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;18,422&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(9,526)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(10,727)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(8,698)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Total&#13;    unrecognized costs (income) (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;6&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Total&#13;    (income) recognized in the income statement&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(9,532)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(10,734)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(8,702)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    (income), net (*)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(9,526)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(10,727)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(8,698)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*)&#13;Effect of the limit of IAS 19 &lt;i&gt;Employee Benefits.&lt;/i&gt;&lt;/font&gt;&lt;/p&gt;</SID:SummaryOfEmployeeBenefitsRecognizedInIncomeStatementTableTextBlock>
    <SID:SummaryOfChangesInActuarialGainsAndLossesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;movement in the actuarial gains and losses in 2017 is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 56%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 10%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: #DCE6F1; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    losses and (gains)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;166,540&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;393,743&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(137,859)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Return&#13;    on plan assets (less interest income)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(36,627)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(427,523)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;147,728&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Change&#13;    in the asset&amp;#8217;s limit (excluding the interest revenue)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(97,882)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;41,796&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(4,208)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,031&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;8,016&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;5,661&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    losses and (gains) recognized in other comprehensive income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,037&#13; 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   &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;8,016&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;5,661&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*)&#13;Actuarial (gain)/loss results from the fluctuation in the investments comprised in the CBS&amp;#8217;s asset portfolio.&lt;/font&gt;&lt;/p&gt;</SID:SummaryOfChangesInActuarialGainsAndLossesTableTextBlock>
    <SID:SummaryOfBreakdownOfActuarialGainsOrLossesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Breakdown&#13;of actuarial gains or losses, required by IAS 19:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 74%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 26%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Loss&#13;    due to change in demographic assumptions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(3,488)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Loss&#13;    due to change in financial assumptions &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;264,638&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Loss&#13;    due to experience adjustments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(94,610)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Return&#13;    on plan assets (less interest income)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(36,627)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DBE5F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Change&#13;    in the asset&amp;#8217;s limit (excluding the interest revenue)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(97,882)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    losses and (gains)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;32,031&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfBreakdownOfActuarialGainsOrLossesTableTextBlock>
    <SID:SummaryOfActuarialAssumptionsUsedTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;main actuarial assumptions used were as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 38%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 34%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    financing method&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Projected&#13;    unit credit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Projected&#13;    unit credit&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Functional&#13;    currency&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Real&#13;    (R$)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Real&#13;    (R$)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Recognition&#13;    of plan assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Fair&#13;    value&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Fair&#13;    value&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Nominal&#13;    discount rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Mil&amp;#234;nnium&#13;    Plan : 10.42% Plan 35%: 10.30% and Supplementation: 10.32%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Milenium&#13;                                         Plan: 11.68%,&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Plan&#13;        35% and Suplementation: 11.72%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Inflation&#13;    rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5.50%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Nominal&#13;    salary increase rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;6.05%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;6.56%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Nominal&#13;    benefit increase rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5.50%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Rate&#13;    of return on investments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Mil&amp;#234;nnium&#13;    Plan: 10.42% Plan 35% :10.30% and Supplementation: 10.32%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Milenium&#13;                                         Plan: 11.68%,&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Plan&#13;        35% and Suplementation: 11.72%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;General&#13;    mortality table&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;35%&#13;    and Average Salary Supplementation&amp;#160;&amp;#160;Plans :&amp;#160;&amp;#160;AT 2000 segregated by gender (10% smoothed)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Milenium&#13;    Plan, 35% and Average Salary Supplementation Plans: AT 2000 segregated by gender (10% smoothed)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Disability&#13;    table&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Plan&#13;    35% and Supplementation: Light M&amp;#233;dia Mill&amp;#234;nnium Plan: Prudential ( retirement)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Light&#13;    Median&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Disability&#13;    mortality table&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Winklevoss&#13;    - 1%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Winklevoss&#13;    - 1%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Turnover&#13;    table&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Millennium&#13;    plan 5% p.a., nil for DB plans&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Millennium&#13;    plan 5% p.a., nil for DB plans&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Retirement&#13;    age&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;100%&#13;    on the first date he/she becomes eligible for programmed retirement benefit under the plan&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;100%&#13;    on the first date he/she becomes eligible for programmed retirement benefit under the plan&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Household&#13;    of active participants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;95%&#13;    will be married at the time of retirement, with the wife being 4 years younger than the husband&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;95%&#13;    will be married at the time of retirement, with the wife being 4 years younger than the husband&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfActuarialAssumptionsUsedTableTextBlock>
    <SID:SummaryOfAverageLifeExpectancyTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;These&#13;tables represent an average life expectancy in years of employees who retire at the age of 65, as shown below:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 34%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 16%; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;BD&#13;    Plan (*)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Mil&amp;#234;nio&#13;    Plan (*)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 10%; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;BD&#13;    Plan (*)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Mil&amp;#234;nio&#13;    Plan (*)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Longevity&#13;    at age of 65 for current participants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Male&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;20.45&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;19.55&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;20.45&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;19.55&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Female&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;23.02&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;22.17&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;23.02&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;22.17&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Longevity&#13;    at age of 65 for current participants who are 40&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Male&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;42.69&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;41.59&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;42.69&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;41.59&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Female&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;46.29&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;45.30&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;46.29&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;45.30&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*)&#13;The BD Plan is part of the 35% and Average Salary Supplementation Plan and the Mil&amp;#234;nio Plan is part of the Mixed Supplementary&#13;Benefit Plan.&lt;/font&gt;&lt;/p&gt;</SID:SummaryOfAverageLifeExpectancyTableTextBlock>
    <SID:SummaryOfAllocationOfPlanAssetsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Allocation&#13;of plan assets:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 34%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Variable&#13;    income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;50,966&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.54%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;62,904&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.97%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Fixed&#13;    income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,085,783&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;93.36%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,966,272&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;92.88%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Real&#13;    estate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;44,083&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.33%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;42,383&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.33%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Others&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;124,524&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3.77%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;121,934&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3.82%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,305,356&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;100.00%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,193,493&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;100.00%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfAllocationOfPlanAssetsTableTextBlock>
    <SID:SummaryOfQuantitativeSensitivityAnalysisRegardingSignificantAssumptionsForPensionPlansTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;quantitative sensitivity analysis regarding the significant assumptions for the pension plans as of December 31, 2017 is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&#13;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Plan&#13;    covering 35% of the average salary&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Average&#13;    salary supplementation plan&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Mixed&#13;    supplementary benefit plan (Mil&amp;#234;nio Plan) &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assumption:&#13;    Discount rate&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sensitivity&#13;    level&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on current service cost and on interest on actuarial obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;246&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(320)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;879&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(919)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(656)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;491&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on present value of obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(15,691)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;15,342&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(75,107)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;82,773&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(46,256)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;49,545&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assumption:&#13;    Salary growth&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sensitivity&#13;    level&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on current service cost and on interest on actuarial obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;330&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(283)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on present value of obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,588&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2,221)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assumption:&#13;    Mortality table&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sensitivity&#13;    level&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on current service cost and on interest on actuarial obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,799&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,646)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;8,896&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(8,120)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,555&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(4,993)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on present value of obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;17,563&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(16,073)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;86,537&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(79,006)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;53,031&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(47,660)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assumption:&#13;    Benefit adjustment&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sensitivity&#13;    level&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.0%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-1.0%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.0%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-1.0%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.0%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-1.0%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on current service cost and on interest on actuarial obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,045)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,041&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(4,623)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,564&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(894)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;904&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on present value of obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(10,158)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;10,116&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(44,773)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;44,205&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(9,417)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9,425&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfQuantitativeSensitivityAnalysisRegardingSignificantAssumptionsForPensionPlansTableTextBlock>
    <SID:SummaryOfForecastBenefitPaymentsOfDefinedBenefitPlansTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;forecast benefit payments of the defined benefit plans for future years are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Forecast&#13;    benefit payments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 24%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;276,660&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;285,841&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    3&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;294,923&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    4&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;303,858&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    5&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;312,591&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Next&#13;    5 years&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;1,682,216&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    forecast payments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;3,156,089&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfForecastBenefitPaymentsOfDefinedBenefitPlansTableTextBlock>
    <SID:SummaryOfPostEmploymentHealthCarePlanAmountsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;amounts recognized in the balance sheet were determined as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 67%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Present&#13;    value of obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;866,784&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;691,262&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Liabilities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;866,784&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;691,262&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfPostEmploymentHealthCarePlanAmountsTableTextBlock>
    <SID:SummaryOfReconciliationOfHealthcareLiabilitiesTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;reconciliation of the healthcare liabilities is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 67%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    liability at the beginning of the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;691,262&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;489,074&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Expenses&#13;    recognized in income for the year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;77,269&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;62,342&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Sponsor's&#13;    contributions transferred in prior year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(72,192)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(70,411)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Recognition&#13;    of loss/(gain) for the year &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;170,445&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;210,257&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Actuarial&#13;    liability at the end of the year &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;866,784&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;691,262&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfReconciliationOfHealthcareLiabilitiesTableTextBlock>
    <SID:SummaryOfActuarialGainsAndLossesRecognizedInShareholdersEquityTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;actuarial gains and losses recognized in shareholders' equity are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 59%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;Actuarial&#13;    gain (loss) on obligation&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;170,445&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;210,257&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(97,501)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;Gain&#13;    (loss) recognized in shareholders' equity&amp;#160;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;170,445&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;210,257&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(97,501)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfActuarialGainsAndLossesRecognizedInShareholdersEquityTableTextBlock>
    <SID:SummaryOfWeightedAverageLifeExpectancyTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;weighted average life expectancy based on the mortality table used to determined actuarial obligations is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 72%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Longevity&#13;    at age of 65 for current participants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Male&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;19.55&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;19.55&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Female&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;22.17&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;22.17&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Longevity&#13;    at age of 65 for current participants who are 40&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Male&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;41.59&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;41.59&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Female&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;45.30&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;45.30&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfWeightedAverageLifeExpectancyTableTextBlock>
    <SID:SummaryOfActuarialAssumptionsUsedForCalculatingPostEmploymentHealthcareBenefitsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;actuarial assumptions used for calculating postemployment healthcare benefits were:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; width: 51%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 24%; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 24%; border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Biometrics&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;General&#13;    mortality table&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;AT&#13;    2000 segregated by gender&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: -2.8pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;AT&#13;    2000 segregated by gender&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Disability&#13;    moratality table&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Winklevoss&#13;    with death probabilities reduced by 1% in all ages&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Winklevoss&#13;    with death probabilities reduced by 1% in all ages&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Financial&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    nominal discount rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;10.34%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;11.73%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Inflation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5.50%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Nominal&#13;    increase in medical cost based on age&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&#13;    - 3.00%real a.a&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&#13;    - 3.00%real a.a&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Nominal&#13;    medical costs growth rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;8.41%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;8.93%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Average&#13;    medical cost&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,001.69&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;698,57&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfActuarialAssumptionsUsedForCalculatingPostEmploymentHealthcareBenefitsTableTextBlock>
    <SID:SummaryOfQuantitativeSensitivityAnalysisRegardingSignificantAssumptionsForPostEmploymentHealthcarePlansTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;quantitative sensitivity analysis regarding the significant assumptions for the postemployment healthcare plans as of December&#13;31, 2017 is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 48%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 25%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 25%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Healthcare&#13;    Plan&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assumption:&#13;    Discount rate&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sensitivity&#13;    level&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.5%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-0.5%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Effect&#13;    on current service cost and on interest on actuarial obligations&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;248&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;660&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 16pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on present value of obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(33,996)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;36,985&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assumption:&#13;    Medical Inflation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sensitivity&#13;    level&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.0%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;-1.0%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 16pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on current service cost and on interest on actuarial obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;8,150&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(6,698)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Effect&#13;    on present value of obligations&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;78,813&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(67,670)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Assumption:&#13;    Mortality table&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Sensitivity&#13;    level&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1.0%&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;2,040&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 16pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Effect&#13;    on present value of obligations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;(19,906)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;19,728&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfQuantitativeSensitivityAnalysisRegardingSignificantAssumptionsForPostEmploymentHealthcarePlansTableTextBlock>
    <SID:SummaryOfForecastBenefitPaymentsOfPostEmploymentHealthcarePlansTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;forecast benefit payments of the postemployment healthcare plans for future years are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Forecast&#13;    benefit payments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 33%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;75,009&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;78,161&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    3&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;81,121&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    4&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;83,850&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year&#13;    5&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;86,296&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Next&#13;    5 years&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;456,301&#13;    &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="width: 38%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    forecast payments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 26%; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;860,738&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfForecastBenefitPaymentsOfPostEmploymentHealthcarePlansTableTextBlock>
    <SID:SummaryOfTakeOrPayContractsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;As&#13;of December 31, 2017 and 2016, the Company was a party to take-or-pay contracts as shown in the following table:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Payments&#13;    in the period (in&lt;/b&gt;&lt;br /&gt;&#13;    &lt;b&gt;millions of R$)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Type&#13;    of service&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;After&#13;    2021&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Transportation&#13;    of iron ore, coal, coke, steel products, cement&lt;br /&gt;&#13;    and mining products.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;873,186&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;957,373&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;854,609&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;732,391&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,602,687&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; 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border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;925,124&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;896,780&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;774,562&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,610,202&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;7,354,710&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfTakeOrPayContractsTableTextBlock>
    <SID:SummaryOfMinimumFuturePaymentsRelatedToGovernmentConcessionsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Minimum&#13;future payments related to government concessions as of December 31, 2017 fall due according to the schedule set out in the following&#13;table:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Concession&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; width: 30%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Type&#13;    of service&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2021&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;After&#13;    2021&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;FTL&#13;    (Ferrovia Transnordestina Log&amp;#237;stica)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;30-year&#13;    concession granted on December 31, 1997, renewable for another 30 years, to develop public service and operating the railway&#13;    system in northeastern Brazil. The northeastern railway system covers 4238 kilometers of railway network and operates in Maranh&amp;#227;o,&#13;    Piau&amp;#237;, Cear&amp;#225;, Para&amp;#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9,069&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9,069&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9,069&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9,069&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;54,414&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;90,690&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Tecar&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Concession&#13;    to operate the TECAR, a solid bulk terminal, one of the four terminals that make up the Port of Itaguai, located in Rio de&#13;    Janeiro. The concession was renewable and the agreement expires in 2047.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;107,296&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;107,296&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;107,296&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;107,296&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,789,696&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,218,880&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Tecon&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;25-year&#13;    concession started in July 2001. On May 10, 2017,, was approved the Decree n&amp;#186; 9,048, which changes de concession extension&#13;    period for port operations. It was established that the requested extension period, added to the initial period, cannot exceed&#13;    70 years.&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;30,958&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;30,958&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; 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text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;147,323&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;147,323&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2,983,419&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"&gt;&lt;p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;3,572,711&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;        &lt;p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfMinimumFuturePaymentsRelatedToGovernmentConcessionsTableTextBlock>
    <SID:SummaryOfAdditionalInformationRelatedToStatementOfCashFlowsTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;following table provides additional information on transactions related to the statement of cash flows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 52%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; width: 2%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income&#13;    tax and social contribution paid &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;268,847&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;456,227&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;134,920&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Addition&#13;    to PP&amp;#38;E with interest capitalization (note 9 and 24)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;91,957&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;215,794&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;166,366&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13; 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padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;566,413&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Capitalization&#13;    in subsidiaries without cash &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;20,264&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,229&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DDEBF7"&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;385,333&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;679,458&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;870,928&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfAdditionalInformationRelatedToStatementOfCashFlowsTableTextBlock>
    <SID:NameOfExclusiveFund contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_ExclusiveFunds1Member_custom_FullConsolidationMember">Diplic II  - Private credit balanced mutual fund</SID:NameOfExclusiveFund>
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    <SID:NameOfExclusiveFund contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_ExclusiveFunds3Member_custom_FullConsolidationMember">VR1 &#150; Private Credit balanced mutual fund</SID:NameOfExclusiveFund>
    <SID:NameOfExclusiveFund contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_ExclusiveFunds1Member_custom_FullConsolidationMember">Diplic II  - Private credit balanced mutual fund</SID:NameOfExclusiveFund>
    <SID:NameOfExclusiveFund contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_ExclusiveFunds2Member_custom_FullConsolidationMember">Caixa V&#233;rtice - Private credit balanced mutual fund</SID:NameOfExclusiveFund>
    <SID:NameOfExclusiveFund contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_ExclusiveFunds3Member_custom_FullConsolidationMember">VR1 &#150; Private Credit balanced mutual fund</SID:NameOfExclusiveFund>
    <SID:ProportionOfOwnershipInterestInExclusiveFund contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_ExclusiveFunds1Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">1.0000</SID:ProportionOfOwnershipInterestInExclusiveFund>
    <SID:ProportionOfOwnershipInterestInExclusiveFund contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_ExclusiveFunds2Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">1.0000</SID:ProportionOfOwnershipInterestInExclusiveFund>
    <SID:ProportionOfOwnershipInterestInExclusiveFund contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_ExclusiveFunds3Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">1.0000</SID:ProportionOfOwnershipInterestInExclusiveFund>
    <SID:ProportionOfOwnershipInterestInExclusiveFund contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_ExclusiveFunds1Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">1.0000</SID:ProportionOfOwnershipInterestInExclusiveFund>
    <SID:ProportionOfOwnershipInterestInExclusiveFund contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_ExclusiveFunds2Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">1.0000</SID:ProportionOfOwnershipInterestInExclusiveFund>
    <SID:ProportionOfOwnershipInterestInExclusiveFund contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_ExclusiveFunds3Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">1.0000</SID:ProportionOfOwnershipInterestInExclusiveFund>
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    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_Subsidiaries11Member_custom_FullConsolidationMember">Mining and Equity interests</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_Subsidiaries12Member_custom_FullConsolidationMember">Reforestation</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_Subsidiaries13Member_custom_FullConsolidationMember">Tin Mining </ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_Subsidiaries14Member_custom_FullConsolidationMember">Manufacture of containers and distribution of steel products</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_Subsidiaries15Member_custom_FullConsolidationMember" id="Foot-07-1">Management of funds and securities portfolio</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_Subsidiaries16Member_custom_FullConsolidationMember">Mining and Equity interests</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_Subsidiaries17Member_custom_FullConsolidationMember" id="Foot-08-0">Sale of electric power</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
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    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_Subsidiaries19Member_custom_FullConsolidationMember">Port services</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_Subsidiaries20Member_custom_FullConsolidationMember" id="Foot-09-0">Mining support services and Equity interests</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries1Member_custom_FullConsolidationMember">Steel</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries2Member_custom_FullConsolidationMember" id="Foot-10-0">Financial transactions, product sales and Equity interests</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries3Member_custom_FullConsolidationMember" id="Foot-10-1">Financial transactions, product sales and Equity interests</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries4Member_custom_FullConsolidationMember">Equity interests and product sales</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries5Member_custom_FullConsolidationMember">Steel and Equity interests</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries6Member_custom_FullConsolidationMember">Financial transactions and Equity interests</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries7Member_custom_FullConsolidationMember" id="Foot-08-1">Sale of cans and containers in general and Equity interests</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries8Member_custom_FullConsolidationMember">Production and sale of cans and related activities</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries9Member_custom_FullConsolidationMember">Production and sale of cans and related activities</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries10Member_custom_FullConsolidationMember">Financial transactions, product sales and Equity interests</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries11Member_custom_FullConsolidationMember">Financial transactions, product sales and Equity interests</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries12Member_custom_FullConsolidationMember">Production and sale of long steel and related activities</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries13Member_custom_FullConsolidationMember" id="Foot-07-2">Sale of long steel</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries14Member_custom_FullConsolidationMember">Financial transactions, product sales and Equity interests</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries15Member_custom_FullConsolidationMember">Commercial representation</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries16Member_custom_FullConsolidationMember" id="Foot-11-0">Financial transactions, product sales and Equity interests</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries17Member_custom_FullConsolidationMember">Financial transactions, product sales and Equity interests</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries18Member_custom_FullConsolidationMember">Commercial representation</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries19Member_custom_FullConsolidationMember">Commercial representation,sale of steel and related activity</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries20Member_custom_FullConsolidationMember" id="Foot-12-0">Steel, commercial and industrial activities and equity interests</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries21Member_custom_FullConsolidationMember" id="Foot-12-1">Sale and commercial representation</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_JointOperations1Member_custom_ProportionateAndConsolidationMember">Electric power generation</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_JointOperations2Member_custom_ProportionateAndConsolidationMember">Electric power generation</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_JointVentures1Member_custom_EquityMethodMember">Railroad transportation</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_JointVentures2Member_custom_EquityMethodMember">Dormant company</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
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    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_JointVentures4Member_custom_EquityMethodMember">Railroad logistics</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
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    <ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_Associates1Member_custom_EquityMethodMember">Metallurgy Equity interests</ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities>
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    <ifrs-full:DescriptionOfServiceConcessionArrangement contextRef="From2017-01-01to2017-12-31_custom_ServiceConcessionArrangements1Member">Fixed assets intangible: software</ifrs-full:DescriptionOfServiceConcessionArrangement>
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    <ifrs-full:TitleOfNewIFRS contextRef="From2017-01-01to2017-12-31_custom_NewIFRSs1Member">IFRS 9 &#150; Financial Instruments</ifrs-full:TitleOfNewIFRS>
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    <ifrs-full:TitleOfNewIFRS contextRef="From2017-01-01to2017-12-31_custom_NewIFRSs3Member">IFRS16 - Leases</ifrs-full:TitleOfNewIFRS>
    <ifrs-full:TitleOfNewIFRS contextRef="From2017-01-01to2017-12-31_custom_NewIFRSs4Member">&lt;p&gt;&#13;IFRIC 22 &amp;#150; Foreign Currency Transaction and Advance Consideration&lt;/p&gt;</ifrs-full:TitleOfNewIFRS>
    <ifrs-full:TitleOfNewIFRS contextRef="From2017-01-01to2017-12-31_custom_NewIFRSs5Member">IFRIC 23 &#150; Uncertainty over Income Tax Treatments</ifrs-full:TitleOfNewIFRS>
    <ifrs-full:DescriptionOfNatureOfImpendingChangeInAccountingPolicy contextRef="From2017-01-01to2017-12-31_custom_NewIFRSs1Member">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;The standard retains but simplifies the combined&#13;measurement model and establishes two main measurement categories of financial assets: amortized cost and fair value. The classification&#13;basis depends on the entity business model and the characteristics of the financial asset&amp;#8217;s contractual cash flow.&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;IFRS 9 retains most of IAS 39 requirements&#13;for financial liabilities. The main change refers to those cases where the fair value of the financial liabilities must be segregated&#13;so that the fair value portion related to the entities credit risk is recognized in &amp;#8220;other comprehensive income&amp;#8221; and&#13;not in profit or loss for the period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;The standard introduces an expected credit&#13;loss model for the measurement of the impairment of financial assets. However, it is no longer necessary for a credit event to&#13;have occurred before a credit loss is recognized. Finally, IFRS 9 introduces a new hedge accounting model that is designed to&#13;be more closely aligned with how entities undertake risk management activities when hedging financial and non-financial risk exposures.&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;The requirements for derecognition of financial&#13;assets and liabilities under IFRS 9 are carried forward from IAS 39.&amp;#160;&lt;/p&gt;</ifrs-full:DescriptionOfNatureOfImpendingChangeInAccountingPolicy>
    <ifrs-full:DescriptionOfNatureOfImpendingChangeInAccountingPolicy contextRef="From2017-01-01to2017-12-31_custom_NewIFRSs2Member">&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;This new standard introduces the principles&#13;that an entity will apply to determine the revenue measurement and when such revenue shall be recognized.&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;IFRS 15 replaces IAS 11 &amp;#8211; &lt;i&gt;Construction&#13;Contracts&lt;/i&gt;, IAS 18 - &lt;i&gt;Revenue&lt;/i&gt; and related interpretations.&lt;/p&gt;</ifrs-full:DescriptionOfNatureOfImpendingChangeInAccountingPolicy>
    <ifrs-full:DescriptionOfNatureOfImpendingChangeInAccountingPolicy contextRef="From2017-01-01to2017-12-31_custom_NewIFRSs3Member">&lt;p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"&gt;This new standard defines the principles&#13;for recognition, measurement, presentation and disclosure of leases and introduces a single model for the accounting of leases&#13;in the balance sheet for the lessees. A lessee recognizes a right-of-use asset that represents his obligation to make lease payments.&#13;Optional exemptions are available for short- term leases and low-value items. For lessors, accounting treatment remains practically&#13;the same, with the classification of leases as operating leases or financial leases, and accounting for these two types of lease&#13;differently. IFRS 16 replaces existing lease standards, including IAS 17 &amp;#8211; L&lt;i&gt;easing Operations&lt;/i&gt; and IFRIC 4, SIC 5&#13;and SIC 27 &amp;#8211; &lt;i&gt;Complementary Aspects of Leasing Operations&lt;/i&gt;.&lt;/p&gt;</ifrs-full:DescriptionOfNatureOfImpendingChangeInAccountingPolicy>
    <ifrs-full:DescriptionOfNatureOfImpendingChangeInAccountingPolicy contextRef="From2017-01-01to2017-12-31_custom_NewIFRSs4Member">&lt;p style="margin: 0pt 0"&gt;The Interpretation covers foreign currency transactions (or part of them) when an entity recognizes a&#13;non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration before the entity recognizes&#13;the related asset, expense or income (or part of it).&lt;/p&gt;</ifrs-full:DescriptionOfNatureOfImpendingChangeInAccountingPolicy>
    <ifrs-full:DescriptionOfNatureOfImpendingChangeInAccountingPolicy contextRef="From2017-01-01to2017-12-31_custom_NewIFRSs5Member">&lt;p style="margin: 0pt 0"&gt;Can be unclear how tax law applies to a particular transaction or circumstance. This interpretation complements&#13;the IAS 12 &amp;#8211; Income Tax, clarify how to reflect the effects of uncertainty over income tax treatments.&lt;/p&gt;</ifrs-full:DescriptionOfNatureOfImpendingChangeInAccountingPolicy>
    <ifrs-full:DateByWhichApplicationOfNewIFRSIsRequired contextRef="From2017-01-01to2017-12-31_custom_NewIFRSs1Member">2018-01-01</ifrs-full:DateByWhichApplicationOfNewIFRSIsRequired>
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    <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="From2016-01-01to2016-12-31_custom_ConsorcioDaUsinaHidrelectricaDeIgarapavaMember" unitRef="USD_BRL" decimals="-3">6041000</ifrs-full:DepreciationPropertyPlantAndEquipment>
    <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="From2017-01-01to2017-12-31_ifrs-full_MachineryMember" unitRef="USD_BRL" decimals="-3">-1174852000</ifrs-full:DepreciationPropertyPlantAndEquipment>
    <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="From2017-01-01to2017-12-31_ifrs-full_FixturesAndFittingsMember" unitRef="USD_BRL" decimals="-3">-5656000</ifrs-full:DepreciationPropertyPlantAndEquipment>
    <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="From2016-01-01to2016-12-31_ifrs-full_MachineryMember" unitRef="USD_BRL" decimals="-3">-1096668000</ifrs-full:DepreciationPropertyPlantAndEquipment>
    <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="From2016-01-01to2016-12-31_ifrs-full_FixturesAndFittingsMember" unitRef="USD_BRL" decimals="-3">-5822000</ifrs-full:DepreciationPropertyPlantAndEquipment>
    <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="From2017-01-01to2017-12-31_ifrs-full_BuildingsMember" unitRef="USD_BRL" decimals="-3">-156580000</ifrs-full:DepreciationPropertyPlantAndEquipment>
    <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="From2017-01-01to2017-12-31_ifrs-full_OtherPropertyPlantAndEquipmentMember" unitRef="USD_BRL" id="Foot-15-3" decimals="-3">-43105000</ifrs-full:DepreciationPropertyPlantAndEquipment>
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    <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="From2016-01-01to2016-12-31_ifrs-full_BuildingsMember" unitRef="USD_BRL" decimals="-3">-116760000</ifrs-full:DepreciationPropertyPlantAndEquipment>
    <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="From2016-01-01to2016-12-31_ifrs-full_ConstructionInProgressMember" unitRef="USD_BRL" xsi:nil="true" />
    <ifrs-full:DepreciationPropertyPlantAndEquipment contextRef="From2016-01-01to2016-12-31_ifrs-full_OtherPropertyPlantAndEquipmentMember" unitRef="USD_BRL" id="Foot-15-4" decimals="-3">-34929000</ifrs-full:DepreciationPropertyPlantAndEquipment>
    <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="From2017-01-01to2017-12-31_custom_Buildings1Member">39 years</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
    <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="From2017-01-01to2017-12-31_ifrs-full_MachineryMember">21 years</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
    <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="From2017-01-01to2017-12-31_ifrs-full_FixturesAndFittingsMember">12 years</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
    <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="From2017-01-01to2017-12-31_custom_OtherMember">17 years</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
    <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="From2016-01-01to2016-12-31_custom_Buildings1Member">41 years</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
    <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="From2016-01-01to2016-12-31_ifrs-full_MachineryMember">18 years</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
    <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="From2016-01-01to2016-12-31_ifrs-full_FixturesAndFittingsMember">12 years</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
    <ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment contextRef="From2016-01-01to2016-12-31_custom_OtherMember">14 years</ifrs-full:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment>
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    <ifrs-full:UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwill contextRef="From2017-01-01to2017-12-31_ifrs-full_CustomerrelatedIntangibleAssetsMember">13 years</ifrs-full:UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwill>
    <ifrs-full:UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwill contextRef="From2016-01-01to2016-12-31_ifrs-full_ComputerSoftwareMember">8 years</ifrs-full:UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwill>
    <ifrs-full:UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwill contextRef="From2016-01-01to2016-12-31_ifrs-full_CustomerrelatedIntangibleAssetsMember">13 years</ifrs-full:UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwill>
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    <ifrs-full:Goodwill contextRef="AsOf2016-12-31_custom_LongSteelMember" unitRef="USD_BRL" id="Foot-17-1" decimals="-3">235595000</ifrs-full:Goodwill>
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    <ifrs-full:BrandNames contextRef="AsOf2017-12-31_custom_LongSteelMember" unitRef="USD_BRL" id="Foot-17-2" decimals="-3">134137000</ifrs-full:BrandNames>
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    <ifrs-full:BrandNames contextRef="AsOf2016-12-31_custom_PackagingMember" unitRef="USD_BRL" xsi:nil="true" />
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    <SID:GoodwillAndBrandNames contextRef="AsOf2017-12-31" unitRef="USD_BRL" decimals="-3">3725068000</SID:GoodwillAndBrandNames>
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    <SID:CashFlowProjectionAssumption contextRef="From2017-01-01to2017-12-31_custom_MiningMember10622295">Until 2056</SID:CashFlowProjectionAssumption>
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    <SID:DiscountRateAssumption contextRef="From2017-01-01to2017-12-31_custom_LongSteelMember" id="Foot-19-5">These cash flows were considered using a discount rate after taxes between 7% and 13% in real terms. The discount rate was&#13;based on the weighted average cost of capital ("WACC") that reflects the specific risk of each segment.</SID:DiscountRateAssumption>
    <SID:DiscountRateAssumption contextRef="From2017-01-01to2017-12-31_custom_MiningMember10622295">These cash flows were considered using a discount rate after taxes between 7% and 13% in real terms. The discount rate was&#13;based on the weighted average cost of capital ("WACC") that reflects the specific risk of each segment.</SID:DiscountRateAssumption>
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    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2016-12-31" unitRef="Shares" decimals="INF">1387524047</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_VicunhaAcosSAMember" unitRef="Shares" decimals="INF">682855454</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_RioLacoParticipacoesSAMember" unitRef="Shares" decimals="INF">58193503</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_CFLParticipacoesSAMember" unitRef="Shares" decimals="INF">3977536</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_VicunhaTextilSAMember" unitRef="Shares" decimals="INF">4927000</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_CaixaBeneficenteDosEmpregadosDaCSNCBSMember" unitRef="Shares" decimals="INF">20143031</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_BNDESParticipacoesSABndesparMember" unitRef="Shares" decimals="INF">8794890</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_NyseAdrsMember" unitRef="Shares" decimals="INF">303590364</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_BMAndFBovespaMember" unitRef="Shares" decimals="INF">274651269</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_CommonStocksMember" unitRef="Shares" decimals="INF">1357133047</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_ifrs-full_TreasurySharesMember" unitRef="Shares" decimals="INF">30391000</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2016-12-31_custom_VicunhaAcosSAMember" unitRef="Shares" decimals="INF">682855454</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2016-12-31_custom_RioLacoParticipacoesSAMember" unitRef="Shares" decimals="INF">58193503</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2016-12-31_custom_CFLParticipacoesSAMember" unitRef="Shares" decimals="INF">3977536</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2016-12-31_custom_VicunhaTextilSAMember" unitRef="Shares" decimals="INF">4927000</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2016-12-31_custom_CaixaBeneficenteDosEmpregadosDaCSNCBSMember" unitRef="Shares" decimals="INF">20143031</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2016-12-31_custom_BNDESParticipacoesSABndesparMember" unitRef="Shares" decimals="INF">8794890</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2016-12-31_custom_NyseAdrsMember" unitRef="Shares" decimals="INF">323546664</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2016-12-31_custom_BMAndFBovespaMember" unitRef="Shares" decimals="INF">254694969</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2016-12-31_custom_CommonStocksMember" unitRef="Shares" decimals="INF">1357133047</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2016-12-31_ifrs-full_TreasurySharesMember" unitRef="Shares" decimals="INF">30391000</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_BuybackProgram1Member" unitRef="Shares" decimals="INF">2350000</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_BuybackProgram2Member" unitRef="Shares" decimals="INF">11879500</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_BuybackProgram3Member" unitRef="Shares" decimals="INF">43424000</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_BuybackProgram4Member" unitRef="Shares" decimals="INF">70205661</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_BuybackProgram4Number2Member" unitRef="Shares" decimals="INF">10205661</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_BuybackProgram5Member" unitRef="Shares" decimals="INF">10446061</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_BuybackProgram5Number2Member" unitRef="Shares" xsi:nil="true" />
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_BuybackProgram6Member" unitRef="Shares" decimals="INF">6791300</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_BuybackProgram7Member" unitRef="Shares" decimals="INF">28549900</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_BuybackProgram8Member" unitRef="Shares" decimals="INF">30391000</ifrs-full:NumberOfSharesOutstanding>
    <ifrs-full:NumberOfSharesOutstanding contextRef="AsOf2017-12-31_custom_BuybackProgram9Member" unitRef="Shares" xsi:nil="true" />
    <SID:PercentageOfShares contextRef="AsOf2017-12-31" unitRef="Pure" decimals="INF">1.0000</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2016-12-31" unitRef="Pure" decimals="INF">1.0000</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2017-12-31_custom_VicunhaAcosSAMember" unitRef="Pure" decimals="INF">0.4921</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2017-12-31_custom_RioLacoParticipacoesSAMember" unitRef="Pure" decimals="INF">0.0419</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2017-12-31_custom_CFLParticipacoesSAMember" unitRef="Pure" decimals="INF">0.0029</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2017-12-31_custom_VicunhaTextilSAMember" unitRef="Pure" decimals="INF">0.0036</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2017-12-31_custom_CaixaBeneficenteDosEmpregadosDaCSNCBSMember" unitRef="Pure" decimals="INF">0.0145</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2017-12-31_custom_BNDESParticipacoesSABndesparMember" unitRef="Pure" decimals="INF">0.0063</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2017-12-31_custom_NyseAdrsMember" unitRef="Pure" decimals="INF">0.2188</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2017-12-31_custom_BMAndFBovespaMember" unitRef="Pure" decimals="INF">0.1979</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2017-12-31_custom_CommonStocksMember" unitRef="Pure" decimals="INF">0.9781</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2017-12-31_ifrs-full_TreasurySharesMember" unitRef="Pure" decimals="INF">0.0219</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2016-12-31_custom_VicunhaAcosSAMember" unitRef="Pure" decimals="INF">0.4921</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2016-12-31_custom_RioLacoParticipacoesSAMember" unitRef="Pure" decimals="INF">0.0419</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2016-12-31_custom_CFLParticipacoesSAMember" unitRef="Pure" decimals="INF">0.0029</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2016-12-31_custom_VicunhaTextilSAMember" unitRef="Pure" decimals="INF">0.0036</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2016-12-31_custom_CaixaBeneficenteDosEmpregadosDaCSNCBSMember" unitRef="Pure" decimals="INF">0.0145</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2016-12-31_custom_BNDESParticipacoesSABndesparMember" unitRef="Pure" decimals="INF">0.0063</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2016-12-31_custom_NyseAdrsMember" unitRef="Pure" decimals="INF">0.2332</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2016-12-31_custom_BMAndFBovespaMember" unitRef="Pure" decimals="INF">0.1836</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2016-12-31_custom_CommonStocksMember" unitRef="Pure" decimals="INF">0.9781</SID:PercentageOfShares>
    <SID:PercentageOfShares contextRef="AsOf2016-12-31_ifrs-full_TreasurySharesMember" unitRef="Pure" decimals="INF">0.0219</SID:PercentageOfShares>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired contextRef="AsOf2017-12-31_custom_VicunhaAcosSAMember" unitRef="Pure" decimals="INF">0.5032</ifrs-full:PercentageOfVotingEquityInterestsAcquired>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired contextRef="AsOf2017-12-31_custom_RioLacoParticipacoesSAMember" unitRef="Pure" decimals="INF">0.0429</ifrs-full:PercentageOfVotingEquityInterestsAcquired>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired contextRef="AsOf2017-12-31_custom_CFLParticipacoesSAMember" unitRef="Pure" decimals="INF">0.0029</ifrs-full:PercentageOfVotingEquityInterestsAcquired>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired contextRef="AsOf2017-12-31_custom_VicunhaTextilSAMember" unitRef="Pure" decimals="INF">0.0036</ifrs-full:PercentageOfVotingEquityInterestsAcquired>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired contextRef="AsOf2017-12-31_custom_CaixaBeneficenteDosEmpregadosDaCSNCBSMember" unitRef="Pure" decimals="INF">0.0148</ifrs-full:PercentageOfVotingEquityInterestsAcquired>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired contextRef="AsOf2017-12-31_custom_BNDESParticipacoesSABndesparMember" unitRef="Pure" decimals="INF">0.0065</ifrs-full:PercentageOfVotingEquityInterestsAcquired>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired contextRef="AsOf2017-12-31_custom_NyseAdrsMember" unitRef="Pure" decimals="INF">0.2237</ifrs-full:PercentageOfVotingEquityInterestsAcquired>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired contextRef="AsOf2017-12-31_custom_BMAndFBovespaMember" unitRef="Pure" decimals="INF">0.2024</ifrs-full:PercentageOfVotingEquityInterestsAcquired>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired contextRef="AsOf2017-12-31_custom_CommonStocksMember" unitRef="Pure" decimals="INF">1.0000</ifrs-full:PercentageOfVotingEquityInterestsAcquired>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired contextRef="AsOf2016-12-31_custom_VicunhaAcosSAMember" unitRef="Pure" decimals="INF">0.5032</ifrs-full:PercentageOfVotingEquityInterestsAcquired>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired contextRef="AsOf2016-12-31_custom_RioLacoParticipacoesSAMember" unitRef="Pure" decimals="INF">0.0429</ifrs-full:PercentageOfVotingEquityInterestsAcquired>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired contextRef="AsOf2016-12-31_custom_CFLParticipacoesSAMember" unitRef="Pure" decimals="INF">0.0029</ifrs-full:PercentageOfVotingEquityInterestsAcquired>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired contextRef="AsOf2016-12-31_custom_VicunhaTextilSAMember" unitRef="Pure" decimals="INF">0.0036</ifrs-full:PercentageOfVotingEquityInterestsAcquired>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired contextRef="AsOf2016-12-31_custom_CaixaBeneficenteDosEmpregadosDaCSNCBSMember" unitRef="Pure" decimals="INF">0.0148</ifrs-full:PercentageOfVotingEquityInterestsAcquired>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired contextRef="AsOf2016-12-31_custom_BNDESParticipacoesSABndesparMember" unitRef="Pure" decimals="INF">0.0065</ifrs-full:PercentageOfVotingEquityInterestsAcquired>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired contextRef="AsOf2016-12-31_custom_NyseAdrsMember" unitRef="Pure" decimals="INF">0.2384</ifrs-full:PercentageOfVotingEquityInterestsAcquired>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired contextRef="AsOf2016-12-31_custom_BMAndFBovespaMember" unitRef="Pure" decimals="INF">0.1877</ifrs-full:PercentageOfVotingEquityInterestsAcquired>
    <ifrs-full:PercentageOfVotingEquityInterestsAcquired contextRef="AsOf2016-12-31_custom_CommonStocksMember" unitRef="Pure" decimals="INF">1.0000</ifrs-full:PercentageOfVotingEquityInterestsAcquired>
    <SID:BoardsAuthorizationDate contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram1Member">3/13/2014</SID:BoardsAuthorizationDate>
    <SID:BoardsAuthorizationDate contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram2Member">4/15/2014</SID:BoardsAuthorizationDate>
    <SID:BoardsAuthorizationDate contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram3Member">5/23/2014</SID:BoardsAuthorizationDate>
    <SID:BoardsAuthorizationDate contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram4Member">6/26/2014</SID:BoardsAuthorizationDate>
    <SID:BoardsAuthorizationDate contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram4Number2Member">7/18/2014</SID:BoardsAuthorizationDate>
    <SID:BoardsAuthorizationDate contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram5Member">7/18/2014</SID:BoardsAuthorizationDate>
    <SID:BoardsAuthorizationDate contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram5Number2Member">8/19/2014</SID:BoardsAuthorizationDate>
    <SID:BoardsAuthorizationDate contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram6Member">8/19/2014</SID:BoardsAuthorizationDate>
    <SID:BoardsAuthorizationDate contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram7Member">9/29/2014</SID:BoardsAuthorizationDate>
    <SID:BoardsAuthorizationDate contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram8Member">12/30/2014</SID:BoardsAuthorizationDate>
    <SID:BoardsAuthorizationDate contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram9Member" id="Foot-24-0">03/31/2015</SID:BoardsAuthorizationDate>
    <ifrs-full:NumberOfSharesAuthorised contextRef="AsOf2017-12-31_custom_BuybackProgram1Member" unitRef="Shares" decimals="INF">70205661</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised contextRef="AsOf2017-12-31_custom_BuybackProgram2Member" unitRef="Shares" decimals="INF">67855661</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised contextRef="AsOf2017-12-31_custom_BuybackProgram3Member" unitRef="Shares" decimals="INF">58326161</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised contextRef="AsOf2017-12-31_custom_BuybackProgram4Member" unitRef="Shares" decimals="INF">26781661</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised contextRef="AsOf2017-12-31_custom_BuybackProgram4Number2Member" unitRef="Shares" xsi:nil="true" />
    <ifrs-full:NumberOfSharesAuthorised contextRef="AsOf2017-12-31_custom_BuybackProgram5Member" unitRef="Shares" decimals="INF">64205661</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised contextRef="AsOf2017-12-31_custom_BuybackProgram5Number2Member" unitRef="Shares" xsi:nil="true" />
    <ifrs-full:NumberOfSharesAuthorised contextRef="AsOf2017-12-31_custom_BuybackProgram6Member" unitRef="Shares" decimals="INF">63161055</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised contextRef="AsOf2017-12-31_custom_BuybackProgram7Member" unitRef="Shares" decimals="INF">56369755</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised contextRef="AsOf2017-12-31_custom_BuybackProgram8Member" unitRef="Shares" decimals="INF">34611155</ifrs-full:NumberOfSharesAuthorised>
    <ifrs-full:NumberOfSharesAuthorised contextRef="AsOf2017-12-31_custom_BuybackProgram9Member" unitRef="Shares" id="Foot-24-1" decimals="INF">32770055</ifrs-full:NumberOfSharesAuthorised>
    <SID:BuybackProgramPeriod contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram1Member">From 3/14/2014 to 4/14/2014</SID:BuybackProgramPeriod>
    <SID:BuybackProgramPeriod contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram2Member">From 4/16/2014 to 5/23/2014</SID:BuybackProgramPeriod>
    <SID:BuybackProgramPeriod contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram3Member">From 5/26/2014 to 6/25/2014</SID:BuybackProgramPeriod>
    <SID:BuybackProgramPeriod contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram4Member">From 6/26/2014 to 7/17/2014</SID:BuybackProgramPeriod>
    <SID:BuybackProgramPeriod contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram5Member">From 7/18/2014 to 8/18/2014</SID:BuybackProgramPeriod>
    <SID:BuybackProgramPeriod contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram6Member">From 8/19/2014 to 9/25/2014</SID:BuybackProgramPeriod>
    <SID:BuybackProgramPeriod contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram7Member">From 9/29/2014 to 2/29/2014</SID:BuybackProgramPeriod>
    <SID:BuybackProgramPeriod contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram8Member">From 12/31/2014 to 3/31/2015</SID:BuybackProgramPeriod>
    <SID:BuybackProgramPeriod contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram9Member" id="Foot-24-2">From 4/01/2015 to 6/30/2015</SID:BuybackProgramPeriod>
    <SID:AverageBuybackPrice contextRef="AsOf2017-12-31" unitRef="USD_BRLPShares" decimals="INF">7.86</SID:AverageBuybackPrice>
    <SID:AverageBuybackPrice contextRef="AsOf2017-12-31_custom_BuybackProgram1Member" unitRef="USDPShares" decimals="INF">9.34</SID:AverageBuybackPrice>
    <SID:AverageBuybackPrice contextRef="AsOf2017-12-31_custom_BuybackProgram2Member" unitRef="USDPShares" decimals="INF">8.97</SID:AverageBuybackPrice>
    <SID:AverageBuybackPrice contextRef="AsOf2017-12-31_custom_BuybackProgram3Member" unitRef="USDPShares" decimals="INF">9.21</SID:AverageBuybackPrice>
    <SID:AverageBuybackPrice contextRef="AsOf2017-12-31_custom_BuybackProgram4Member" unitRef="USDPShares" decimals="INF">10.42</SID:AverageBuybackPrice>
    <SID:AverageBuybackPrice contextRef="AsOf2017-12-31_custom_BuybackProgram4Number2Member" unitRef="USDPShares" xsi:nil="true" />
    <SID:AverageBuybackPrice contextRef="AsOf2017-12-31_custom_BuybackProgram5Member" unitRef="USDPShares" decimals="INF">11.40</SID:AverageBuybackPrice>
    <SID:AverageBuybackPrice contextRef="AsOf2017-12-31_custom_BuybackProgram5Number2Member" unitRef="USDPShares" xsi:nil="true" />
    <SID:AverageBuybackPrice contextRef="AsOf2017-12-31_custom_BuybackProgram6Member" unitRef="USDPShares" decimals="INF">9.82</SID:AverageBuybackPrice>
    <SID:AverageBuybackPrice contextRef="AsOf2017-12-31_custom_BuybackProgram7Member" unitRef="USDPShares" decimals="INF">7.49</SID:AverageBuybackPrice>
    <SID:AverageBuybackPrice contextRef="AsOf2017-12-31_custom_BuybackProgram8Member" unitRef="USDPShares" decimals="INF">5.10</SID:AverageBuybackPrice>
    <SID:AverageBuybackPrice contextRef="AsOf2017-12-31_custom_BuybackProgram9Member" unitRef="USDPShares" xsi:nil="true" />
    <SID:MinimumAndMaximumBuybackPrice contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram1Member">R$ 9.22 and R$ 9.45</SID:MinimumAndMaximumBuybackPrice>
    <SID:MinimumAndMaximumBuybackPrice contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram2Member">R$ 8.70 and R$ 9.48</SID:MinimumAndMaximumBuybackPrice>
    <SID:MinimumAndMaximumBuybackPrice contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram3Member">R$ 8.61 e R$ 9.72</SID:MinimumAndMaximumBuybackPrice>
    <SID:MinimumAndMaximumBuybackPrice contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram4Member">R$ 9.33 and R$ 11.54</SID:MinimumAndMaximumBuybackPrice>
    <SID:MinimumAndMaximumBuybackPrice contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram4Number2Member">Not applicable</SID:MinimumAndMaximumBuybackPrice>
    <SID:MinimumAndMaximumBuybackPrice contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram5Member">R$ 11.40</SID:MinimumAndMaximumBuybackPrice>
    <SID:MinimumAndMaximumBuybackPrice contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram5Number2Member">Not applicable</SID:MinimumAndMaximumBuybackPrice>
    <SID:MinimumAndMaximumBuybackPrice contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram6Member">R$ 9.47 and R$ 10.07</SID:MinimumAndMaximumBuybackPrice>
    <SID:MinimumAndMaximumBuybackPrice contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram7Member">R$ 4.48 and R$ 9.16</SID:MinimumAndMaximumBuybackPrice>
    <SID:MinimumAndMaximumBuybackPrice contextRef="From2017-01-01to2017-12-31_custom_BuybackProgram8Member">R$ 4.90 and R$ 5.39</SID:MinimumAndMaximumBuybackPrice>
    <SID:NumberOfSharesRepurchased contextRef="AsOf2017-12-31" unitRef="Shares" decimals="INF">30391000</SID:NumberOfSharesRepurchased>
    <SID:NumberOfSharesRepurchased contextRef="AsOf2017-12-31_custom_BuybackProgram1Member" unitRef="Shares" decimals="INF">2350000</SID:NumberOfSharesRepurchased>
    <SID:NumberOfSharesRepurchased contextRef="AsOf2017-12-31_custom_BuybackProgram2Member" unitRef="Shares" decimals="INF">9529500</SID:NumberOfSharesRepurchased>
    <SID:NumberOfSharesRepurchased contextRef="AsOf2017-12-31_custom_BuybackProgram3Member" unitRef="Shares" decimals="INF">31544500</SID:NumberOfSharesRepurchased>
    <SID:NumberOfSharesRepurchased contextRef="AsOf2017-12-31_custom_BuybackProgram4Member" unitRef="Shares" decimals="INF">26781661</SID:NumberOfSharesRepurchased>
    <SID:NumberOfSharesRepurchased contextRef="AsOf2017-12-31_custom_BuybackProgram5Member" unitRef="Shares" decimals="INF">240400</SID:NumberOfSharesRepurchased>
    <SID:NumberOfSharesRepurchased contextRef="AsOf2017-12-31_custom_BuybackProgram6Member" unitRef="Shares" decimals="INF">6791300</SID:NumberOfSharesRepurchased>
    <SID:NumberOfSharesRepurchased contextRef="AsOf2017-12-31_custom_BuybackProgram7Member" unitRef="Shares" decimals="INF">21758600</SID:NumberOfSharesRepurchased>
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    <SID:ActuarialGainsLossesDefinedBenefitLiabilityAsset contextRef="From2017-01-01to2017-12-31_custom_PostEmploymentHealthcareBenefitsMember" unitRef="USD_BRL" decimals="-3">170445000</SID:ActuarialGainsLossesDefinedBenefitLiabilityAsset>
    <SID:ActuarialGainsLossesDefinedBenefitLiabilityAsset contextRef="From2016-01-01to2016-12-31_custom_PostEmploymentHealthcareBenefitsMember" unitRef="USD_BRL" decimals="-3">210257000</SID:ActuarialGainsLossesDefinedBenefitLiabilityAsset>
    <SID:ActuarialGainsLossesDefinedBenefitLiabilityAsset contextRef="From2015-01-01to2015-12-31_custom_PostEmploymentHealthcareBenefitsMember" unitRef="USD_BRL" decimals="-3">-97501000</SID:ActuarialGainsLossesDefinedBenefitLiabilityAsset>
    <SID:GainLossOnChangesInEffectOfLimitsNetDefinedBenefitAsset contextRef="From2017-01-01to2017-12-31" unitRef="USD_BRL" decimals="-3">-97882000</SID:GainLossOnChangesInEffectOfLimitsNetDefinedBenefitAsset>
    <SID:GainLossOnChangesInEffectOfLimitsNetDefinedBenefitAsset contextRef="From2016-01-01to2016-12-31" unitRef="USD_BRL" decimals="-3">41796000</SID:GainLossOnChangesInEffectOfLimitsNetDefinedBenefitAsset>
    <SID:GainLossOnChangesInEffectOfLimitsNetDefinedBenefitAsset contextRef="From2015-01-01to2015-12-31" unitRef="USD_BRL" decimals="-3">-4208000</SID:GainLossOnChangesInEffectOfLimitsNetDefinedBenefitAsset>
    <ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset contextRef="From2017-01-01to2017-12-31" unitRef="USD_BRL" id="Foot-31-0" decimals="-3">32031000</ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset>
    <ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset contextRef="From2016-01-01to2016-12-31" unitRef="USD_BRL" id="Foot-31-1" decimals="-3">8016000</ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset>
    <ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset contextRef="From2015-01-01to2015-12-31" unitRef="USD_BRL" id="Foot-31-2" decimals="-3">5661000</ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset>
    <ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset contextRef="From2017-01-01to2017-12-31_custom_PostEmploymentHealthcareBenefitsMember" unitRef="USD_BRL" decimals="-3">170445000</ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset>
    <ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset contextRef="From2016-01-01to2016-12-31_custom_PostEmploymentHealthcareBenefitsMember" unitRef="USD_BRL" decimals="-3">210257000</ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset>
    <ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset contextRef="From2015-01-01to2015-12-31_custom_PostEmploymentHealthcareBenefitsMember" unitRef="USD_BRL" decimals="-3">-97501000</ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset>
    <SID:RecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset contextRef="From2017-01-01to2017-12-31" unitRef="USD_BRL" decimals="-3">32037000</SID:RecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset>
    <SID:RecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset contextRef="From2016-01-01to2016-12-31" unitRef="USD_BRL" decimals="-3">8023000</SID:RecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset>
    <SID:RecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset contextRef="From2015-01-01to2015-12-31" unitRef="USD_BRL" decimals="-3">5665000</SID:RecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset>
    <SID:UnrecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset contextRef="From2017-01-01to2017-12-31" unitRef="USD_BRL" decimals="-3">-6000</SID:UnrecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset>
    <SID:UnrecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset contextRef="From2016-01-01to2016-12-31" unitRef="USD_BRL" decimals="-3">-7000</SID:UnrecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset>
    <SID:UnrecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset contextRef="From2015-01-01to2015-12-31" unitRef="USD_BRL" decimals="-3">-4000</SID:UnrecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset>
    <ifrs-full:ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset contextRef="From2017-01-01to2017-12-31" unitRef="USD_BRL" decimals="-3">-3488000</ifrs-full:ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset>
    <ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset contextRef="From2017-01-01to2017-12-31" unitRef="USD_BRL" decimals="-3">264638000</ifrs-full:ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset>
    <ifrs-full:ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset contextRef="From2017-01-01to2017-12-31" unitRef="USD_BRL" decimals="-3">-94610000</ifrs-full:ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset>
    <SID:DescriptionOfActuarialFinancingMethod contextRef="From2017-01-01to2017-12-31">Projected unit credit</SID:DescriptionOfActuarialFinancingMethod>
    <SID:DescriptionOfActuarialFinancingMethod contextRef="From2016-01-01to2016-12-31">Projected unit credit</SID:DescriptionOfActuarialFinancingMethod>
    <ifrs-full:DescriptionOfFunctionalCurrency contextRef="From2017-01-01to2017-12-31">Real (R$)</ifrs-full:DescriptionOfFunctionalCurrency>
    <ifrs-full:DescriptionOfFunctionalCurrency contextRef="From2016-01-01to2016-12-31">Real (R$)</ifrs-full:DescriptionOfFunctionalCurrency>
    <SID:DescriptionOfRecognitionOfPlanAssets contextRef="From2017-01-01to2017-12-31">Fair value</SID:DescriptionOfRecognitionOfPlanAssets>
    <SID:DescriptionOfRecognitionOfPlanAssets contextRef="From2016-01-01to2016-12-31">Fair value</SID:DescriptionOfRecognitionOfPlanAssets>
    <SID:ActuarialAssumptionOfNominalDiscountRates contextRef="From2017-01-01to2017-12-31">Milenium Plan: 10.42% Plan 35%: 10.30% and Supplementation: 10.32%</SID:ActuarialAssumptionOfNominalDiscountRates>
    <SID:ActuarialAssumptionOfNominalDiscountRates contextRef="From2016-01-01to2016-12-31">Milenium Plan: 11.68%, Plan 35% and Suplementation: 11.72% </SID:ActuarialAssumptionOfNominalDiscountRates>
    <ifrs-full:ActuarialAssumptionOfExpectedRatesOfInflation contextRef="AsOf2017-12-31" unitRef="Pure" decimals="INF">0.05</ifrs-full:ActuarialAssumptionOfExpectedRatesOfInflation>
    <ifrs-full:ActuarialAssumptionOfExpectedRatesOfInflation contextRef="AsOf2016-12-31" unitRef="Pure" decimals="INF">0.0550</ifrs-full:ActuarialAssumptionOfExpectedRatesOfInflation>
    <ifrs-full:ActuarialAssumptionOfExpectedRatesOfInflation contextRef="AsOf2017-12-31_custom_PostEmploymentHealthcareBenefitsMember" unitRef="Pure" decimals="INF">0.0500</ifrs-full:ActuarialAssumptionOfExpectedRatesOfInflation>
    <ifrs-full:ActuarialAssumptionOfExpectedRatesOfInflation contextRef="AsOf2016-12-31_custom_PostEmploymentHealthcareBenefitsMember" unitRef="Pure" decimals="INF">0.0550</ifrs-full:ActuarialAssumptionOfExpectedRatesOfInflation>
    <ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases contextRef="AsOf2017-12-31" unitRef="Pure" decimals="INF">0.0605</ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases>
    <ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases contextRef="AsOf2016-12-31" unitRef="Pure" decimals="INF">0.0656</ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases>
    <ifrs-full:ActuarialAssumptionOfExpectedRatesOfPensionIncreases contextRef="AsOf2017-12-31" unitRef="Pure" decimals="INF">0.05</ifrs-full:ActuarialAssumptionOfExpectedRatesOfPensionIncreases>
    <ifrs-full:ActuarialAssumptionOfExpectedRatesOfPensionIncreases contextRef="AsOf2016-12-31" unitRef="Pure" decimals="INF">0.0550</ifrs-full:ActuarialAssumptionOfExpectedRatesOfPensionIncreases>
    <SID:ActuarialAssumptionOfRateOfReturnsOnInvestments contextRef="From2017-01-01to2017-12-31">Milenium Plan: 10.42% Plan 35%: 10.30% and Supplementation: 10.32%</SID:ActuarialAssumptionOfRateOfReturnsOnInvestments>
    <SID:ActuarialAssumptionOfRateOfReturnsOnInvestments contextRef="From2016-01-01to2016-12-31">Milenium Plan: 11.68%, Plan 35% and Suplementation: 11.72% </SID:ActuarialAssumptionOfRateOfReturnsOnInvestments>
    <SID:GeneralMortalityTableDescription contextRef="From2017-01-01to2017-12-31">35% and Average Salary Supplementation  Plans :  AT 2000 segregated by gender (10% smoothed)</SID:GeneralMortalityTableDescription>
    <SID:GeneralMortalityTableDescription contextRef="From2016-01-01to2016-12-31">Milenium Plan, 35% and Average Salary Supplementation Plans: AT 2000 segregated by gender (10% smoothed)</SID:GeneralMortalityTableDescription>
    <SID:GeneralMortalityTableDescription contextRef="From2017-01-01to2017-12-31_custom_PostEmploymentHealthcareBenefitsMember">AT 2000 segregated by gender</SID:GeneralMortalityTableDescription>
    <SID:GeneralMortalityTableDescription contextRef="From2016-01-01to2016-12-31_custom_PostEmploymentHealthcareBenefitsMember">AT 2000 segregated by gender</SID:GeneralMortalityTableDescription>
    <SID:DisabilityTableDescription contextRef="From2017-01-01to2017-12-31">Plan 35% and Supplementation: Light M&#233;dia Mill&#234;nnium Plan: Prudential ( retirement)</SID:DisabilityTableDescription>
    <SID:DisabilityTableDescription contextRef="From2016-01-01to2016-12-31">Light Median</SID:DisabilityTableDescription>
    <SID:DisabilityMortalityTableDescription contextRef="From2017-01-01to2017-12-31">Winklevoss - 1%</SID:DisabilityMortalityTableDescription>
    <SID:DisabilityMortalityTableDescription contextRef="From2016-01-01to2016-12-31">Winklevoss - 1%</SID:DisabilityMortalityTableDescription>
    <SID:DisabilityMortalityTableDescription contextRef="From2017-01-01to2017-12-31_custom_PostEmploymentHealthcareBenefitsMember">Winklevoss with death probabilities reduced by 1% in all ages</SID:DisabilityMortalityTableDescription>
    <SID:DisabilityMortalityTableDescription contextRef="From2016-01-01to2016-12-31_custom_PostEmploymentHealthcareBenefitsMember">Winklevoss with death probabilities reduced by 1% in all ages</SID:DisabilityMortalityTableDescription>
    <SID:TurnoverTableDescription contextRef="From2017-01-01to2017-12-31">Millennium plan 5% p.a., nil for DB plans</SID:TurnoverTableDescription>
    <SID:TurnoverTableDescription contextRef="From2016-01-01to2016-12-31">Millennium plan 5% p.a., nil for DB plans</SID:TurnoverTableDescription>
    <SID:DescriptionOfRetirementAge contextRef="From2017-01-01to2017-12-31">100% on the first date he/she becomes eligible for programmed retirement benefit under the plan</SID:DescriptionOfRetirementAge>
    <SID:DescriptionOfRetirementAge contextRef="From2016-01-01to2016-12-31">100% on the first date he/she becomes eligible for programmed retirement benefit under the plan</SID:DescriptionOfRetirementAge>
    <SID:DescriptionOfHouseholdOfActiveParticipants contextRef="From2017-01-01to2017-12-31">95% will be married at the time of retirement, with the wife being 4 years younger than the husband</SID:DescriptionOfHouseholdOfActiveParticipants>
    <SID:DescriptionOfHouseholdOfActiveParticipants contextRef="From2016-01-01to2016-12-31">95% will be married at the time of retirement, with the wife being 4 years younger than the husband</SID:DescriptionOfHouseholdOfActiveParticipants>
    <SID:AverageLifeExpectancyOfEmployees contextRef="From2017-01-01to2017-12-31_custom_BDPlanMember_custom_MaleMember" id="Foot-32-0">20.45</SID:AverageLifeExpectancyOfEmployees>
    <SID:AverageLifeExpectancyOfEmployees contextRef="From2017-01-01to2017-12-31_custom_BDPlanMember_custom_FemaleMember" id="Foot-32-1">23.02</SID:AverageLifeExpectancyOfEmployees>
    <SID:AverageLifeExpectancyOfEmployees contextRef="From2017-01-01to2017-12-31_custom_MilenioPlanMember_custom_MaleMember" id="Foot-32-2">19.55</SID:AverageLifeExpectancyOfEmployees>
    <SID:AverageLifeExpectancyOfEmployees contextRef="From2017-01-01to2017-12-31_custom_MilenioPlanMember_custom_FemaleMember" id="Foot-32-3">22.17</SID:AverageLifeExpectancyOfEmployees>
    <SID:AverageLifeExpectancyOfEmployees contextRef="From2016-01-01to2016-12-31_custom_BDPlanMember_custom_MaleMember" id="Foot-32-4">20.45</SID:AverageLifeExpectancyOfEmployees>
    <SID:AverageLifeExpectancyOfEmployees contextRef="From2016-01-01to2016-12-31_custom_BDPlanMember_custom_FemaleMember" id="Foot-32-5">23.02</SID:AverageLifeExpectancyOfEmployees>
    <SID:AverageLifeExpectancyOfEmployees contextRef="From2016-01-01to2016-12-31_custom_MilenioPlanMember_custom_MaleMember" id="Foot-32-6">19.55</SID:AverageLifeExpectancyOfEmployees>
    <SID:AverageLifeExpectancyOfEmployees contextRef="From2016-01-01to2016-12-31_custom_MilenioPlanMember_custom_FemaleMember" id="Foot-32-7">22.17</SID:AverageLifeExpectancyOfEmployees>
    <SID:AverageLifeExpectancyOfEmployees contextRef="From2017-01-01to2017-12-31_custom_PostEmploymentHealthcareBenefitsMember_custom_MaleMember">19.55</SID:AverageLifeExpectancyOfEmployees>
    <SID:AverageLifeExpectancyOfEmployees contextRef="From2017-01-01to2017-12-31_custom_PostEmploymentHealthcareBenefitsMember_custom_FemaleMember">22.17</SID:AverageLifeExpectancyOfEmployees>
    <SID:AverageLifeExpectancyOfEmployees contextRef="From2016-01-01to2016-12-31_custom_PostEmploymentHealthcareBenefitsMember_custom_MaleMember">19.55</SID:AverageLifeExpectancyOfEmployees>
    <SID:AverageLifeExpectancyOfEmployees contextRef="From2016-01-01to2016-12-31_custom_PostEmploymentHealthcareBenefitsMember_custom_FemaleMember">22.17</SID:AverageLifeExpectancyOfEmployees>
    <SID:AverageLifeExpectancyOfEmployeesThatAreForty contextRef="From2017-01-01to2017-12-31_custom_BDPlanMember_custom_MaleMember" id="Foot-32-8">42.69</SID:AverageLifeExpectancyOfEmployeesThatAreForty>
    <SID:AverageLifeExpectancyOfEmployeesThatAreForty contextRef="From2017-01-01to2017-12-31_custom_BDPlanMember_custom_FemaleMember" id="Foot-32-9">46.29</SID:AverageLifeExpectancyOfEmployeesThatAreForty>
    <SID:AverageLifeExpectancyOfEmployeesThatAreForty contextRef="From2017-01-01to2017-12-31_custom_MilenioPlanMember_custom_MaleMember" id="Foot-32-10">41.59</SID:AverageLifeExpectancyOfEmployeesThatAreForty>
    <SID:AverageLifeExpectancyOfEmployeesThatAreForty contextRef="From2017-01-01to2017-12-31_custom_MilenioPlanMember_custom_FemaleMember" id="Foot-32-11">45.30</SID:AverageLifeExpectancyOfEmployeesThatAreForty>
    <SID:AverageLifeExpectancyOfEmployeesThatAreForty contextRef="From2016-01-01to2016-12-31_custom_BDPlanMember_custom_MaleMember" id="Foot-32-12">42.69</SID:AverageLifeExpectancyOfEmployeesThatAreForty>
    <SID:AverageLifeExpectancyOfEmployeesThatAreForty contextRef="From2016-01-01to2016-12-31_custom_BDPlanMember_custom_FemaleMember" id="Foot-32-13">46.29</SID:AverageLifeExpectancyOfEmployeesThatAreForty>
    <SID:AverageLifeExpectancyOfEmployeesThatAreForty contextRef="From2016-01-01to2016-12-31_custom_MilenioPlanMember_custom_MaleMember" id="Foot-32-14">41.59</SID:AverageLifeExpectancyOfEmployeesThatAreForty>
    <SID:AverageLifeExpectancyOfEmployeesThatAreForty contextRef="From2016-01-01to2016-12-31_custom_MilenioPlanMember_custom_FemaleMember" id="Foot-32-15">45.30</SID:AverageLifeExpectancyOfEmployeesThatAreForty>
    <SID:AverageLifeExpectancyOfEmployeesThatAreForty contextRef="From2017-01-01to2017-12-31_custom_PostEmploymentHealthcareBenefitsMember_custom_MaleMember">41.59</SID:AverageLifeExpectancyOfEmployeesThatAreForty>
    <SID:AverageLifeExpectancyOfEmployeesThatAreForty contextRef="From2017-01-01to2017-12-31_custom_PostEmploymentHealthcareBenefitsMember_custom_FemaleMember">45.30</SID:AverageLifeExpectancyOfEmployeesThatAreForty>
    <SID:AverageLifeExpectancyOfEmployeesThatAreForty contextRef="From2016-01-01to2016-12-31_custom_PostEmploymentHealthcareBenefitsMember_custom_MaleMember">41.59</SID:AverageLifeExpectancyOfEmployeesThatAreForty>
    <SID:AverageLifeExpectancyOfEmployeesThatAreForty contextRef="From2016-01-01to2016-12-31_custom_PostEmploymentHealthcareBenefitsMember_custom_FemaleMember">45.30</SID:AverageLifeExpectancyOfEmployeesThatAreForty>
    <SID:PlanAssetsPercentage contextRef="AsOf2017-12-31" unitRef="Pure" decimals="INF">1.0000</SID:PlanAssetsPercentage>
    <SID:PlanAssetsPercentage contextRef="AsOf2016-12-31" unitRef="Pure" decimals="INF">1.0000</SID:PlanAssetsPercentage>
    <SID:PlanAssetsPercentage contextRef="AsOf2017-12-31_custom_VariableIncomeMember" unitRef="Pure" decimals="INF">0.0154</SID:PlanAssetsPercentage>
    <SID:PlanAssetsPercentage contextRef="AsOf2017-12-31_custom_FixedIncomeMember" unitRef="Pure" decimals="INF">0.9336</SID:PlanAssetsPercentage>
    <SID:PlanAssetsPercentage contextRef="AsOf2017-12-31_custom_RealEstateAssetMember" unitRef="Pure" decimals="INF">0.0133</SID:PlanAssetsPercentage>
    <SID:PlanAssetsPercentage contextRef="AsOf2017-12-31_custom_OthersMember13673362" unitRef="Pure" decimals="INF">0.0377</SID:PlanAssetsPercentage>
    <SID:PlanAssetsPercentage contextRef="AsOf2016-12-31_custom_VariableIncomeMember" unitRef="Pure" decimals="INF">0.0197</SID:PlanAssetsPercentage>
    <SID:PlanAssetsPercentage contextRef="AsOf2016-12-31_custom_FixedIncomeMember" unitRef="Pure" decimals="INF">0.9288</SID:PlanAssetsPercentage>
    <SID:PlanAssetsPercentage contextRef="AsOf2016-12-31_custom_RealEstateAssetMember" unitRef="Pure" decimals="INF">0.0133</SID:PlanAssetsPercentage>
    <SID:PlanAssetsPercentage contextRef="AsOf2016-12-31_custom_OthersMember13673425" unitRef="Pure" decimals="INF">0.0382</SID:PlanAssetsPercentage>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_PlanCoveringThrityFivePercentOfTheAverageSalary1Member_ifrs-full_ActuarialAssumptionOfDiscountRatesMember" unitRef="Pure" decimals="INF">0.005</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_PlanCoveringThrityFivePercentOfTheAverageSalary2Member_ifrs-full_ActuarialAssumptionOfDiscountRatesMember" unitRef="Pure" decimals="INF">-0.005</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_PlanCoveringThrityFivePercentOfTheAverageSalary1Member_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" unitRef="Pure" decimals="INF">0.005</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_PlanCoveringThrityFivePercentOfTheAverageSalary2Member_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" unitRef="Pure" decimals="INF">-0.005</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_PlanCoveringThrityFivePercentOfTheAverageSalary1Member_custom_ActuarialAssumptionOfMortalityMember" unitRef="Pure" decimals="INF">0.005</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_PlanCoveringThrityFivePercentOfTheAverageSalary2Member_custom_ActuarialAssumptionOfMortalityMember" unitRef="Pure" decimals="INF">-0.005</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_PlanCoveringThrityFivePercentOfTheAverageSalary1Member_ifrs-full_OtherMaterialActuarialAssumptionsMember" unitRef="Pure" decimals="INF">0.010</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_PlanCoveringThrityFivePercentOfTheAverageSalary2Member_ifrs-full_OtherMaterialActuarialAssumptionsMember" unitRef="Pure" decimals="INF">-0.010</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_AverageSalarySupplementationPlan1Member_ifrs-full_ActuarialAssumptionOfDiscountRatesMember" unitRef="Pure" decimals="INF">0.005</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_AverageSalarySupplementationPlan2Member_ifrs-full_ActuarialAssumptionOfDiscountRatesMember" unitRef="Pure" decimals="INF">-0.005</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_AverageSalarySupplementationPlan1Member_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" unitRef="Pure" decimals="INF">0.005</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_AverageSalarySupplementationPlan2Member_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" unitRef="Pure" decimals="INF">-0.005</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_AverageSalarySupplementationPlan1Member_custom_ActuarialAssumptionOfMortalityMember" unitRef="Pure" decimals="INF">0.005</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_AverageSalarySupplementationPlan2Member_custom_ActuarialAssumptionOfMortalityMember" unitRef="Pure" decimals="INF">-0.005</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_AverageSalarySupplementationPlan1Member_ifrs-full_OtherMaterialActuarialAssumptionsMember" unitRef="Pure" decimals="INF">0.010</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_AverageSalarySupplementationPlan2Member_ifrs-full_OtherMaterialActuarialAssumptionsMember" unitRef="Pure" decimals="INF">-0.010</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_MixedSupplementaryBenefitPlan1Member_ifrs-full_ActuarialAssumptionOfDiscountRatesMember" unitRef="Pure" decimals="INF">0.005</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_MixedSupplementaryBenefitPlan2Member_ifrs-full_ActuarialAssumptionOfDiscountRatesMember" unitRef="Pure" decimals="INF">-0.005</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_MixedSupplementaryBenefitPlan1Member_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" unitRef="Pure" decimals="INF">0.005</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_MixedSupplementaryBenefitPlan2Member_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" unitRef="Pure" decimals="INF">-0.005</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_MixedSupplementaryBenefitPlan1Member_custom_ActuarialAssumptionOfMortalityMember" unitRef="Pure" decimals="INF">0.005</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_MixedSupplementaryBenefitPlan2Member_custom_ActuarialAssumptionOfMortalityMember" unitRef="Pure" decimals="INF">-0.005</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_MixedSupplementaryBenefitPlan1Member_ifrs-full_OtherMaterialActuarialAssumptionsMember" unitRef="Pure" decimals="INF">0.010</SID:SensitivityLevel>
    <SID:SensitivityLevel contextRef="From2017-01-01to2017-12-31_custom_MixedSupplementaryBenefitPlan2Member_ifrs-full_OtherMaterialActuarialAssumptionsMember" unitRef="Pure" decimals="INF">-0.010</SID:SensitivityLevel>
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    <ifrs-full:DescriptionOfTypeOfHedge contextRef="From2017-01-01to2017-12-31_custom_HedgedItems4Member">Part of the highly probable future monthly iron ore exports</ifrs-full:DescriptionOfTypeOfHedge>
    <ifrs-full:DescriptionOfTypeOfHedge contextRef="From2017-01-01to2017-12-31_custom_HedgedItems5Member">Part of the highly probable future monthly iron ore exports</ifrs-full:DescriptionOfTypeOfHedge>
    <ifrs-full:DescriptionOfTypeOfHedge contextRef="From2017-01-01to2017-12-31_custom_HedgedItems6Member">Part of the highly probable future monthly iron ore exports</ifrs-full:DescriptionOfTypeOfHedge>
    <ifrs-full:DescriptionOfTypeOfHedge contextRef="From2017-01-01to2017-12-31_custom_HedgedItems7Member">Part of the highly probable future monthly iron ore exports</ifrs-full:DescriptionOfTypeOfHedge>
    <ifrs-full:DescriptionOfTypeOfHedge contextRef="From2017-01-01to2017-12-31_custom_HedgedItems8Member">Part of the highly probable future monthly iron ore exports</ifrs-full:DescriptionOfTypeOfHedge>
    <ifrs-full:DescriptionOfTypeOfHedge contextRef="From2017-01-01to2017-12-31_custom_HedgedItems9Member">Part of the highly probable future monthly iron ore exports</ifrs-full:DescriptionOfTypeOfHedge>
    <ifrs-full:DescriptionOfTypeOfHedge contextRef="From2017-01-01to2017-12-31_custom_HedgedItems10Member">Part of the highly probable future monthly iron ore exports</ifrs-full:DescriptionOfTypeOfHedge>
    <ifrs-full:DescriptionOfTypeOfHedge contextRef="From2017-01-01to2017-12-31_custom_HedgedItems11Member">Part of the highly probable future monthly iron ore exports</ifrs-full:DescriptionOfTypeOfHedge>
    <ifrs-full:DescriptionOfTypeOfHedge contextRef="From2017-01-01to2017-12-31_custom_HedgedItems12Member">Part of the highly probable future monthly iron ore exports</ifrs-full:DescriptionOfTypeOfHedge>
    <ifrs-full:DescriptionOfTypeOfHedge contextRef="From2017-01-01to2017-12-31_custom_HedgedItems13Member">Part of the highly probable future monthly iron ore exports</ifrs-full:DescriptionOfTypeOfHedge>
    <ifrs-full:DescriptionOfTypeOfHedge contextRef="From2017-01-01to2017-12-31_custom_ForeignSubsidiariesMember">Investments in subsidiaries which EUR is the functional currency</ifrs-full:DescriptionOfTypeOfHedge>
    <ifrs-full:DescriptionOfNatureOfRisksBeingHedged contextRef="From2017-01-01to2017-12-31_custom_HedgedItems1Member">Foreign exchange- R$ vs. US$ spot rate</ifrs-full:DescriptionOfNatureOfRisksBeingHedged>
    <ifrs-full:DescriptionOfNatureOfRisksBeingHedged contextRef="From2017-01-01to2017-12-31_custom_HedgedItems2Member">Foreign exchange - R$ vs. US$ spot rate</ifrs-full:DescriptionOfNatureOfRisksBeingHedged>
    <ifrs-full:DescriptionOfNatureOfRisksBeingHedged contextRef="From2017-01-01to2017-12-31_custom_HedgedItems3Member">Foreign exchange - R$ vs. US$ spot rate</ifrs-full:DescriptionOfNatureOfRisksBeingHedged>
    <ifrs-full:DescriptionOfNatureOfRisksBeingHedged contextRef="From2017-01-01to2017-12-31_custom_HedgedItems4Member">Foreign exchange - R$ vs. US$ spot rate</ifrs-full:DescriptionOfNatureOfRisksBeingHedged>
    <ifrs-full:DescriptionOfNatureOfRisksBeingHedged contextRef="From2017-01-01to2017-12-31_custom_HedgedItems5Member">Foreign exchange - R$ vs. US$ spot rate</ifrs-full:DescriptionOfNatureOfRisksBeingHedged>
    <ifrs-full:DescriptionOfNatureOfRisksBeingHedged contextRef="From2017-01-01to2017-12-31_custom_HedgedItems6Member">Foreign exchange - R$ vs. US$ spot rate</ifrs-full:DescriptionOfNatureOfRisksBeingHedged>
    <ifrs-full:DescriptionOfNatureOfRisksBeingHedged contextRef="From2017-01-01to2017-12-31_custom_HedgedItems7Member">Foreign exchange - R$ vs. US$ spot rate</ifrs-full:DescriptionOfNatureOfRisksBeingHedged>
    <ifrs-full:DescriptionOfNatureOfRisksBeingHedged contextRef="From2017-01-01to2017-12-31_custom_HedgedItems8Member">Foreign exchange - R$ vs. US$ spot rate</ifrs-full:DescriptionOfNatureOfRisksBeingHedged>
    <ifrs-full:DescriptionOfNatureOfRisksBeingHedged contextRef="From2017-01-01to2017-12-31_custom_HedgedItems9Member">Foreign exchange - R$ vs. US$ spot rate</ifrs-full:DescriptionOfNatureOfRisksBeingHedged>
    <ifrs-full:DescriptionOfNatureOfRisksBeingHedged contextRef="From2017-01-01to2017-12-31_custom_HedgedItems10Member">Foreign exchange - R$ vs. US$ spot rate</ifrs-full:DescriptionOfNatureOfRisksBeingHedged>
    <ifrs-full:DescriptionOfNatureOfRisksBeingHedged contextRef="From2017-01-01to2017-12-31_custom_HedgedItems11Member">Foreign exchange - R$ vs. US$ spot rate</ifrs-full:DescriptionOfNatureOfRisksBeingHedged>
    <ifrs-full:DescriptionOfNatureOfRisksBeingHedged contextRef="From2017-01-01to2017-12-31_custom_HedgedItems12Member">Foreign exchange - R$ vs. US$ spot rate</ifrs-full:DescriptionOfNatureOfRisksBeingHedged>
    <ifrs-full:DescriptionOfNatureOfRisksBeingHedged contextRef="From2017-01-01to2017-12-31_custom_HedgedItems13Member">Foreign exchange - R$ vs. US$ spot rate</ifrs-full:DescriptionOfNatureOfRisksBeingHedged>
    <ifrs-full:DescriptionOfNatureOfRisksBeingHedged contextRef="From2017-01-01to2017-12-31_custom_ForeignSubsidiariesMember">Foreign exchange - R$ vs. EUR spot rate</ifrs-full:DescriptionOfNatureOfRisksBeingHedged>
    <ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur contextRef="From2017-01-01to2017-12-31_custom_HedgedItems1Member">October 2016 - September 2019</ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur>
    <ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur contextRef="From2017-01-01to2017-12-31_custom_HedgedItems2Member">October 2015 - February 2019</ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur>
    <ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur contextRef="From2017-01-01to2017-12-31_custom_HedgedItems3Member">May 2020</ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur>
    <ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur contextRef="From2017-01-01to2017-12-31_custom_HedgedItems4Member">July 2019 - March 2021</ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur>
    <ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur contextRef="From2017-01-01to2017-12-31_custom_HedgedItems5Member">July 2019 - March 2021</ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur>
    <ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur contextRef="From2017-01-01to2017-12-31_custom_HedgedItems6Member">October 2018 - October 2022</ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur>
    <ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur contextRef="From2017-01-01to2017-12-31_custom_HedgedItems7Member">October 2018 - October 2022</ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur>
    <ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur contextRef="From2017-01-01to2017-12-31_custom_HedgedItems8Member">October 2018 - October 2022</ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur>
    <ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur contextRef="From2017-01-01to2017-12-31_custom_HedgedItems9Member">October 2018 - October 2022</ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur>
    <ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur contextRef="From2017-01-01to2017-12-31_custom_HedgedItems10Member">October 2018 - October 2022</ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur>
    <ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur contextRef="From2017-01-01to2017-12-31_custom_HedgedItems11Member">October 2018 - October 2022</ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur>
    <ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur contextRef="From2017-01-01to2017-12-31_custom_HedgedItems12Member" id="Foot-41-0">-</ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur>
    <ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur contextRef="From2017-01-01to2017-12-31_custom_HedgedItems13Member">October 2018 - October 2022</ifrs-full:DescriptionOfPeriodsWhenCashFlowsExpectedToOccur>
    <ifrs-full:HedgedItemAssets contextRef="AsOf2017-12-31" unitRef="usd_USD" decimals="-3">1566000000</ifrs-full:HedgedItemAssets>
    <ifrs-full:HedgedItemAssets contextRef="AsOf2017-12-31_custom_HedgedItems1Member" unitRef="usd_USD" decimals="-3">500000000</ifrs-full:HedgedItemAssets>
    <ifrs-full:HedgedItemAssets contextRef="AsOf2017-12-31_custom_HedgedItems2Member" unitRef="usd_USD" decimals="-3">175000000</ifrs-full:HedgedItemAssets>
    <ifrs-full:HedgedItemAssets contextRef="AsOf2017-12-31_custom_HedgedItems3Member" unitRef="usd_USD" decimals="-3">100000000</ifrs-full:HedgedItemAssets>
    <ifrs-full:HedgedItemAssets contextRef="AsOf2017-12-31_custom_HedgedItems4Member" unitRef="usd_USD" decimals="-3">60000000</ifrs-full:HedgedItemAssets>
    <ifrs-full:HedgedItemAssets contextRef="AsOf2017-12-31_custom_HedgedItems5Member" unitRef="usd_USD" decimals="-3">100000000</ifrs-full:HedgedItemAssets>
    <ifrs-full:HedgedItemAssets contextRef="AsOf2017-12-31_custom_HedgedItems6Member" unitRef="usd_USD" decimals="-3">30000000</ifrs-full:HedgedItemAssets>
    <ifrs-full:HedgedItemAssets contextRef="AsOf2017-12-31_custom_HedgedItems7Member" unitRef="usd_USD" decimals="-3">100000000</ifrs-full:HedgedItemAssets>
    <ifrs-full:HedgedItemAssets contextRef="AsOf2017-12-31_custom_HedgedItems8Member" unitRef="usd_USD" decimals="-3">25000000</ifrs-full:HedgedItemAssets>
    <ifrs-full:HedgedItemAssets contextRef="AsOf2017-12-31_custom_HedgedItems9Member" unitRef="usd_USD" decimals="-3">70000000</ifrs-full:HedgedItemAssets>
    <ifrs-full:HedgedItemAssets contextRef="AsOf2017-12-31_custom_HedgedItems10Member" unitRef="usd_USD" decimals="-3">30000000</ifrs-full:HedgedItemAssets>
    <ifrs-full:HedgedItemAssets contextRef="AsOf2017-12-31_custom_HedgedItems11Member" unitRef="usd_USD" decimals="-3">30000000</ifrs-full:HedgedItemAssets>
    <ifrs-full:HedgedItemAssets contextRef="AsOf2017-12-31_custom_HedgedItems12Member" unitRef="usd_USD" decimals="-3">-9000000</ifrs-full:HedgedItemAssets>
    <ifrs-full:HedgedItemAssets contextRef="AsOf2017-12-31_custom_HedgedItems13Member" unitRef="usd_USD" decimals="-3">355000000</ifrs-full:HedgedItemAssets>
    <ifrs-full:HedgedItemAssets contextRef="AsOf2017-12-31_custom_ForeignSubsidiariesMember" unitRef="USD_EUR" decimals="-3">120000000</ifrs-full:HedgedItemAssets>
    <SID:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization contextRef="AsOf2017-12-31" unitRef="usd_USD" decimals="-3">-248333000</SID:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization>
    <SID:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization contextRef="AsOf2017-12-31_custom_HedgedItems1Member" unitRef="usd_USD" decimals="-3">-133334000</SID:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization>
    <SID:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization contextRef="AsOf2017-12-31_custom_HedgedItems2Member" unitRef="usd_USD" decimals="-3">-114999000</SID:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization>
    <SID:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization contextRef="AsOf2017-12-31_custom_HedgedItems3Member" unitRef="usd_USD" xsi:nil="true" />
    <SID:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization contextRef="AsOf2017-12-31_custom_HedgedItems4Member" unitRef="usd_USD" xsi:nil="true" />
    <SID:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization contextRef="AsOf2017-12-31_custom_HedgedItems5Member" unitRef="usd_USD" xsi:nil="true" />
    <SID:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization contextRef="AsOf2017-12-31_custom_HedgedItems6Member" unitRef="usd_USD" xsi:nil="true" />
    <SID:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization contextRef="AsOf2017-12-31_custom_HedgedItems7Member" unitRef="usd_USD" xsi:nil="true" />
    <SID:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization contextRef="AsOf2017-12-31_custom_HedgedItems8Member" unitRef="usd_USD" xsi:nil="true" />
    <SID:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization contextRef="AsOf2017-12-31_custom_HedgedItems9Member" unitRef="usd_USD" xsi:nil="true" />
    <SID:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization contextRef="AsOf2017-12-31_custom_HedgedItems10Member" unitRef="usd_USD" xsi:nil="true" />
    <SID:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization contextRef="AsOf2017-12-31_custom_HedgedItems11Member" unitRef="usd_USD" xsi:nil="true" />
    <SID:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization contextRef="AsOf2017-12-31_custom_HedgedItems12Member" unitRef="usd_USD" xsi:nil="true" />
    <SID:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization contextRef="AsOf2017-12-31_custom_HedgedItems13Member" unitRef="usd_USD" xsi:nil="true" />
    <SID:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization contextRef="AsOf2017-12-31_custom_ForeignSubsidiariesMember" unitRef="usd_USD" decimals="-3">-48000000</SID:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization>
    <SID:EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments contextRef="From2017-01-01to2017-12-31" unitRef="USD_BRL" id="Foot-42-0" decimals="-3">92140000</SID:EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments>
    <SID:EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments contextRef="From2017-01-01to2017-12-31_custom_HedgedItems1Member" unitRef="USD_BRL" id="Foot-42-1" decimals="-3">53203000</SID:EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments>
    <SID:EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments contextRef="From2017-01-01to2017-12-31_custom_HedgedItems2Member" unitRef="USD_BRL" id="Foot-42-2" decimals="-3">38937000</SID:EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments>
    <SID:EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments contextRef="From2017-01-01to2017-12-31_custom_HedgedItems3Member" unitRef="USD_BRL" id="Foot-42-3" xsi:nil="true" />
    <SID:EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments contextRef="From2017-01-01to2017-12-31_custom_HedgedItems4Member" unitRef="USD_BRL" id="Foot-42-4" xsi:nil="true" />
    <SID:EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments contextRef="From2017-01-01to2017-12-31_custom_HedgedItems5Member" unitRef="USD_BRL" id="Foot-42-5" xsi:nil="true" />
    <SID:EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments contextRef="From2017-01-01to2017-12-31_custom_HedgedItems6Member" unitRef="USD_BRL" id="Foot-42-6" xsi:nil="true" />
    <SID:EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments contextRef="From2017-01-01to2017-12-31_custom_HedgedItems7Member" unitRef="USD_BRL" id="Foot-42-7" xsi:nil="true" />
    <SID:EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments contextRef="From2017-01-01to2017-12-31_custom_HedgedItems8Member" unitRef="USD_BRL" id="Foot-42-8" xsi:nil="true" />
    <SID:EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments contextRef="From2017-01-01to2017-12-31_custom_HedgedItems9Member" unitRef="USD_BRL" id="Foot-42-9" xsi:nil="true" />
    <SID:EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments contextRef="From2017-01-01to2017-12-31_custom_HedgedItems10Member" unitRef="USD_BRL" id="Foot-42-10" xsi:nil="true" />
    <SID:EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments contextRef="From2017-01-01to2017-12-31_custom_HedgedItems11Member" unitRef="USD_BRL" id="Foot-42-11" xsi:nil="true" />
    <SID:EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments contextRef="From2017-01-01to2017-12-31_custom_HedgedItems12Member" unitRef="USD_BRL" id="Foot-42-12" xsi:nil="true" />
    <SID:EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments contextRef="From2017-01-01to2017-12-31_custom_HedgedItems13Member" unitRef="USD_BRL" id="Foot-42-13" xsi:nil="true" />
    <ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk contextRef="From2017-01-01to2017-12-31" unitRef="USD_BRL" decimals="-3">-395524000</ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk>
    <ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk contextRef="From2017-01-01to2017-12-31_custom_HedgedItems1Member" unitRef="USD_BRL" decimals="-3">-316726000</ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk>
    <ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk contextRef="From2017-01-01to2017-12-31_custom_HedgedItems2Member" unitRef="USD_BRL" decimals="-3">-44880000</ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk>
    <ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk contextRef="From2017-01-01to2017-12-31_custom_HedgedItems3Member" unitRef="USD_BRL" decimals="-3">-62990000</ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk>
    <ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk contextRef="From2017-01-01to2017-12-31_custom_HedgedItems4Member" unitRef="USD_BRL" decimals="-3">-7602000</ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk>
    <ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk contextRef="From2017-01-01to2017-12-31_custom_HedgedItems5Member" unitRef="USD_BRL" decimals="-3">-2300000</ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk>
    <ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk contextRef="From2017-01-01to2017-12-31_custom_HedgedItems6Member" unitRef="USD_BRL" decimals="-3">-690000</ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk>
    <ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk contextRef="From2017-01-01to2017-12-31_custom_HedgedItems7Member" unitRef="USD_BRL" decimals="-3">1740000</ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk>
    <ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk contextRef="From2017-01-01to2017-12-31_custom_HedgedItems8Member" unitRef="USD_BRL" decimals="-3">1193000</ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk>
    <ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk contextRef="From2017-01-01to2017-12-31_custom_HedgedItems9Member" unitRef="USD_BRL" decimals="-3">3339000</ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk>
    <ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk contextRef="From2017-01-01to2017-12-31_custom_HedgedItems10Member" unitRef="USD_BRL" decimals="-3">1431000</ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk>
    <ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk contextRef="From2017-01-01to2017-12-31_custom_HedgedItems11Member" unitRef="USD_BRL" decimals="-3">2205000</ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk>
    <ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk contextRef="From2017-01-01to2017-12-31_custom_HedgedItems12Member" unitRef="USD_BRL" decimals="-3">-774000</ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk>
    <ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk contextRef="From2017-01-01to2017-12-31_custom_HedgedItems13Member" unitRef="USD_BRL" decimals="-3">30530000</ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk>
    <ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk contextRef="From2017-01-01to2017-12-31_custom_ForeignSubsidiariesMember" unitRef="USD_BRL" decimals="-3">-17911000</ifrs-full:GainsLossesOnHedgedItemAttributableToHedgedRisk>
    <ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue contextRef="AsOf2017-12-31" unitRef="USD_BRL" decimals="-3">395524000</ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue>
    <ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue contextRef="AsOf2016-12-31" unitRef="USD_BRL" decimals="-3">436677000</ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue>
    <ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue contextRef="AsOf2015-12-31" unitRef="USD_BRL" decimals="-3">1520089000</ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue>
    <ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue contextRef="AsOf2016-12-31_ifrs-full_CashFlowHedgesMember" unitRef="USD_BRL" decimals="-3">436677000</ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue>
    <ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue contextRef="AsOf2017-12-31_ifrs-full_CashFlowHedgesMember" unitRef="USD_BRL" decimals="-3">395524000</ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue>
    <ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue contextRef="AsOf2015-12-31_ifrs-full_CashFlowHedgesMember" unitRef="USD_BRL" decimals="-3">1520089000</ifrs-full:FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue>
    <SID:FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue contextRef="AsOf2017-12-31_custom_ForeignSubsidiariesMember" unitRef="USD_BRL" decimals="-3">-17911000</SID:FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue>
    <SID:FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue contextRef="AsOf2016-12-31_custom_ForeignSubsidiariesMember_custom_NetInvestmentHedgeAccountingMember" unitRef="USD_BRL" decimals="-3">-57804000</SID:FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue>
    <SID:FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue contextRef="AsOf2017-12-31_custom_ForeignSubsidiariesMember_custom_NetInvestmentHedgeAccountingMember" unitRef="USD_BRL" decimals="-3">-17911000</SID:FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue>
    <SID:FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue contextRef="AsOf2016-12-31_custom_ForeignSubsidiariesMember" unitRef="USD_BRL" decimals="-3">-57804000</SID:FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue>
    <SID:FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue contextRef="AsOf2015-12-31_custom_ForeignSubsidiariesMember_custom_NetInvestmentHedgeAccountingMember" unitRef="USD_BRL" decimals="-3">20148000</SID:FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue>
    <SID:FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue contextRef="AsOf2015-12-31_custom_ForeignSubsidiariesMember" unitRef="USD_BRL" decimals="-3">20148000</SID:FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue>
    <SID:SensitivityAnalysisInterestRate contextRef="AsOf2017-12-31_custom_CDIMember" unitRef="Pure" decimals="INF">0.0689</SID:SensitivityAnalysisInterestRate>
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    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries17Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">0.8752</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries18Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">0.8752</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries19Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries20Member_custom_FullConsolidationMember" unitRef="Pure" id="Foot-12-4" decimals="INF">0.9994</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_Subsidiaries21Member_custom_FullConsolidationMember" unitRef="Pure" id="Foot-12-5" decimals="INF">0.8752</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries1Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries2Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries3Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries4Member_custom_FullConsolidationMember" unitRef="Pure" id="Foot-06-12" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries5Member_custom_FullConsolidationMember" unitRef="Pure" id="Foot-06-13" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries6Member_custom_FullConsolidationMember" unitRef="Pure" id="Foot-06-14" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries7Member_custom_FullConsolidationMember" unitRef="Pure" id="Foot-06-15" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries8Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries9Member_custom_FullConsolidationMember" unitRef="Pure" id="Foot-07-9" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries10Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries11Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries12Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries13Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries14Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries15Member_custom_FullConsolidationMember" unitRef="Pure" id="Foot-07-10" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries16Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">0.8752</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries17Member_custom_FullConsolidationMember" unitRef="Pure" id="Foot-08-6" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries18Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">0.9078</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries19Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_Subsidiaries20Member_custom_FullConsolidationMember" unitRef="Pure" id="Foot-09-3" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_IndirectMember_custom_Subsidiaries1Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_IndirectMember_custom_Subsidiaries2Member_custom_FullConsolidationMember" unitRef="Pure" id="Foot-10-6" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_IndirectMember_custom_Subsidiaries3Member_custom_FullConsolidationMember" unitRef="Pure" id="Foot-10-7" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_IndirectMember_custom_Subsidiaries4Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">0.9994</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_IndirectMember_custom_Subsidiaries5Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_IndirectMember_custom_Subsidiaries6Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_IndirectMember_custom_Subsidiaries7Member_custom_FullConsolidationMember" unitRef="Pure" id="Foot-08-7" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_IndirectMember_custom_Subsidiaries8Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">0.9967</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_IndirectMember_custom_Subsidiaries9Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">0.9967</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_IndirectMember_custom_Subsidiaries10Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_IndirectMember_custom_Subsidiaries11Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_IndirectMember_custom_Subsidiaries12Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_IndirectMember_custom_Subsidiaries13Member_custom_FullConsolidationMember" unitRef="Pure" id="Foot-07-11" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_IndirectMember_custom_Subsidiaries14Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_IndirectMember_custom_Subsidiaries15Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_IndirectMember_custom_Subsidiaries16Member_custom_FullConsolidationMember" unitRef="Pure" id="Foot-11-3" decimals="INF">0.8752</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_IndirectMember_custom_Subsidiaries17Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">0.8752</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_IndirectMember_custom_Subsidiaries18Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">0.8752</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_IndirectMember_custom_Subsidiaries19Member_custom_FullConsolidationMember" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_Subsidiaries1Member" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_Subsidiaries3Member" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_Subsidiaries4Member" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_Subsidiaries9Member" unitRef="Pure" id="Foot-03-27" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_Subsidiaries10Member" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_Subsidiaries11Member" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_Subsidiaries13Member" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_Subsidiaries14Member" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_Subsidiaries15Member" unitRef="Pure" decimals="INF">0.8752</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_Subsidiaries16Member" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_Subsidiaries17Member" unitRef="Pure" decimals="INF">0.9078</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_Subsidiaries18Member" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_Subsidiaries19Member" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_JointVenturesJointOperation1Member" unitRef="Pure" decimals="INF">0.4875</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_JointVenturesJointOperation2Member" unitRef="Pure" decimals="INF">0.1864</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_JointVenturesJointOperation3Member" unitRef="Pure" decimals="INF">0.5000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_JointVenturesJointOperation4Member" unitRef="Pure" decimals="INF">0.4628</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2017-01-01to2017-12-31_custom_Associates1Member" unitRef="Pure" decimals="INF">0.2000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_Subsidiaries1Member" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_Subsidiaries3Member" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_Subsidiaries4Member" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_Subsidiaries5Member" unitRef="Pure" id="Foot-03-28" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_Subsidiaries6Member" unitRef="Pure" id="Foot-03-29" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_Subsidiaries7Member" unitRef="Pure" id="Foot-03-30" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_Subsidiaries8Member" unitRef="Pure" id="Foot-03-31" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_Subsidiaries9Member" unitRef="Pure" id="Foot-03-32" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_Subsidiaries10Member" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_Subsidiaries11Member" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_Subsidiaries13Member" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_Subsidiaries14Member" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_Subsidiaries15Member" unitRef="Pure" decimals="INF">0.8752</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_Subsidiaries16Member" unitRef="Pure" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_Subsidiaries17Member" unitRef="Pure" decimals="INF">0.9078</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_Subsidiaries18Member" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_Subsidiaries19Member" unitRef="Pure" decimals="INF">0.9999</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:ProportionOfOwnershipInterestInSubsidiary contextRef="From2016-01-01to2016-12-31_custom_Subsidiaries20Member" unitRef="Pure" id="Foot-04-5" decimals="INF">1.0000</ifrs-full:ProportionOfOwnershipInterestInSubsidiary>
    <ifrs-full:NameOfJointOperation contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_JointOperations1Member_custom_ProportionateAndConsolidationMember">It&#225; Energ&#233;tica S.A.</ifrs-full:NameOfJointOperation>
    <ifrs-full:NameOfJointOperation contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_JointOperations2Member_custom_ProportionateAndConsolidationMember">Cons&#243;rcio da Usina Hidrel&#233;trica de Igarapava</ifrs-full:NameOfJointOperation>
    <ifrs-full:ProportionOfOwnershipInterestInJointOperation contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_JointOperations1Member_custom_ProportionateAndConsolidationMember" unitRef="Pure" decimals="INF">0.4875</ifrs-full:ProportionOfOwnershipInterestInJointOperation>
    <ifrs-full:ProportionOfOwnershipInterestInJointOperation contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_JointOperations2Member_custom_ProportionateAndConsolidationMember" unitRef="Pure" decimals="INF">0.1792</ifrs-full:ProportionOfOwnershipInterestInJointOperation>
    <ifrs-full:ProportionOfOwnershipInterestInJointOperation contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_JointOperations1Member_custom_ProportionateAndConsolidationMember" unitRef="Pure" decimals="INF">0.4875</ifrs-full:ProportionOfOwnershipInterestInJointOperation>
    <ifrs-full:ProportionOfOwnershipInterestInJointOperation contextRef="From2016-01-01to2016-12-31_custom_DirectMember_custom_JointOperations2Member_custom_ProportionateAndConsolidationMember" unitRef="Pure" decimals="INF">0.1792</ifrs-full:ProportionOfOwnershipInterestInJointOperation>
    <ifrs-full:NameOfJointVenture contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_JointVentures1Member_custom_EquityMethodMember">MRS Logistica S.A.</ifrs-full:NameOfJointVenture>
    <ifrs-full:NameOfJointVenture contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_JointVentures2Member_custom_EquityMethodMember">Aceros Del Orinoco S.A.</ifrs-full:NameOfJointVenture>
    <ifrs-full:NameOfJointVenture contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_JointVentures3Member_custom_EquityMethodMember">CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura</ifrs-full:NameOfJointVenture>
    <ifrs-full:NameOfJointVenture contextRef="From2017-01-01to2017-12-31_custom_DirectMember_custom_JointVentures4Member_custom_EquityMethodMember">Transnordestina Log&#237;stica S.A. </ifrs-full:NameOfJointVenture>
    <ifrs-full:NameOfJointVenture contextRef="From2017-01-01to2017-12-31_custom_IndirectMember_custom_JointVentures1Member_custom_EquityMethodMember">MRS Logistica S.A.</ifrs-full:NameOfJointVenture>
    <ifrs-full:NameOfJointVenture contextRef="From2017-01-01to2017-12-31_custom_JointVenturesJointOperation1Member">It&#225; Energ&#233;tica S.A.</ifrs-full:NameOfJointVenture>
    <ifrs-full:NameOfJointVenture contextRef="From2017-01-01to2017-12-31_custom_JointVenturesJointOperation2Member">MRS Log&#237;stica S.A.</ifrs-full:NameOfJointVenture>
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    <SID:DisclosureOfIndependentInvestigationConstructionOfLongSteelPlantExplanatory contextRef="From2017-01-01to2017-12-31">&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;30.&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;INDEPENDENT&#13;                                         INVESTIGATION &amp;#8211; CONSTRUCTION OF THE LONG STEEL PLANT&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Considering&#13;the information from a Company&amp;#8217;s executive published in the press in April 2017, based on testimonials to the Court, the&#13;Audit Committee decided to engage a specialized forensic service to conduct an external independent investigation of the contractual&#13;relationship related to the construction of CSN&amp;#8217;s Long Steel Plant (contract on which there would have been alleged undue&#13;payments, in the form of bonus, in order to reimburse payments made to political parties), as well as to analyze the extent of&#13;the business relationships between the contracting parties. The conclusion of the investigation is that nothing from the testimonials&#13;referred to above was confirmed, and there are no contingencies deriving from the issues investigated. Consequently, the Company&#13;understands that there is no basis to justify the recording of any provision for losses or the disclosure of contingency. In October&#13;2017, following what was determined by the Federal Supreme Court in Brazil, the Federal Police Department initiated an investigation&#13;to clear the facts mentioned in the given testimony. Until this date, nothing was confirmed by the investigation.&lt;/font&gt;&lt;/p&gt;</SID:DisclosureOfIndependentInvestigationConstructionOfLongSteelPlantExplanatory>
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   &lt;td nowrap="nowrap" style="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 2%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;CDB&#13;    - Bank Certificate of Deposit (1)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;716,218&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;658,476&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Government&#13;    securities (2)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;19,494&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;101,915&#13;    &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;735,712&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;760,391&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Financial&#13;                                         investments linked to Bank Certificates of Deposit (CDBs), to be used as a collateral&#13;                                         to a guarantee letter, of certain loans.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0"&gt;&lt;/td&gt;&lt;td style="width: 18pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Financial&#13;                                         investments in Public Securities (Financial Treasury Bills) managed by its exclusive&#13;                                         funds. In 2016, in addition to the Financial Treasury Bills, the Company had a financial&#13;                                         investment in Public Securities managed by its exclusive funds which were used as collateral&#13;                                         for future CDI rate&amp;#8217;s contracts in the period as detailed in note 12 (b). These&#13;                                         investments were settled in October 2017.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</SID:DetailInformationOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory>
    <SID:DisclosureOfInventoriesIncomeTaxAndSocialContributionRecognizedInShareholdersEquityExplanatory contextRef="From2017-01-01to2017-12-31">&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;income tax and social contribution recognized directly in shareholders' equity are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" colspan="3" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="width: 77%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Income&#13;    tax and social contribution&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    gains on defined benefit pension plan&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;171,473&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;30,234&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Estimated&#13;    losses for deferred income and social contribution tax credits - actuarial gains &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(175,649)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(33,400)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Changes&#13;    in the fair value on available-for-sale financial assets &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(525,107)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(33,796)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Actuarial&#13;    gains and assets available for sale by incorporation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;525,107&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;33,796&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Exchange&#13;    differences on translating foreign operations &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(369,017)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(425,510)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Cash&#13;    flow hedge accounting&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;134,478&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;109,813&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Estimated&#13;    losses for deferred income and social contribution&amp;#160;&amp;#160;tax credits - cash flow hedge&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(134,478)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(109,813)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(373,193)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;(428,676)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:DisclosureOfInventoriesIncomeTaxAndSocialContributionRecognizedInShareholdersEquityExplanatory>
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   &lt;td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="width: 24%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Consolidated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2017&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;12/31/2016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Production&#13;    costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,376,862&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,241,425&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Sales&#13;    expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;8,851&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9,163&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;General&#13;    and Administrative Expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;23,052&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;28,228&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,408,765&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,278,816&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other&#13;    operating expenses (*)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;44,570&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;43,681&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,453,335&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;1,322,497&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 9pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(*) Refers mainly to the amortization&#13;of intangible assets, see note 23.&lt;/font&gt;&lt;/p&gt;</SID:DisclosureOfDepreciationAmortizationAndDepletionExplanatory>
    <SID:MonetaryAdjustmentRelatedToEletrobrssCompulsoryLoan contextRef="From2017-01-01to2017-12-31" unitRef="USD_BRL" decimals="-3">-755151000</SID:MonetaryAdjustmentRelatedToEletrobrssCompulsoryLoan>
    <SID:MonetaryAdjustmentRelatedToEletrobrssCompulsoryLoan contextRef="From2016-01-01to2016-12-31" unitRef="USD_BRL" decimals="-3">0</SID:MonetaryAdjustmentRelatedToEletrobrssCompulsoryLoan>
    <SID:MonetaryAdjustmentRelatedToEletrobrssCompulsoryLoan contextRef="From2015-01-01to2015-12-31" unitRef="USD_BRL" decimals="-3">0</SID:MonetaryAdjustmentRelatedToEletrobrssCompulsoryLoan>
    <SID:LossGainOnBusinessCombination contextRef="From2017-01-01to2017-12-31" unitRef="USD_BRL" decimals="-3">4415000</SID:LossGainOnBusinessCombination>
    <SID:SummaryOfSaleOfSubsidiaryTableTextBlock contextRef="From2017-01-01to2017-12-31">&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 50%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 50%; font: 12pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;R$ (000)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="font: 12pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Consideration paid&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 12pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;99,452&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="font: 12pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Net assets acquired at book value&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 12pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;(64,063)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: #DCE6F1"&gt;&#13;    &lt;td style="font: 12pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Capital distribution&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 12pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;(35,389)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</SID:SummaryOfSaleOfSubsidiaryTableTextBlock>
    <ifrs-full:ConsiderationPaidReceived contextRef="From2017-01-01to2017-12-31_custom_CGPARMember" unitRef="USD_BRL" decimals="-3">99452000</ifrs-full:ConsiderationPaidReceived>
    <ifrs-full:CurrentAssetsRecognisedAsOfAcquisitionDate contextRef="AsOf2017-12-31_custom_CGPARMember" unitRef="USD_BRL" decimals="-3">-64063000</ifrs-full:CurrentAssetsRecognisedAsOfAcquisitionDate>
    <ifrs-full:CurrentLiabilitiesRecognisedAsOfAcquisitionDate contextRef="AsOf2017-12-31_custom_CGPARMember" unitRef="USD_BRL" decimals="-3">-35389000</ifrs-full:CurrentLiabilitiesRecognisedAsOfAcquisitionDate>
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      <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Foot-49_loc" xlink:to="Footnote-43" order="1" />
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-01" xml:lang="en-US">The amount of fixed and intangible assets is recognized in TLSA's financial statements. We recognize our interest in the net assets of TLSA under the equity method and our investment balance in TLSA as of December 31, 2017 was R$1,473,298.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-02" xml:lang="en-US">The amount of fixed and intangible assets is recognized in MRS's financial statements. We recognize our interest in the net assets of MRS by the equity method and our investment balance consolidated in MRS as of December 31, 2017 was R$ 1,325,032.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-03" xml:lang="en-US">The goodwill and trademark that are recorded in line item intangible assets at long steel segment, those transactions are derived from the business combination of Stahlwerk Thuringen GmbH ("SWT") and Gallardo Sections CSN. The assets mentioned are considered to have indefinite useful lives as they are expected to contribute indefinitely to the Company's cash flows.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-04" xml:lang="en-US">Refers to the goodwill based on expectations for future profitability, resulting from the acquisition of Namisa by CSN Mineracao, an operation that was concluded in December 2015. From 2016, the balance started to be tested annually for impairment analysis.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-05" xml:lang="en-US">Refer to assets of subsidiary SWT, located in Germany. The discount rate was applied on the discounted cash flow prepared in Euros, the functional currency of this subsidiary.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-06" xml:lang="en-US">Dividends payable by the subsidiary CSN Mineracao.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-07" xml:lang="en-US">In 1995, the Municipality of Volta Redonda filed a civil action requesting compliance with the requirements of the Environmental Compensation Program (PAC) agreed between the municipality and CSN. In May 2008, despite the fact that CSN had demonstrated its compliance with the TAC / 1995, involving an approximate amount of R$ 16 million, the Municipality of Volta Redonda disagreed and requested payment of the obligations considered by the Municipality as outstanding. After the initial discussions, the Municipality of Volta Redonda filed a petition to execute the allegedly unfulfilled items, in the original amount of R$ 172 million, which was duly contested by the Company. The First Instance Judge appointed a team of experts to determine the outstanding obligations and the respective value involved. Currently, the process is suspended, at the request of both parties, with a view to negotiations for a possible agreement.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-08" xml:lang="en-US">On April 8, 2013, INEA imposed on CSN a fine of R$ 35 million in respect of the aspects involving the Volta Grande IV condominium, determining that the actions already considered and discussed in the civil suit filed in July 2012. In connection with the application of this fine, an annulment action was distributed, in January 2014, to the 10th Civil Court of the State of Rio de Janeiro, seeking the annulment of the fine and its effects. In parallel, INEA filed a tax enforcement action in order to enforce the amount of the fine imposed. The aforementioned Tax Enforcement action was distributed in May 2014 to the 4th Volta Redonda Active Debt Registry in the State of Rio de Janeiro. Currently, said enforcement action is suspended until the judgment of the annulment action, in order to avoid conflicting decisions.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-09" xml:lang="en-US">There were no share buyback in this program.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-10" xml:lang="en-US">In 2014 the Board of Directors approved the cancelation of 70,446,061 treasury shares without change in the Company's share capital.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-11" xml:lang="en-US">Using the last share average quotation on B3 S.A. - Brasil, Bolsa, Balcao (former BM&amp;FBovespa) as of December 31, 2017 of R$8.35 per share.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-12" xml:lang="en-US">This is a net amount, certain and due, arising from the final judicial decision favorable to the Company, which is irreversible and irrevocable, in order to apply the STJ's consolidated position on the subject, which culminated in sentencing the Eletrobras to the payment of the correct interest and monetary correction of the Compulsory Loan. The final judicial decision, as well as the certainty about the amounts involved in the settlement of the judgment (judicial procedure to request the satisfaction of the right), allowed the conclusion that the right to receive this value is certain. Thus, in line with our legal and accounting advisors, we recognize the credits in noncurrent assets against the result of Other Operating Revenues.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-13" xml:lang="en-US">The ore sales volumes presented in this note take into consideration Company sales and the interest in its subsidiaries and joint ventures .</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-14" xml:lang="en-US">The Company discloses its adjusted EBITDA net of its share of investments and other operating income (expenses) because it understands that these should not be included in the calculation of recurring operating cash generation.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-15" xml:lang="en-US">Effect of the limit of IAS 19 Employee Benefits.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-16" xml:lang="en-US">Actuarial (gain)/loss results from the fluctuation in the investments comprised in the CBS's asset portfolio.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-17" xml:lang="en-US">The BD Plan is part of the 35% and Average Salary Supplementation Plan and the Milenio Plan is part of the Mixed Supplementary Benefit Plan.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-18" xml:lang="en-US">Financial investments linked to Bank Certificates of Deposit (CDBs), to be used as a collateral to a guarantee letter, of certain loans.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-19" xml:lang="en-US">Financial investments in Public Securities (Financial Treasury Bills) managed by its exclusive funds. In 2016, in addition to the Financial Treasury Bills, the Company had a financial investment in Public Securities managed by its exclusive funds which were used as collateral for future CDI rate's contracts in the period as detailed in note 12 (b). These investments were settled in October 2017.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-20" xml:lang="en-US">Refers mainly to dividends from CSN Mineracao S.A. totaling R$ 837,084 received in February 2018.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-21" xml:lang="en-US">Refers to the excess of judicial deposit originated by the 2009 REFIS (Tax Debt Refinancing Program). After the settlement of the tax debt refinancing program, the amount related to one of the lawsuits was fully redeemed through a judicial authorization.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-22" xml:lang="en-US">Refers mainly to taxes on revenue (PIS/COFINS) and State VAT (ICMS) recoverable and income tax and social contribution for offset.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-23" xml:lang="en-US">Long-term iron ore inventories that will be used after the construction of the processing plant, which will produce pellet feed, expected to start operating in the first half of 2020.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-24" xml:lang="en-US">In February 2018, the Company concluded the renegotiation of its debt with Banco do Brasil S.A ("BB"), as well as the issuance of debt instruments and repurchase of US$350 million (Tender Offer), as described in more detail in note 31 - Events subsequent.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-25" xml:lang="en-US">Includes unrealized monetary and foreign exchange variations.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-26" xml:lang="en-US">The operation was amortized in February 02, 2018</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-27" xml:lang="en-US">The probable sceneries were calculated considering the following variations to the specified risks: Real x Dollar - appreciation of Real in 2.11% / Real x Euro - appreciation of Real in 1.52%.  Source: Quotation from Central Bank of Brazil and Central Bank of Europe on 02/16/2018.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-28" xml:lang="en-US">The sensitivity analysis is based on the assumption of maintaining as probable scenario the market rates at December 31, 2017 recorded in the Company's assets and liabilities.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-29" xml:lang="en-US">Refers substantially an updating of tax credits.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-30" xml:lang="en-US">Refers substantially IOF (tax on financial transactions) and provision for IRRF (Corporate Income Tax) / CSLL (Social Contribution on Profit).</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-31" xml:lang="en-US">Estimated completion date of the Central Plant Step 1</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-32" xml:lang="en-US">Estimated completion date of phase 60 Mtpa</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-33" xml:lang="en-US">Refers substantially to the acquisition of new Integrated Cement Plants</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-34" xml:lang="en-US">Refers substantially to the reforming of batteries for coke ovens and reuse of the carbochemical cooling waters</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-35" xml:lang="en-US">On February 6, 2018, the Spanish commercial registry recognized the merger by absorption of the companies by CSN Steel, S.L.U., date from which the companies were considered legally extinct. In addition, before third parties and for the purposes of commercial law, the merger is retroactive to the date of December 28, 2017;</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-36" xml:lang="en-US">They are Dormant Companies, therefore they do not appear in the note 8.a, where is disclosed business information under the equity method and classified as available for sale.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-37" xml:lang="en-US">Transfer of 1 share in August 2017;</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-38" xml:lang="en-US">Company sold to the CSN Mineracao and in August 2017 was incorporated by the same subsidiary;</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-39" xml:lang="en-US">Companies liquidated in July 2017;</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-40" xml:lang="en-US">New corporate name of Namisa International Minerios SLU, amended in September 2017;</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-41" xml:lang="en-US">Companies constituted in 2017;</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-42" xml:lang="en-US">Refer basically to railway assets such as courtyards, tracks and leasehold improvements, vehicles, hardware, mines, ore deposits, and spare part inventories.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-43" xml:lang="en-US">Composed mainly by mineral rights with estimated resources of 1,101 million tons. Corresponding amortization is recorded based on production volumes.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-44" xml:lang="en-US">There is no dividend deliberation on the year of 2016 and 2017.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-45" xml:lang="en-US">Empresa liquidada em 2016</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-46" xml:lang="en-US">Fusao das empresas pela controlada CSN Steel S.L.U. em dezembro 2017</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-47" xml:lang="en-US">Empresa vendida em julho de 2017, para a controlada CSN Mineracao</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-48" xml:lang="en-US">In February 2017, we were notified of the judgment of the Amendment of Judgment filed due the CARF's decision on case, in which the Federal Revenue Service of Brazil challenges the capital gain on the alleged sale of 40% of NAMISA (currently CSN Mineracao S.A.). The CARF, in short, agreed with the infringement notice. The Company, however, is taking of the lawfulness of the operation and, therefore, is evaluating the appropriate legal and procedural measures to reverse the decision. Currently we have been discussing the subject in several processes and there is a fiscal execution by which a portion of our assets, such as buildings, equipment, land, vehicles and fixtures and furniture, has been given as a guarantee. This processual scenario does not change our assessment and, accordingly, we maintain that contingency as possible.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-49" xml:lang="en-US">During the designation on August 2015, we reviewed the future export projections and identified that the amount of US$ 9 million designated previously were not highly probable due to Platt's quotation reduction. Therefore, the hedge relationship was discontinued from August 2015. The exchange rate of the effective period remains recorded in Stockholders' Equity until the time of debt settlement, in October 2022.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-50" xml:lang="en-US">The effect on the result was recorded in other operating expenses.</link:footnote>
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	<link:roleType roleURI="http://csn.com.br/role/Insurance" id="Insurance">
	  <link:definition>00000034 - Disclosure - 28. INSURANCE</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/AdditionalInformationToCashFlows" id="AdditionalInformationToCashFlows">
	  <link:definition>00000035 - Disclosure - 29. ADDITIONAL INFORMATION TO CASH FLOWS</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/IndependentInvestigation-ConstructionOfLongSteelPlant" id="IndependentInvestigation-ConstructionOfLongSteelPlant">
	  <link:definition>00000036 - Disclosure - 30. INDEPENDENT INVESTIGATION - CONSTRUCTION OF THE LONG STEEL PLANT</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/SubsequentEvents" id="SubsequentEvents">
	  <link:definition>00000037 - Disclosure - 31. SUBSEQUENT EVENTS</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/SummaryOfSignificantAccountingPoliciesPolicies" id="SummaryOfSignificantAccountingPoliciesPolicies">
	  <link:definition>00000038 - Disclosure - 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/SummaryOfSignificantAccountingPoliciesTables" id="SummaryOfSignificantAccountingPoliciesTables">
	  <link:definition>00000039 - Disclosure - 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/CashAndCashEquivalentsTables" id="CashAndCashEquivalentsTables">
	  <link:definition>00000040 - Disclosure - 3. CASH AND CASH EQUIVALENTS (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInvestmentsTables" id="FinancialInvestmentsTables">
	  <link:definition>00000041 - Disclosure - 4. FINANCIAL INVESTMENTS (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/TradeReceivablesTables" id="TradeReceivablesTables">
	  <link:definition>00000042 - Disclosure - 5. TRADE RECEIVABLES (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/InventoriesTables" id="InventoriesTables">
	  <link:definition>00000043 - Disclosure - 6. INVENTORIES (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/OtherCurrentAndNon-currentAssetsTables" id="OtherCurrentAndNon-currentAssetsTables">
	  <link:definition>00000044 - Disclosure - 7. OTHER CURRENT AND NON-CURRENT ASSETS (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/InvestmentsTables" id="InvestmentsTables">
	  <link:definition>00000045 - Disclosure - 8. INVESTMENTS (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/PropertyPlantAndEquipmentTables" id="PropertyPlantAndEquipmentTables">
	  <link:definition>00000046 - Disclosure - 9. PROPERTY, PLANT AND EQUIPMENT (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/IntangibleAssetsTables" id="IntangibleAssetsTables">
	  <link:definition>00000047 - Disclosure - 10. INTANGIBLE ASSETS (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/BorrowingsFinancingAndDebenturesTables" id="BorrowingsFinancingAndDebenturesTables">
	  <link:definition>00000048 - Disclosure - 11. BORROWINGS, FINANCING AND DEBENTURES (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInstrumentsTables" id="FinancialInstrumentsTables">
	  <link:definition>00000049 - Disclosure - 12. FINANCIAL INSTRUMENTS (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/OtherPayablesTables" id="OtherPayablesTables">
	  <link:definition>00000050 - Disclosure - 13. OTHER PAYABLES (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/IncomeTaxAndSocialContributionTables" id="IncomeTaxAndSocialContributionTables">
	  <link:definition>00000051 - Disclosure - 14. INCOME TAX AND SOCIAL CONTRIBUTION (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/TaxInstallmentsProgramsTables" id="TaxInstallmentsProgramsTables">
	  <link:definition>00000052 - Disclosure - 15. TAX INSTALLMENTS PROGRAMS (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksAndJudicialDepositsTables" id="ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksAndJudicialDepositsTables">
	  <link:definition>00000053 - Disclosure - 16. PROVISION FOR TAX, SOCIAL SECURITY, LABOR, CIVIL AND ENVIRONMENTAL RISKS AND JUDICIAL DEPOSITS (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/ProvisionForEnvironmentalLiabilitiesAndAssetRetirementObligationsTables" id="ProvisionForEnvironmentalLiabilitiesAndAssetRetirementObligationsTables">
	  <link:definition>00000054 - Disclosure - 17. PROVISION FOR ENVIRONMENTAL LIABILITIES AND ASSET RETIREMENT OBLIGATIONS (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/Related-partyBalancesAndTransactionsTables" id="Related-partyBalancesAndTransactionsTables">
	  <link:definition>00000055 - Disclosure - 18. RELATED-PARTY BALANCES AND TRANSACTIONS (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/ShareholdersEquityTables" id="ShareholdersEquityTables">
	  <link:definition>00000056 - Disclosure - 19. SHAREHOLDERS' EQUITY (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/PaymentToShareholdersTables" id="PaymentToShareholdersTables">
	  <link:definition>00000057 - Disclosure - 20. PAYMENT TO SHAREHOLDERS (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/NetSalesAndServicesRevenueTables" id="NetSalesAndServicesRevenueTables">
	  <link:definition>00000058 - Disclosure - 21. NET SALES AND SERVICES REVENUE (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/ExpensesByNatureTables" id="ExpensesByNatureTables">
	  <link:definition>00000059 - Disclosure - 22. EXPENSES BY NATURE (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/OtherOperatingIncomeExpensesTables" id="OtherOperatingIncomeExpensesTables">
	  <link:definition>00000060 - Disclosure - 23. OTHER OPERATING INCOME (EXPENSES) (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialIncomeExpensesTables" id="FinancialIncomeExpensesTables">
	  <link:definition>00000061 - Disclosure - 24. FINANCIAL INCOME (EXPENSES) (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/SegmentInformationTables" id="SegmentInformationTables">
	  <link:definition>00000062 - Disclosure - 25. SEGMENT INFORMATION (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsTables" id="EmployeeBenefitsTables">
	  <link:definition>00000063 - Disclosure - 26. EMPLOYEE BENEFITS (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/CommitmentsTables" id="CommitmentsTables">
	  <link:definition>00000064 - Disclosure - 27. COMMITMENTS (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/AdditionalInformationToCashFlowsTables" id="AdditionalInformationToCashFlowsTables">
	  <link:definition>00000065 - Disclosure - 29. ADDITIONAL INFORMATION TO CASH FLOWS (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/SummaryOfSignificantAccountingPoliciesDetails" id="SummaryOfSignificantAccountingPoliciesDetails">
	  <link:definition>00000066 - Disclosure - 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/SummaryOfSignificantAccountingPoliciesDetails1" id="SummaryOfSignificantAccountingPoliciesDetails1">
	  <link:definition>00000067 - Disclosure - 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/SummaryOfSignificantAccountingPoliciesDetails2" id="SummaryOfSignificantAccountingPoliciesDetails2">
	  <link:definition>00000068 - Disclosure - 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/SummaryOfSignificantAccountingPoliciesDetails3" id="SummaryOfSignificantAccountingPoliciesDetails3">
	  <link:definition>00000069 - Disclosure - 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/SummaryOfSignificantAccountingPoliciesDetailsNarrative" id="SummaryOfSignificantAccountingPoliciesDetailsNarrative">
	  <link:definition>00000070 - Disclosure - 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/CashAndCashEquivalentsDetails" id="CashAndCashEquivalentsDetails">
	  <link:definition>00000071 - Disclosure - 3. CASH AND CASH EQUIVALENTS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInvestmentsDetails" id="FinancialInvestmentsDetails">
	  <link:definition>00000072 - Disclosure - 4. FINANCIAL INVESTMENTS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/TradeReceivablesDetails" id="TradeReceivablesDetails">
	  <link:definition>00000073 - Disclosure - 5. TRADE RECEIVABLES (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/TradeReceivablesDetails1" id="TradeReceivablesDetails1">
	  <link:definition>00000074 - Disclosure - 5. TRADE RECEIVABLES (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/TradeReceivablesDetails2" id="TradeReceivablesDetails2">
	  <link:definition>00000075 - Disclosure - 5. TRADE RECEIVABLES (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/TradeReceivablesDetailsNarrative" id="TradeReceivablesDetailsNarrative">
	  <link:definition>00000076 - Disclosure - 5. TRADE RECEIVABLES (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/InventoriesDetails" id="InventoriesDetails">
	  <link:definition>00000077 - Disclosure - 6. INVENTORIES (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/InventoriesDetails1" id="InventoriesDetails1">
	  <link:definition>00000078 - Disclosure - 6. INVENTORIES (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/OtherCurrentAndNon-currentAssetsDetails" id="OtherCurrentAndNon-currentAssetsDetails">
	  <link:definition>00000079 - Disclosure - 7. OTHER CURRENT AND NON-CURRENT ASSETS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/InvestmentsDetails" id="InvestmentsDetails">
	  <link:definition>00000080 - Disclosure - 8. INVESTMENTS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/InvestmentsDetails1" id="InvestmentsDetails1">
	  <link:definition>00000081 - Disclosure - 8. INVESTMENTS (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/InvestmentsDetails2" id="InvestmentsDetails2">
	  <link:definition>00000082 - Disclosure - 8. INVESTMENTS (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/InvestmentsDetails3" id="InvestmentsDetails3">
	  <link:definition>00000083 - Disclosure - 8. INVESTMENTS (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/InvestmentsDetails4" id="InvestmentsDetails4">
	  <link:definition>00000084 - Disclosure - 8. INVESTMENTS (Details 4)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/InvestmentsDetails5" id="InvestmentsDetails5">
	  <link:definition>00000085 - Disclosure - 8. INVESTMENTS (Details 5)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/InvestmentsDetails6" id="InvestmentsDetails6">
	  <link:definition>00000086 - Disclosure - 8. INVESTMENTS (Details 6)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/InvestmentsDetailsNarrative" id="InvestmentsDetailsNarrative">
	  <link:definition>00000087 - Disclosure - 8. INVESTMENTS (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/PropertyPlantAndEquipmentDetails" id="PropertyPlantAndEquipmentDetails">
	  <link:definition>00000088 - Disclosure - 9. PROPERTY, PLANT AND EQUIPMENT (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/PropertyPlantAndEquipmentDetails1" id="PropertyPlantAndEquipmentDetails1">
	  <link:definition>00000089 - Disclosure - 9. PROPERTY, PLANT AND EQUIPMENT (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/PropertyPlantAndEquipmentDetails2" id="PropertyPlantAndEquipmentDetails2">
	  <link:definition>00000090 - Disclosure - 9. PROPERTY, PLANT AND EQUIPMENT (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/PropertyPlantAndEquipmentDetails3" id="PropertyPlantAndEquipmentDetails3">
	  <link:definition>00000091 - Disclosure - 9. PROPERTY, PLANT AND EQUIPMENT (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/PropertyPlantAndEquipmentDetailsNarrative" id="PropertyPlantAndEquipmentDetailsNarrative">
	  <link:definition>00000092 - Disclosure - 9. PROPERTY, PLANT AND EQUIPMENT (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/IntangibleAssetsDetails" id="IntangibleAssetsDetails">
	  <link:definition>00000093 - Disclosure - 10. INTANGIBLE ASSETS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/IntangibleAssetsDetails1" id="IntangibleAssetsDetails1">
	  <link:definition>00000094 - Disclosure - 10. INTANGIBLE ASSETS (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/IntangibleAssetsDetails2" id="IntangibleAssetsDetails2">
	  <link:definition>00000095 - Disclosure - 10. INTANGIBLE ASSETS (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/IntangibleAssetsDetails3" id="IntangibleAssetsDetails3">
	  <link:definition>00000096 - Disclosure - 10. INTANGIBLE ASSETS (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/BorrowingsFinancingAndDebenturesDetails" id="BorrowingsFinancingAndDebenturesDetails">
	  <link:definition>00000097 - Disclosure - 11. BORROWINGS, FINANCING AND DEBENTURES (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/BorrowingsFinancingAndDebenturesDetails1" id="BorrowingsFinancingAndDebenturesDetails1">
	  <link:definition>00000098 - Disclosure - 11. BORROWINGS, FINANCING AND DEBENTURES (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/BorrowingsFinancingAndDebenturesDetails2" id="BorrowingsFinancingAndDebenturesDetails2">
	  <link:definition>00000099 - Disclosure - 11. BORROWINGS, FINANCING AND DEBENTURES (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/BorrowingsFinancingAndDebenturesDetails3" id="BorrowingsFinancingAndDebenturesDetails3">
	  <link:definition>00000100 - Disclosure - 11. BORROWINGS, FINANCING AND DEBENTURES (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/BorrowingsFinancingAndDebenturesDetails4" id="BorrowingsFinancingAndDebenturesDetails4">
	  <link:definition>00000101 - Disclosure - 11. BORROWINGS, FINANCING AND DEBENTURES (Details 4)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/BorrowingsFinancingAndDebenturesDetails5" id="BorrowingsFinancingAndDebenturesDetails5">
	  <link:definition>00000102 - Disclosure - 11. BORROWINGS, FINANCING AND DEBENTURES (Details 5)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/BorrowingsFinancingAndDebenturesDetailsNarrative" id="BorrowingsFinancingAndDebenturesDetailsNarrative">
	  <link:definition>00000103 - Disclosure - 11. BORROWINGS, FINANCING AND DEBENTURES (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInstrumentsDetails" id="FinancialInstrumentsDetails">
	  <link:definition>00000104 - Disclosure - 12. FINANCIAL INSTRUMENTS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInstrumentsDetails1" id="FinancialInstrumentsDetails1">
	  <link:definition>00000105 - Disclosure - 12. FINANCIAL INSTRUMENTS (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInstrumentsDetails2" id="FinancialInstrumentsDetails2">
	  <link:definition>00000106 - Disclosure - 12. FINANCIAL INSTRUMENTS (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInstrumentsDetails3" id="FinancialInstrumentsDetails3">
	  <link:definition>00000107 - Disclosure - 12. FINANCIAL INSTRUMENTS (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInstrumentsDetails4" id="FinancialInstrumentsDetails4">
	  <link:definition>00000108 - Disclosure - 12. FINANCIAL INSTRUMENTS (Details 4)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInstrumentsDetails5" id="FinancialInstrumentsDetails5">
	  <link:definition>00000109 - Disclosure - 12. FINANCIAL INSTRUMENTS (Details 5)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInstrumentsDetails6" id="FinancialInstrumentsDetails6">
	  <link:definition>00000110 - Disclosure - 12. FINANCIAL INSTRUMENTS (Details 6)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInstrumentsDetails7" id="FinancialInstrumentsDetails7">
	  <link:definition>00000111 - Disclosure - 12. FINANCIAL INSTRUMENTS (Details 7)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInstrumentsDetails8" id="FinancialInstrumentsDetails8">
	  <link:definition>00000112 - Disclosure - 12. FINANCIAL INSTRUMENTS (Details 8)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInstrumentsDetails9" id="FinancialInstrumentsDetails9">
	  <link:definition>00000113 - Disclosure - 12. FINANCIAL INSTRUMENTS (Details 9)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInstrumentsDetails10" id="FinancialInstrumentsDetails10">
	  <link:definition>00000114 - Disclosure - 12. FINANCIAL INSTRUMENTS (Details 10)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInstrumentsDetails11" id="FinancialInstrumentsDetails11">
	  <link:definition>00000115 - Disclosure - 12. FINANCIAL INSTRUMENTS (Details 11)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInstrumentsDetails12" id="FinancialInstrumentsDetails12">
	  <link:definition>00000116 - Disclosure - 12. FINANCIAL INSTRUMENTS (Details 12)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInstrumentsDetails13" id="FinancialInstrumentsDetails13">
	  <link:definition>00000117 - Disclosure - 12. FINANCIAL INSTRUMENTS (Details 13)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInstrumentsDetails14" id="FinancialInstrumentsDetails14">
	  <link:definition>00000118 - Disclosure - 12. FINANCIAL INSTRUMENTS (Details 14)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInstrumentsDetails15" id="FinancialInstrumentsDetails15">
	  <link:definition>00000119 - Disclosure - 12. FINANCIAL INSTRUMENTS (Details 15)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInstrumentsDetails16" id="FinancialInstrumentsDetails16">
	  <link:definition>00000120 - Disclosure - 12. FINANCIAL INSTRUMENTS (Details 16)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialInstrumentsDetailsNarrative" id="FinancialInstrumentsDetailsNarrative">
	  <link:definition>00000121 - Disclosure - 12. FINANCIAL INSTRUMENTS (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/OtherPayablesDetails" id="OtherPayablesDetails">
	  <link:definition>00000122 - Disclosure - 13. OTHER PAYABLES (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/IncomeTaxAndSocialContributionDetails" id="IncomeTaxAndSocialContributionDetails">
	  <link:definition>00000123 - Disclosure - 14. INCOME TAX AND SOCIAL CONTRIBUTION (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/IncomeTaxAndSocialContributionDetails1" id="IncomeTaxAndSocialContributionDetails1">
	  <link:definition>00000124 - Disclosure - 14. INCOME TAX AND SOCIAL CONTRIBUTION (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/IncomeTaxAndSocialContributionDetails2" id="IncomeTaxAndSocialContributionDetails2">
	  <link:definition>00000125 - Disclosure - 14. INCOME TAX AND SOCIAL CONTRIBUTION (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/IncomeTaxAndSocialContributionDetails3" id="IncomeTaxAndSocialContributionDetails3">
	  <link:definition>00000126 - Disclosure - 14. INCOME TAX AND SOCIAL CONTRIBUTION (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/IncomeTaxAndSocialContributionDetails4" id="IncomeTaxAndSocialContributionDetails4">
	  <link:definition>00000127 - Disclosure - 14. INCOME TAX AND SOCIAL CONTRIBUTION (Details 4)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/IncomeTaxAndSocialContributionDetailsNarrative" id="IncomeTaxAndSocialContributionDetailsNarrative">
	  <link:definition>00000128 - Disclosure - 14. INCOME TAX AND SOCIAL CONTRIBUTION (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/TaxInstallmentsProgramsDetails" id="TaxInstallmentsProgramsDetails">
	  <link:definition>00000129 - Disclosure - 15. TAX INSTALLMENTS PROGRAMS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksAndJudicialDepositsDetails" id="ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksAndJudicialDepositsDetails">
	  <link:definition>00000130 - Disclosure - 16. PROVISION FOR TAX, SOCIAL SECURITY, LABOR, CIVIL AND ENVIRONMENTAL RISKS AND JUDICIAL DEPOSITS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksAndJudicialDepositsDetails1" id="ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksAndJudicialDepositsDetails1">
	  <link:definition>00000131 - Disclosure - 16. PROVISION FOR TAX, SOCIAL SECURITY, LABOR, CIVIL AND ENVIRONMENTAL RISKS AND JUDICIAL DEPOSITS (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksAndJudicialDepositsDetails2" id="ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksAndJudicialDepositsDetails2">
	  <link:definition>00000132 - Disclosure - 16. PROVISION FOR TAX, SOCIAL SECURITY, LABOR, CIVIL AND ENVIRONMENTAL RISKS AND JUDICIAL DEPOSITS (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksAndJudicialDepositsDetailsNarrative" id="ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksAndJudicialDepositsDetailsNarrative">
	  <link:definition>00000133 - Disclosure - 16. PROVISION FOR TAX, SOCIAL SECURITY, LABOR, CIVIL AND ENVIRONMENTAL RISKS AND JUDICIAL DEPOSITS (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/ProvisionForEnvironmentalLiabilitiesAndAssetRetirementObligationsDetails" id="ProvisionForEnvironmentalLiabilitiesAndAssetRetirementObligationsDetails">
	  <link:definition>00000134 - Disclosure - 17. PROVISION FOR ENVIRONMENTAL LIABILITIES AND ASSET RETIREMENT OBLIGATIONS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/Related-partyBalancesAndTransactionsDetails" id="Related-partyBalancesAndTransactionsDetails">
	  <link:definition>00000135 - Disclosure - 18. RELATED-PARTY BALANCES AND TRANSACTIONS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/Related-partyBalancesAndTransactionsDetails1" id="Related-partyBalancesAndTransactionsDetails1">
	  <link:definition>00000136 - Disclosure - 18. RELATED-PARTY BALANCES AND TRANSACTIONS (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/Related-partyBalancesAndTransactionsDetails2" id="Related-partyBalancesAndTransactionsDetails2">
	  <link:definition>00000137 - Disclosure - 18. RELATED-PARTY BALANCES AND TRANSACTIONS (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/Related-partyBalancesAndTransactionsDetails3" id="Related-partyBalancesAndTransactionsDetails3">
	  <link:definition>00000138 - Disclosure - 18. RELATED-PARTY BALANCES AND TRANSACTIONS (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/Related-partyBalancesAndTransactionsDetails4" id="Related-partyBalancesAndTransactionsDetails4">
	  <link:definition>00000139 - Disclosure - 18. RELATED-PARTY BALANCES AND TRANSACTIONS (Details 4)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/ShareholdersEquityDetails" id="ShareholdersEquityDetails">
	  <link:definition>00000140 - Disclosure - 19. SHAREHOLDERS' EQUITY (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/ShareholdersEquityDetails1" id="ShareholdersEquityDetails1">
	  <link:definition>00000141 - Disclosure - 19. SHAREHOLDERS' EQUITY (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/ShareholdersEquityDetails2" id="ShareholdersEquityDetails2">
	  <link:definition>00000142 - Disclosure - 19. SHAREHOLDERS' EQUITY (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/ShareholdersEquityDetails3" id="ShareholdersEquityDetails3">
	  <link:definition>00000143 - Disclosure - 19. SHAREHOLDERS' EQUITY (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/ShareholdersEquityDetailsNarrative" id="ShareholdersEquityDetailsNarrative">
	  <link:definition>00000144 - Disclosure - 19. SHAREHOLDERS' EQUITY (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/PaymentToShareholdersDetails" id="PaymentToShareholdersDetails">
	  <link:definition>00000145 - Disclosure - 20. PAYMENT TO SHAREHOLDERS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/NetSalesAndServicesRevenueDetails" id="NetSalesAndServicesRevenueDetails">
	  <link:definition>00000146 - Disclosure - 21. NET SALES AND SERVICES REVENUE (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/ExpensesByNatureDetails" id="ExpensesByNatureDetails">
	  <link:definition>00000147 - Disclosure - 22. EXPENSES BY NATURE (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/ExpensesByNatureDetails1" id="ExpensesByNatureDetails1">
	  <link:definition>00000148 - Disclosure - 22. EXPENSES BY NATURE (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/OtherOperatingIncomeExpensesDetails" id="OtherOperatingIncomeExpensesDetails">
	  <link:definition>00000149 - Disclosure - 23. OTHER OPERATING INCOME (EXPENSES) (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/FinancialIncomeExpensesDetails" id="FinancialIncomeExpensesDetails">
	  <link:definition>00000150 - Disclosure - 24. FINANCIAL INCOME (EXPENSES) (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/SegmentInformationDetails" id="SegmentInformationDetails">
	  <link:definition>00000151 - Disclosure - 25. SEGMENT INFORMATION (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/SegmentInformationDetails1" id="SegmentInformationDetails1">
	  <link:definition>00000152 - Disclosure - 25. SEGMENT INFORMATION (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/SegmentInformationDetails2" id="SegmentInformationDetails2">
	  <link:definition>00000153 - Disclosure - 25. SEGMENT INFORMATION (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetails" id="EmployeeBenefitsDetails">
	  <link:definition>00000154 - Disclosure - 26. EMPLOYEE BENEFITS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetails1" id="EmployeeBenefitsDetails1">
	  <link:definition>00000155 - Disclosure - 26. EMPLOYEE BENEFITS (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetails2" id="EmployeeBenefitsDetails2">
	  <link:definition>00000156 - Disclosure - 26. EMPLOYEE BENEFITS (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetails3" id="EmployeeBenefitsDetails3">
	  <link:definition>00000157 - Disclosure - 26. EMPLOYEE BENEFITS (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetails4" id="EmployeeBenefitsDetails4">
	  <link:definition>00000158 - Disclosure - 26. EMPLOYEE BENEFITS (Details 4)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetails5" id="EmployeeBenefitsDetails5">
	  <link:definition>00000159 - Disclosure - 26. EMPLOYEE BENEFITS (Details 5)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetails6" id="EmployeeBenefitsDetails6">
	  <link:definition>00000160 - Disclosure - 26. EMPLOYEE BENEFITS (Details 6)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetails7" id="EmployeeBenefitsDetails7">
	  <link:definition>00000161 - Disclosure - 26. EMPLOYEE BENEFITS (Details 7)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetails8" id="EmployeeBenefitsDetails8">
	  <link:definition>00000162 - Disclosure - 26. EMPLOYEE BENEFITS (Details 8)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetails9" id="EmployeeBenefitsDetails9">
	  <link:definition>00000163 - Disclosure - 26. EMPLOYEE BENEFITS (Details 9)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetails10" id="EmployeeBenefitsDetails10">
	  <link:definition>00000164 - Disclosure - 26. EMPLOYEE BENEFITS (Details 10)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetails11" id="EmployeeBenefitsDetails11">
	  <link:definition>00000165 - Disclosure - 26. EMPLOYEE BENEFITS (Details 11)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetails12" id="EmployeeBenefitsDetails12">
	  <link:definition>00000166 - Disclosure - 26. EMPLOYEE BENEFITS (Details 12)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetails13" id="EmployeeBenefitsDetails13">
	  <link:definition>00000167 - Disclosure - 26. EMPLOYEE BENEFITS (Details 13)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetails14" id="EmployeeBenefitsDetails14">
	  <link:definition>00000168 - Disclosure - 26. EMPLOYEE BENEFITS (Details 14)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetails15" id="EmployeeBenefitsDetails15">
	  <link:definition>00000169 - Disclosure - 26. EMPLOYEE BENEFITS (Details 15)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetails16" id="EmployeeBenefitsDetails16">
	  <link:definition>00000170 - Disclosure - 26. EMPLOYEE BENEFITS (Details 16)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetails17" id="EmployeeBenefitsDetails17">
	  <link:definition>00000171 - Disclosure - 26. EMPLOYEE BENEFITS (Details 17)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetails18" id="EmployeeBenefitsDetails18">
	  <link:definition>00000172 - Disclosure - 26. EMPLOYEE BENEFITS (Details 18)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/EmployeeBenefitsDetailsNarrative" id="EmployeeBenefitsDetailsNarrative">
	  <link:definition>00000173 - Disclosure - 26. EMPLOYEE BENEFITS (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/CommitmentsDetails" id="CommitmentsDetails">
	  <link:definition>00000174 - Disclosure - 27. COMMITMENTS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/CommitmentsDetails1" id="CommitmentsDetails1">
	  <link:definition>00000175 - Disclosure - 27. COMMITMENTS (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://csn.com.br/role/AdditionalInformationToCashFlowsDetails" id="AdditionalInformationToCashFlowsDetails">
	  <link:definition>00000176 - Disclosure - 29. ADDITIONAL INFORMATION TO CASH FLOWS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:linkbaseRef xlink:type="simple" xlink:href="sid-20171231_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="sid-20171231_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="sid-20171231_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Calculation Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="sid-20171231_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Definition Links" />
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    <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
    <import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" />
    <import namespace="http://xbrl.ifrs.org/taxonomy/2017-03-09/ifrs-full" schemaLocation="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd" />
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    <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />
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    <element id="SID_AdjustmentsForProvisionsOfSwapsForwardsTransactions" name="AdjustmentsForProvisionsOfSwapsForwardsTransactions" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SID_AdjustmentsForGainsLossesOnRepurchaseOfDebtSecurities" name="AdjustmentsForGainsLossesOnRepurchaseOfDebtSecurities" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SID_AdjustmentsForProvisionsForActuarialLiabilities" name="AdjustmentsForProvisionsForActuarialLiabilities" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="SID_AdjustmentsForProvisionsForEnvironmentalLiabilitiesAndDecommissioningOfAssets" name="AdjustmentsForProvisionsForEnvironmentalLiabilitiesAndDecommissioningOfAssets" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
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    <element id="SID_CashReceiptsFromAcquisitionOfControl" name="CashReceiptsFromAcquisitionOfControl" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
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    <element id="SID_SummaryOfNewStandardsAndInterpretationsIssuedAndNotYetAdoptedTableTextBlock" name="SummaryOfNewStandardsAndInterpretationsIssuedAndNotYetAdoptedTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
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    <element id="SID_SummaryOfGrossTradeReceivablesFromThirdPartiesTableTextBlock" name="SummaryOfGrossTradeReceivablesFromThirdPartiesTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
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</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>9
<FILENAME>sid-20171231_cal.xml
<DESCRIPTION>XBRL CALCULATION FILE
<TEXT>
<XBRL>
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComponentsOfEquityAxis" xlink:label="ifrs-full_ComponentsOfEquityAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_ComponentsOfEquityAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComponentsOfEquityAxis_lbl" xml:lang="en-US">Components of equity [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdditionalPaidinCapitalMember" xlink:label="ifrs-full_AdditionalPaidinCapitalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionalPaidinCapitalMember" xlink:to="ifrs-full_AdditionalPaidinCapitalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionalPaidinCapitalMember_lbl" xml:lang="en-US">Paid-in Capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CapitalReserveMember" xlink:label="ifrs-full_CapitalReserveMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CapitalReserveMember" xlink:to="ifrs-full_CapitalReserveMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CapitalReserveMember_lbl" xml:lang="en-US">Capital Reserve [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MiscellaneousOtherReservesMember" xlink:label="ifrs-full_MiscellaneousOtherReservesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MiscellaneousOtherReservesMember" xlink:to="ifrs-full_MiscellaneousOtherReservesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MiscellaneousOtherReservesMember_lbl" xml:lang="en-US">Earnings Reserve [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RetainedEarningsMember" xlink:label="ifrs-full_RetainedEarningsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarningsMember" xlink:to="ifrs-full_RetainedEarningsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetainedEarningsMember_lbl" xml:lang="en-US">Retained Earnings [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncomeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US">Other Comprehensive Income [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:label="ifrs-full_EquityAttributableToOwnersOfParentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:to="ifrs-full_EquityAttributableToOwnersOfParentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAttributableToOwnersOfParentMember_lbl" xml:lang="en-US">Shareholders' Equity [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncontrollingInterestsMember" xlink:label="ifrs-full_NoncontrollingInterestsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterestsMember" xlink:to="ifrs-full_NoncontrollingInterestsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncontrollingInterestsMember_lbl" xml:lang="en-US">Non-Controlling Interests [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RangeAxis" xlink:label="ifrs-full_RangeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RangeAxis_lbl" xml:lang="en-US">Range [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DirectMember" xlink:label="SID_DirectMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DirectMember" xlink:to="SID_DirectMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DirectMember_lbl" xml:lang="en-US">Direct</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:to="ifrs-full_SignificantInvestmentsInSubsidiariesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis_lbl" xml:lang="en-US">Subsidiaries [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ExclusiveFunds1Member" xlink:label="SID_ExclusiveFunds1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ExclusiveFunds1Member" xlink:to="SID_ExclusiveFunds1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ExclusiveFunds1Member_lbl" xml:lang="en-US">Exclusive Funds 1</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_InterestMethodAxis" xlink:label="SID_InterestMethodAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InterestMethodAxis" xlink:to="SID_InterestMethodAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_InterestMethodAxis_lbl" xml:lang="en-US">Interest method [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FullConsolidationMember" xlink:label="SID_FullConsolidationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FullConsolidationMember" xlink:to="SID_FullConsolidationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FullConsolidationMember_lbl" xml:lang="en-US">Full Consolidation</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ExclusiveFunds2Member" xlink:label="SID_ExclusiveFunds2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ExclusiveFunds2Member" xlink:to="SID_ExclusiveFunds2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ExclusiveFunds2Member_lbl" xml:lang="en-US">Exclusive Funds 2</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ExclusiveFunds3Member" xlink:label="SID_ExclusiveFunds3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ExclusiveFunds3Member" xlink:to="SID_ExclusiveFunds3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ExclusiveFunds3Member_lbl" xml:lang="en-US">Exclusive Funds 3</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ServiceConcessionArrangementsAxis" xlink:label="ifrs-full_ServiceConcessionArrangementsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ServiceConcessionArrangementsAxis" xlink:to="ifrs-full_ServiceConcessionArrangementsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ServiceConcessionArrangementsAxis_lbl" xml:lang="en-US">Service concession arrangements [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ServiceConcessionArrangements1Member" xlink:label="SID_ServiceConcessionArrangements1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ServiceConcessionArrangements1Member" xlink:to="SID_ServiceConcessionArrangements1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ServiceConcessionArrangements1Member_lbl" xml:lang="en-US">Concession 1</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ServiceConcessionArrangements2Member" xlink:label="SID_ServiceConcessionArrangements2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ServiceConcessionArrangements2Member" xlink:to="SID_ServiceConcessionArrangements2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ServiceConcessionArrangements2Member_lbl" xml:lang="en-US">Concession 2</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ServiceConcessionArrangements3Member" xlink:label="SID_ServiceConcessionArrangements3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ServiceConcessionArrangements3Member" xlink:to="SID_ServiceConcessionArrangements3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ServiceConcessionArrangements3Member_lbl" xml:lang="en-US">Concession 3</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ServiceConcessionArrangements4Member" xlink:label="SID_ServiceConcessionArrangements4Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ServiceConcessionArrangements4Member" xlink:to="SID_ServiceConcessionArrangements4Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ServiceConcessionArrangements4Member_lbl" xml:lang="en-US">Concession 4</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ServiceConcessionArrangements5Member" xlink:label="SID_ServiceConcessionArrangements5Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ServiceConcessionArrangements5Member" xlink:to="SID_ServiceConcessionArrangements5Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ServiceConcessionArrangements5Member_lbl" xml:lang="en-US">Concession 5</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NewIFRSsAxis" xlink:label="ifrs-full_NewIFRSsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NewIFRSsAxis" xlink:to="ifrs-full_NewIFRSsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NewIFRSsAxis_lbl" xml:lang="en-US">New IFRSs [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NewIFRSs1Member" xlink:label="SID_NewIFRSs1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NewIFRSs1Member" xlink:to="SID_NewIFRSs1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NewIFRSs1Member_lbl" xml:lang="en-US">Standard 1</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NewIFRSs2Member" xlink:label="SID_NewIFRSs2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NewIFRSs2Member" xlink:to="SID_NewIFRSs2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NewIFRSs2Member_lbl" xml:lang="en-US">Standard 2</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NewIFRSs3Member" xlink:label="SID_NewIFRSs3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NewIFRSs3Member" xlink:to="SID_NewIFRSs3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NewIFRSs3Member_lbl" xml:lang="en-US">Standard 3</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NewIFRSs4Member" xlink:label="SID_NewIFRSs4Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NewIFRSs4Member" xlink:to="SID_NewIFRSs4Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NewIFRSs4Member_lbl" xml:lang="en-US">Standard 4</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NewIFRSs5Member" xlink:label="SID_NewIFRSs5Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NewIFRSs5Member" xlink:to="SID_NewIFRSs5Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NewIFRSs5Member_lbl" xml:lang="en-US">Standard 5</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US">Legal Entity [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CBSIMember" xlink:label="SID_CBSIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CBSIMember" xlink:to="SID_CBSIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CBSIMember_lbl" xml:lang="en-US">CBSI - Companhia Brasileira de Servicos de Infraestrutura</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TransnordestinaMember" xlink:label="SID_TransnordestinaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TransnordestinaMember" xlink:to="SID_TransnordestinaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TransnordestinaMember_lbl" xml:lang="en-US">Transnordestina</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ArvediMetalferDoBrasilMember" xlink:label="SID_ArvediMetalferDoBrasilMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ArvediMetalferDoBrasilMember" xlink:to="SID_ArvediMetalferDoBrasilMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ArvediMetalferDoBrasilMember_lbl" xml:lang="en-US">Arvedi Metalfer do Brasil</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OthersMember" xlink:label="SID_OthersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OthersMember" xlink:to="SID_OthersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_OthersMember_lbl" xml:lang="en-US">Others</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MRSLogisticaSAMember" xlink:label="SID_MRSLogisticaSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MRSLogisticaSAMember" xlink:to="SID_MRSLogisticaSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MRSLogisticaSAMember_lbl" xml:lang="en-US">MRS Logistica S.A.</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_JointVenturesAxis" xlink:label="ifrs-full_JointVenturesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_JointVenturesAxis" xlink:to="ifrs-full_JointVenturesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_JointVenturesAxis_lbl" xml:lang="en-US">Joint ventures [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_JointVenturesMember" xlink:label="ifrs-full_JointVenturesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_JointVenturesMember" xlink:to="ifrs-full_JointVenturesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_JointVenturesMember_lbl" xml:lang="en-US">Joint Venture</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MRSLogisticaMember" xlink:label="SID_MRSLogisticaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MRSLogisticaMember" xlink:to="SID_MRSLogisticaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MRSLogisticaMember_lbl" xml:lang="en-US">MRS Logistica</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CBSI1Member" xlink:label="SID_CBSI1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CBSI1Member" xlink:to="SID_CBSI1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CBSI1Member_lbl" xml:lang="en-US">CBSI</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TransnordestinaLogisticaMember" xlink:label="SID_TransnordestinaLogisticaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TransnordestinaLogisticaMember" xlink:to="SID_TransnordestinaLogisticaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TransnordestinaLogisticaMember_lbl" xml:lang="en-US">Transnordestina Logistica</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_JointOperationsAxis" xlink:label="ifrs-full_JointOperationsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_JointOperationsAxis" xlink:to="ifrs-full_JointOperationsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_JointOperationsAxis_lbl" xml:lang="en-US">Joint operations [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_JointOperationsMember" xlink:label="ifrs-full_JointOperationsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_JointOperationsMember" xlink:to="ifrs-full_JointOperationsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_JointOperationsMember_lbl" xml:lang="en-US">Joint Operation</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ItaEnergeticaMember" xlink:label="SID_ItaEnergeticaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ItaEnergeticaMember" xlink:to="SID_ItaEnergeticaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ItaEnergeticaMember_lbl" xml:lang="en-US">Ita Energetica</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CashFlowProjectionAxis" xlink:label="SID_CashFlowProjectionAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CashFlowProjectionAxis" xlink:to="SID_CashFlowProjectionAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CashFlowProjectionAxis_lbl" xml:lang="en-US">Cash flow projection [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GrossMarginMember" xlink:label="SID_GrossMarginMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GrossMarginMember" xlink:to="SID_GrossMarginMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_GrossMarginMember_lbl" xml:lang="en-US">Gross Margin</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EstimatedCostsMember" xlink:label="SID_EstimatedCostsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EstimatedCostsMember" xlink:to="SID_EstimatedCostsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EstimatedCostsMember_lbl" xml:lang="en-US">Estimated Costs</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GrowthRateInPerpetuityMember" xlink:label="SID_GrowthRateInPerpetuityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GrowthRateInPerpetuityMember" xlink:to="SID_GrowthRateInPerpetuityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_GrowthRateInPerpetuityMember_lbl" xml:lang="en-US">Growth rate in perpetuity</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DiscountRateMember" xlink:label="SID_DiscountRateMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DiscountRateMember" xlink:to="SID_DiscountRateMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DiscountRateMember_lbl" xml:lang="en-US">Discount rate</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ConsorcioDaUsinaHidrelectricaDeIgarapavaMember" xlink:label="SID_ConsorcioDaUsinaHidrelectricaDeIgarapavaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ConsorcioDaUsinaHidrelectricaDeIgarapavaMember" xlink:to="SID_ConsorcioDaUsinaHidrelectricaDeIgarapavaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ConsorcioDaUsinaHidrelectricaDeIgarapavaMember_lbl" xml:lang="en-US">Consorcio da Usina Hidrelectrica de Igarapava</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xml:lang="en-US">Classes of property, plant and equipment [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Buildings1Member" xlink:label="SID_Buildings1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Buildings1Member" xlink:to="SID_Buildings1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Buildings1Member_lbl" xml:lang="en-US">Buildings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MachineryMember" xlink:label="ifrs-full_MachineryMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MachineryMember" xlink:to="ifrs-full_MachineryMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MachineryMember_lbl" xml:lang="en-US">Machinery, equipment and facilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FixturesAndFittingsMember" xlink:label="ifrs-full_FixturesAndFittingsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FixturesAndFittingsMember" xlink:to="ifrs-full_FixturesAndFittingsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FixturesAndFittingsMember_lbl" xml:lang="en-US">Furniture and fixtures</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OtherMember" xlink:label="SID_OtherMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherMember" xlink:to="SID_OtherMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_OtherMember_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_UnspecifiedProjectsMember" xlink:label="SID_UnspecifiedProjectsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_UnspecifiedProjectsMember" xlink:to="SID_UnspecifiedProjectsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_UnspecifiedProjectsMember_lbl" xml:lang="en-US">Unspecified projects</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:label="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:to="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis_lbl" xml:lang="en-US">Classes of intangible assets and goodwill [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComputerSoftwareMember" xlink:label="ifrs-full_ComputerSoftwareMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComputerSoftwareMember" xlink:to="ifrs-full_ComputerSoftwareMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComputerSoftwareMember_lbl" xml:lang="en-US">Software</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:to="ifrs-full_CustomerrelatedIntangibleAssetsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CustomerrelatedIntangibleAssetsMember_lbl" xml:lang="en-US">Customer relationships</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SegmentsAxis" xlink:label="ifrs-full_SegmentsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SegmentsAxis" xlink:to="ifrs-full_SegmentsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SegmentsAxis_lbl" xml:lang="en-US">Segments [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PackagingMember" xlink:label="SID_PackagingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PackagingMember" xlink:to="SID_PackagingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PackagingMember_lbl" xml:lang="en-US">Packaging</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_LongSteelMember" xlink:label="SID_LongSteelMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LongSteelMember" xlink:to="SID_LongSteelMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_LongSteelMember_lbl" xml:lang="en-US">Long steel</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MiningMember" xlink:label="SID_MiningMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MiningMember" xlink:to="SID_MiningMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MiningMember_lbl" xml:lang="en-US">Mining</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MetalPackagingMember" xlink:label="SID_MetalPackagingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MetalPackagingMember" xlink:to="SID_MetalPackagingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MetalPackagingMember_lbl" xml:lang="en-US">Metal packaging</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfLiabilitiesAxis" xlink:label="ifrs-full_ClassesOfLiabilitiesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfLiabilitiesAxis" xlink:to="ifrs-full_ClassesOfLiabilitiesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfLiabilitiesAxis_lbl" xml:lang="en-US">Classes of liabilities [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PayablesToRelatedPartiesMember" xlink:label="SID_PayablesToRelatedPartiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PayablesToRelatedPartiesMember" xlink:to="SID_PayablesToRelatedPartiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PayablesToRelatedPartiesMember_lbl" xml:lang="en-US">Payables to related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DerivativeFinancialInstrumentsMember" xlink:label="SID_DerivativeFinancialInstrumentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DerivativeFinancialInstrumentsMember" xlink:to="SID_DerivativeFinancialInstrumentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DerivativeFinancialInstrumentsMember_lbl" xml:lang="en-US">Derivative financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DividendsAndInterestOnCapitalPayableMember" xlink:label="SID_DividendsAndInterestOnCapitalPayableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DividendsAndInterestOnCapitalPayableMember" xlink:to="SID_DividendsAndInterestOnCapitalPayableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DividendsAndInterestOnCapitalPayableMember_lbl" xml:lang="en-US">Dividends and interest on capital payable</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdvancesFromCustomersMember" xlink:label="SID_AdvancesFromCustomersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdvancesFromCustomersMember" xlink:to="SID_AdvancesFromCustomersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AdvancesFromCustomersMember_lbl" xml:lang="en-US">Advances from customers</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TaxesInInstallmentsMember" xlink:label="SID_TaxesInInstallmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TaxesInInstallmentsMember" xlink:to="SID_TaxesInInstallmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TaxesInInstallmentsMember_lbl" xml:lang="en-US">Taxes in installments</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProfitSharingEmployeesMember" xlink:label="SID_ProfitSharingEmployeesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProfitSharingEmployeesMember" xlink:to="SID_ProfitSharingEmployeesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProfitSharingEmployeesMember_lbl" xml:lang="en-US">Profit sharing - employees</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FreightProvisionMember" xlink:label="SID_FreightProvisionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FreightProvisionMember" xlink:to="SID_FreightProvisionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FreightProvisionMember_lbl" xml:lang="en-US">Freight provision</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProvisionForIndustrialRestructuringMember" xlink:label="SID_ProvisionForIndustrialRestructuringMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProvisionForIndustrialRestructuringMember" xlink:to="SID_ProvisionForIndustrialRestructuringMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProvisionForIndustrialRestructuringMember_lbl" xml:lang="en-US">Provision for industrial restructuring</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TaxesPayableMember" xlink:label="SID_TaxesPayableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TaxesPayableMember" xlink:to="SID_TaxesPayableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TaxesPayableMember_lbl" xml:lang="en-US">Taxes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OtherProvisionMember" xlink:label="SID_OtherProvisionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherProvisionMember" xlink:to="SID_OtherProvisionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_OtherProvisionMember_lbl" xml:lang="en-US">Other provision</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ThirdPartyMaterialsInOurPossessionMember" xlink:label="SID_ThirdPartyMaterialsInOurPossessionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ThirdPartyMaterialsInOurPossessionMember" xlink:to="SID_ThirdPartyMaterialsInOurPossessionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ThirdPartyMaterialsInOurPossessionMember_lbl" xml:lang="en-US">Third party materials in our possession</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OtherPayablesMember" xlink:label="SID_OtherPayablesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherPayablesMember" xlink:to="SID_OtherPayablesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_OtherPayablesMember_lbl" xml:lang="en-US">Other payables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IncomeTaxAndSocialContributionAxis" xlink:label="SID_IncomeTaxAndSocialContributionAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeTaxAndSocialContributionAxis" xlink:to="SID_IncomeTaxAndSocialContributionAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_IncomeTaxAndSocialContributionAxis_lbl" xml:lang="en-US">Income tax and social contribution [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EquityPickUpMember" xlink:label="SID_EquityPickUpMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EquityPickUpMember" xlink:to="SID_EquityPickUpMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EquityPickUpMember_lbl" xml:lang="en-US">Equity pick-up</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProfitWithDifferentiatedRatesOrUntaxedMember" xlink:label="SID_ProfitWithDifferentiatedRatesOrUntaxedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProfitWithDifferentiatedRatesOrUntaxedMember" xlink:to="SID_ProfitWithDifferentiatedRatesOrUntaxedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProfitWithDifferentiatedRatesOrUntaxedMember_lbl" xml:lang="en-US">Profit with differentiated rates or untaxed</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TransferPricingAdjustmentMember" xlink:label="SID_TransferPricingAdjustmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TransferPricingAdjustmentMember" xlink:to="SID_TransferPricingAdjustmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TransferPricingAdjustmentMember_lbl" xml:lang="en-US">Transfer pricing adjustment</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TaxLossCarryforwardsWithoutRecognizingDeferredTaxesMember" xlink:label="SID_TaxLossCarryforwardsWithoutRecognizingDeferredTaxesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TaxLossCarryforwardsWithoutRecognizingDeferredTaxesMember" xlink:to="SID_TaxLossCarryforwardsWithoutRecognizingDeferredTaxesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TaxLossCarryforwardsWithoutRecognizingDeferredTaxesMember_lbl" xml:lang="en-US">Tax loss carryforwards without recognizing deferred taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_LimitOfIndebtednessMember" xlink:label="SID_LimitOfIndebtednessMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LimitOfIndebtednessMember" xlink:to="SID_LimitOfIndebtednessMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_LimitOfIndebtednessMember_lbl" xml:lang="en-US">Limit of Indebtedness</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_UnrecordedDeferredTaxesOnTemporaryDifferencesMember" xlink:label="SID_UnrecordedDeferredTaxesOnTemporaryDifferencesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_UnrecordedDeferredTaxesOnTemporaryDifferencesMember" xlink:to="SID_UnrecordedDeferredTaxesOnTemporaryDifferencesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_UnrecordedDeferredTaxesOnTemporaryDifferencesMember_lbl" xml:lang="en-US">Unrecorded deferred taxes on temporary differences</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_LossesReversalForDeferredIncomeAndSocialContributionTaxCreditsMember" xlink:label="SID_LossesReversalForDeferredIncomeAndSocialContributionTaxCreditsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LossesReversalForDeferredIncomeAndSocialContributionTaxCreditsMember" xlink:to="SID_LossesReversalForDeferredIncomeAndSocialContributionTaxCreditsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_LossesReversalForDeferredIncomeAndSocialContributionTaxCreditsMember_lbl" xml:lang="en-US">(Losses)/Reversal for deferred income and social contribution tax credits</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IncomeTaxAndSocialContributionOnForeignProfitMember" xlink:label="SID_IncomeTaxAndSocialContributionOnForeignProfitMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeTaxAndSocialContributionOnForeignProfitMember" xlink:to="SID_IncomeTaxAndSocialContributionOnForeignProfitMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_IncomeTaxAndSocialContributionOnForeignProfitMember_lbl" xml:lang="en-US">Income tax and social contribution on foreign profit</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GoodwillAmortizationOfMetalicMember" xlink:label="SID_GoodwillAmortizationOfMetalicMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GoodwillAmortizationOfMetalicMember" xlink:to="SID_GoodwillAmortizationOfMetalicMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_GoodwillAmortizationOfMetalicMember_lbl" xml:lang="en-US">Goodwill amortization of Metalic</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TaxIncentivesMember" xlink:label="SID_TaxIncentivesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TaxIncentivesMember" xlink:to="SID_TaxIncentivesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TaxIncentivesMember_lbl" xml:lang="en-US">Tax Incentives</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OtherPermanentDeductionsAdditionsMember" xlink:label="SID_OtherPermanentDeductionsAdditionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherPermanentDeductionsAdditionsMember" xlink:to="SID_OtherPermanentDeductionsAdditionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_OtherPermanentDeductionsAdditionsMember_lbl" xml:lang="en-US">Other permanent deductions (additions)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RefisEffectAndEarlyDischargeProgramMember" xlink:label="SID_RefisEffectAndEarlyDischargeProgramMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RefisEffectAndEarlyDischargeProgramMember" xlink:to="SID_RefisEffectAndEarlyDischargeProgramMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RefisEffectAndEarlyDischargeProgramMember_lbl" xml:lang="en-US">Refis Effect and early discharge program</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FairValueGainOfInterestHeldInNamisaMember" xlink:label="SID_FairValueGainOfInterestHeldInNamisaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FairValueGainOfInterestHeldInNamisaMember" xlink:to="SID_FairValueGainOfInterestHeldInNamisaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FairValueGainOfInterestHeldInNamisaMember_lbl" xml:lang="en-US">Fair value gain of 59.76% interest held in Namisa</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ReversalOfDeferredTaxInNamisaMember" xlink:label="SID_ReversalOfDeferredTaxInNamisaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ReversalOfDeferredTaxInNamisaMember" xlink:to="SID_ReversalOfDeferredTaxInNamisaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ReversalOfDeferredTaxInNamisaMember_lbl" xml:lang="en-US">Reversal of deferred tax in Namisa</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ReversalOfDeferredTaxInPradaMember" xlink:label="SID_ReversalOfDeferredTaxInPradaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ReversalOfDeferredTaxInPradaMember" xlink:to="SID_ReversalOfDeferredTaxInPradaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ReversalOfDeferredTaxInPradaMember_lbl" xml:lang="en-US">Reversal of deferred tax in Prada</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DeferredTaxAssetLiabilityAxis" xlink:label="SID_DeferredTaxAssetLiabilityAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DeferredTaxAssetLiabilityAxis" xlink:to="SID_DeferredTaxAssetLiabilityAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DeferredTaxAssetLiabilityAxis_lbl" xml:lang="en-US">Deferred tax asset liability [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DeferredIncomeTaxLossesMember" xlink:label="SID_DeferredIncomeTaxLossesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DeferredIncomeTaxLossesMember" xlink:to="SID_DeferredIncomeTaxLossesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DeferredIncomeTaxLossesMember_lbl" xml:lang="en-US">Deferred income tax losses</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DeferredSocialContributionTaxLossesMember" xlink:label="SID_DeferredSocialContributionTaxLossesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DeferredSocialContributionTaxLossesMember" xlink:to="SID_DeferredSocialContributionTaxLossesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DeferredSocialContributionTaxLossesMember_lbl" xml:lang="en-US">Deferred social contribution tax losses</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TemporaryDifferencesMember" xlink:label="SID_TemporaryDifferencesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TemporaryDifferencesMember" xlink:to="SID_TemporaryDifferencesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TemporaryDifferencesMember_lbl" xml:lang="en-US">Temporary differences</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksMember" xlink:label="SID_ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksMember" xlink:to="SID_ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksMember_lbl" xml:lang="en-US">Provision for tax social security, labor, civil and environmental risks</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProvisionForEnvironmentalLiabilitiesMember" xlink:label="SID_ProvisionForEnvironmentalLiabilitiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProvisionForEnvironmentalLiabilitiesMember" xlink:to="SID_ProvisionForEnvironmentalLiabilitiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProvisionForEnvironmentalLiabilitiesMember_lbl" xml:lang="en-US">Provision for environmental liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AssetsImpairmentLossesMember" xlink:label="SID_AssetsImpairmentLossesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AssetsImpairmentLossesMember" xlink:to="SID_AssetsImpairmentLossesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AssetsImpairmentLossesMember_lbl" xml:lang="en-US">Assets impairment losses</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_InventoryImpairmentLossesMember" xlink:label="SID_InventoryImpairmentLossesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InventoryImpairmentLossesMember" xlink:to="SID_InventoryImpairmentLossesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_InventoryImpairmentLossesMember_lbl" xml:lang="en-US">Inventory impairment losses</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GainsLossesInFinancialInstrumentsMember" xlink:label="SID_GainsLossesInFinancialInstrumentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GainsLossesInFinancialInstrumentsMember" xlink:to="SID_GainsLossesInFinancialInstrumentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_GainsLossesInFinancialInstrumentsMember_lbl" xml:lang="en-US">(Gains )/ losses in financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GainsLossesOnAvailableForSaleFinancialAssetsMember" xlink:label="SID_GainsLossesOnAvailableForSaleFinancialAssetsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GainsLossesOnAvailableForSaleFinancialAssetsMember" xlink:to="SID_GainsLossesOnAvailableForSaleFinancialAssetsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_GainsLossesOnAvailableForSaleFinancialAssetsMember_lbl" xml:lang="en-US">(Gains )/losses on available for sale financial assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ActuarialLiabilityPensionAndHealthcarePlanMember" xlink:label="SID_ActuarialLiabilityPensionAndHealthcarePlanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ActuarialLiabilityPensionAndHealthcarePlanMember" xlink:to="SID_ActuarialLiabilityPensionAndHealthcarePlanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ActuarialLiabilityPensionAndHealthcarePlanMember_lbl" xml:lang="en-US">Actuarial liability (pension and healthcare plan)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AccruedSuppliesAndServicesMember" xlink:label="SID_AccruedSuppliesAndServicesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AccruedSuppliesAndServicesMember" xlink:to="SID_AccruedSuppliesAndServicesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AccruedSuppliesAndServicesMember_lbl" xml:lang="en-US">Accrued supplies and services</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AllowanceForDoubtfulDebtsMember" xlink:label="SID_AllowanceForDoubtfulDebtsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AllowanceForDoubtfulDebtsMember" xlink:to="SID_AllowanceForDoubtfulDebtsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AllowanceForDoubtfulDebtsMember_lbl" xml:lang="en-US">Allowance for doubtful debts</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GoodwilOnMergerMember" xlink:label="SID_GoodwilOnMergerMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GoodwilOnMergerMember" xlink:to="SID_GoodwilOnMergerMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_GoodwilOnMergerMember_lbl" xml:lang="en-US">Goodwil on merger</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_UnrealizedExchangeDifferencesMember" xlink:label="SID_UnrealizedExchangeDifferencesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_UnrealizedExchangeDifferencesMember" xlink:to="SID_UnrealizedExchangeDifferencesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_UnrealizedExchangeDifferencesMember_lbl" xml:lang="en-US">Unrealized exchange differences</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GainInControlLossOnTransnordestinaMember" xlink:label="SID_GainInControlLossOnTransnordestinaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GainInControlLossOnTransnordestinaMember" xlink:to="SID_GainInControlLossOnTransnordestinaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_GainInControlLossOnTransnordestinaMember_lbl" xml:lang="en-US">(Gain) in control loss on Transnordestina</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CashFlowHedgeAccountingMember" xlink:label="SID_CashFlowHedgeAccountingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CashFlowHedgeAccountingMember" xlink:to="SID_CashFlowHedgeAccountingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CashFlowHedgeAccountingMember_lbl" xml:lang="en-US">Cash flow hedge accounting</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AcquisitionFairValueSwtCblMember" xlink:label="SID_AcquisitionFairValueSwtCblMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AcquisitionFairValueSwtCblMember" xlink:to="SID_AcquisitionFairValueSwtCblMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AcquisitionFairValueSwtCblMember_lbl" xml:lang="en-US">Acquisition Fair Value SWT/CBL</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DeferredTaxesNonComputedMember" xlink:label="SID_DeferredTaxesNonComputedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DeferredTaxesNonComputedMember" xlink:to="SID_DeferredTaxesNonComputedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DeferredTaxesNonComputedMember_lbl" xml:lang="en-US">Deferred taxes non computed</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EstimatedLossesReversalsToDeferredTaxesCreditsMember" xlink:label="SID_EstimatedLossesReversalsToDeferredTaxesCreditsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EstimatedLossesReversalsToDeferredTaxesCreditsMember" xlink:to="SID_EstimatedLossesReversalsToDeferredTaxesCreditsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EstimatedLossesReversalsToDeferredTaxesCreditsMember_lbl" xml:lang="en-US">Estimated (Losses)/reversals to deferred taxes credits</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BusinessCombinationMember" xlink:label="SID_BusinessCombinationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BusinessCombinationMember" xlink:to="SID_BusinessCombinationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BusinessCombinationMember_lbl" xml:lang="en-US">Business Combination</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TaxLossesMember" xlink:label="SID_TaxLossesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TaxLossesMember" xlink:to="SID_TaxLossesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TaxLossesMember_lbl" xml:lang="en-US">Tax losses</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ExchangeDifferenceExpensesMember" xlink:label="SID_ExchangeDifferenceExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ExchangeDifferenceExpensesMember" xlink:to="SID_ExchangeDifferenceExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ExchangeDifferenceExpensesMember_lbl" xml:lang="en-US">Exchange difference expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_LossesOnUsiminasSharesMember" xlink:label="SID_LossesOnUsiminasSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LossesOnUsiminasSharesMember" xlink:to="SID_LossesOnUsiminasSharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_LossesOnUsiminasSharesMember_lbl" xml:lang="en-US">Losses on Usiminas shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherProvisionsMember" xlink:label="ifrs-full_OtherProvisionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherProvisionsMember" xlink:to="ifrs-full_OtherProvisionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherProvisionsMember_lbl" xml:lang="en-US">Other provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TaxMember" xlink:label="SID_TaxMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TaxMember" xlink:to="SID_TaxMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TaxMember_lbl" xml:lang="en-US">Tax</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SocialSecurityMember" xlink:label="SID_SocialSecurityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SocialSecurityMember" xlink:to="SID_SocialSecurityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SocialSecurityMember_lbl" xml:lang="en-US">Social security</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_LaborMember" xlink:label="SID_LaborMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LaborMember" xlink:to="SID_LaborMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_LaborMember_lbl" xml:lang="en-US">Labor</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CivilMember" xlink:label="SID_CivilMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CivilMember" xlink:to="SID_CivilMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CivilMember_lbl" xml:lang="en-US">Civil</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EnvironmentalMember" xlink:label="SID_EnvironmentalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EnvironmentalMember" xlink:to="SID_EnvironmentalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EnvironmentalMember_lbl" xml:lang="en-US">Environmental</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DepositOfAGuaranteeMember" xlink:label="SID_DepositOfAGuaranteeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DepositOfAGuaranteeMember" xlink:to="SID_DepositOfAGuaranteeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DepositOfAGuaranteeMember_lbl" xml:lang="en-US">Deposit of a guarantee</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfProvisionsAxis" xlink:label="ifrs-full_ClassesOfProvisionsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfProvisionsAxis" xlink:to="ifrs-full_ClassesOfProvisionsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfProvisionsAxis_lbl" xml:lang="en-US">Classes of other provisions [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter1Member" xlink:label="SID_MainLegalMatter1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter1Member" xlink:to="SID_MainLegalMatter1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter1Member_lbl" xml:lang="en-US">Tax assessment notice issued against the Company for an alleged sale of 40% of the shares of its joint venture NAMISA to a Japanese-Korean consortium</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter2Member" xlink:label="SID_MainLegalMatter2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter2Member" xlink:to="SID_MainLegalMatter2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter2Member_lbl" xml:lang="en-US">Income tax / Social contribution - Assessment Notice and Imposition of Fine (AIIM) - Disallowance of deductions of goodwill generated in the reverse incorporation of Big Jump by Namisa</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter3Member" xlink:label="SID_MainLegalMatter3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter3Member" xlink:to="SID_MainLegalMatter3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter3Member_lbl" xml:lang="en-US">Assessment Notice and Imposition of Fine (AIIM) - Income tax / Social contribution - gloss of interest on prepayment arising from supply contracts of iron ore and port services</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter4Member" xlink:label="SID_MainLegalMatter4Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter4Member" xlink:to="SID_MainLegalMatter4Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter4Member_lbl" xml:lang="en-US">Assessment Notice and Imposition of Fine (AIIM) - Income tax / Social contribution - Due to profits from foreign subsidiaries (years 2008, 2010 and 2011)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter5Member" xlink:label="SID_MainLegalMatter5Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter5Member" xlink:to="SID_MainLegalMatter5Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter5Member_lbl" xml:lang="en-US">Tax foreclosures - ICMS - Electricity credits</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter6Member" xlink:label="SID_MainLegalMatter6Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter6Member" xlink:to="SID_MainLegalMatter6Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter6Member_lbl" xml:lang="en-US">Installments MP 470 - alleged insufficiency of tax losses</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter7Member" xlink:label="SID_MainLegalMatter7Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter7Member" xlink:to="SID_MainLegalMatter7Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter7Member_lbl" xml:lang="en-US">Offset of taxes that were not approved by the Federal Revenue Service - IRPJ/CSLL, PIS/COFINS e IPI</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter8Member" xlink:label="SID_MainLegalMatter8Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter8Member" xlink:to="SID_MainLegalMatter8Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter8Member_lbl" xml:lang="en-US">Disallowance of the ICMS credits - Transfer of iron ore</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter10Member" xlink:label="SID_MainLegalMatter10Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter10Member" xlink:to="SID_MainLegalMatter10Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter10Member_lbl" xml:lang="en-US">ICMS - Refers to the transfer of imported raw material at an amount lower than the price disclosed in the import documentation</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter11Member" xlink:label="SID_MainLegalMatter11Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter11Member" xlink:to="SID_MainLegalMatter11Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter11Member_lbl" xml:lang="en-US">Disallowance of the tax losses arising on adjustments to the SAPLI</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter12Member" xlink:label="SID_MainLegalMatter12Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter12Member" xlink:to="SID_MainLegalMatter12Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter12Member_lbl" xml:lang="en-US">Assessment Notice - ICMS - shipping and return merchandise for Industrialization</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter13Member" xlink:label="SID_MainLegalMatter13Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter13Member" xlink:to="SID_MainLegalMatter13Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter13Member_lbl" xml:lang="en-US">Assessment Notice- Income tax- Capital Gain of CFM vendors located outside</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter14Member" xlink:label="SID_MainLegalMatter14Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter14Member" xlink:to="SID_MainLegalMatter14Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter14Member_lbl" xml:lang="en-US">CFEM - Divergence on the understanding between CSN and DNPM on the calculation basis</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter15Member" xlink:label="SID_MainLegalMatter15Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter15Member" xlink:to="SID_MainLegalMatter15Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter15Member_lbl" xml:lang="en-US">Other tax (federal, state, and municipal) lawsuits</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter21Member" xlink:label="SID_MainLegalMatter21Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter21Member" xlink:to="SID_MainLegalMatter21Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter21Member_lbl" xml:lang="en-US">Assessment Notice - ICMS - Questions about sales to incentive zone</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter16Member" xlink:label="SID_MainLegalMatter16Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter16Member" xlink:to="SID_MainLegalMatter16Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter16Member_lbl" xml:lang="en-US">Social security lawsuits</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter17Member" xlink:label="SID_MainLegalMatter17Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter17Member" xlink:to="SID_MainLegalMatter17Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter17Member_lbl" xml:lang="en-US">Annulment action filed by CSN against CADE</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter18Member" xlink:label="SID_MainLegalMatter18Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter18Member" xlink:to="SID_MainLegalMatter18Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter18Member_lbl" xml:lang="en-US">Other civil lawsuits</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter19Member" xlink:label="SID_MainLegalMatter19Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter19Member" xlink:to="SID_MainLegalMatter19Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter19Member_lbl" xml:lang="en-US">Labor and social security lawsuits</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter22Member" xlink:label="SID_MainLegalMatter22Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter22Member" xlink:to="SID_MainLegalMatter22Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter22Member_lbl" xml:lang="en-US">Environmental lawsuits - ACP TAC/PAC - Compliance with environmental obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter23Member" xlink:label="SID_MainLegalMatter23Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter23Member" xlink:to="SID_MainLegalMatter23Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter23Member_lbl" xml:lang="en-US">Tax foreclosures - Fine of Volta Grande IV (2)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter20Member" xlink:label="SID_MainLegalMatter20Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter20Member" xlink:to="SID_MainLegalMatter20Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter20Member_lbl" xml:lang="en-US">Others Environmental lawsuits</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfAssetsAxis" xlink:label="ifrs-full_ClassesOfAssetsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfAssetsAxis" xlink:to="ifrs-full_ClassesOfAssetsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfAssetsAxis_lbl" xml:lang="en-US">Classes of assets [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeReceivablesMember" xlink:label="ifrs-full_TradeReceivablesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeReceivablesMember" xlink:to="ifrs-full_TradeReceivablesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeReceivablesMember_lbl" xml:lang="en-US">Trade receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DividendsReceivableMember" xlink:label="SID_DividendsReceivableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DividendsReceivableMember" xlink:to="SID_DividendsReceivableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DividendsReceivableMember_lbl" xml:lang="en-US">Dividends receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ActuarialAssetMember" xlink:label="SID_ActuarialAssetMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ActuarialAssetMember" xlink:to="SID_ActuarialAssetMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ActuarialAssetMember_lbl" xml:lang="en-US">Actuarial asset</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ShortTermInvestmentsInvestmentsMember" xlink:label="SID_ShortTermInvestmentsInvestmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ShortTermInvestmentsInvestmentsMember" xlink:to="SID_ShortTermInvestmentsInvestmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ShortTermInvestmentsInvestmentsMember_lbl" xml:lang="en-US">Short-term investments/Investments</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_LoanMember" xlink:label="SID_LoanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LoanMember" xlink:to="SID_LoanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_LoanMember_lbl" xml:lang="en-US">Loans</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OtherReceivablesMember" xlink:label="SID_OtherReceivablesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherReceivablesMember" xlink:to="SID_OtherReceivablesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_OtherReceivablesMember_lbl" xml:lang="en-US">Other receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AccountPayableMember" xlink:label="SID_AccountPayableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AccountPayableMember" xlink:to="SID_AccountPayableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AccountPayableMember_lbl" xml:lang="en-US">Accounts payable</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TradePayablesMember" xlink:label="SID_TradePayablesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TradePayablesMember" xlink:to="SID_TradePayablesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TradePayablesMember_lbl" xml:lang="en-US">Trade payables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ActuarialLiabilitiesMember" xlink:label="SID_ActuarialLiabilitiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ActuarialLiabilitiesMember" xlink:to="SID_ActuarialLiabilitiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ActuarialLiabilitiesMember_lbl" xml:lang="en-US">Actuarial liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RevenueByNatureAxis" xlink:label="SID_RevenueByNatureAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RevenueByNatureAxis" xlink:to="SID_RevenueByNatureAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RevenueByNatureAxis_lbl" xml:lang="en-US">Revenue by nature [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SalesRevenueMember" xlink:label="SID_SalesRevenueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SalesRevenueMember" xlink:to="SID_SalesRevenueMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SalesRevenueMember_lbl" xml:lang="en-US">Sales</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_InterestRevenueMember" xlink:label="SID_InterestRevenueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InterestRevenueMember" xlink:to="SID_InterestRevenueMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_InterestRevenueMember_lbl" xml:lang="en-US">Interest</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ExpenseByNatureAxis" xlink:label="SID_ExpenseByNatureAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ExpenseByNatureAxis" xlink:to="SID_ExpenseByNatureAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ExpenseByNatureAxis_lbl" xml:lang="en-US">Expense by nature [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PurchaseExpenseMember" xlink:label="SID_PurchaseExpenseMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PurchaseExpenseMember" xlink:to="SID_PurchaseExpenseMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PurchaseExpenseMember_lbl" xml:lang="en-US">Purchases</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_InterestExpensesMember" xlink:label="SID_InterestExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InterestExpensesMember" xlink:to="SID_InterestExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_InterestExpensesMember_lbl" xml:lang="en-US">Interest</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_JointVenturesJointOperationMember" xlink:label="SID_JointVenturesJointOperationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_JointVenturesJointOperationMember" xlink:to="SID_JointVenturesJointOperationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_JointVenturesJointOperationMember_lbl" xml:lang="en-US">Joint Venture/Joint Operation</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ItaEnergeticaSAMember" xlink:label="SID_ItaEnergeticaSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ItaEnergeticaSAMember" xlink:to="SID_ItaEnergeticaSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ItaEnergeticaSAMember_lbl" xml:lang="en-US">Ita Energetica S.A.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CBSIMember" xlink:to="SID_CBSIMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_CBSIMember_2_lbl" xml:lang="en-US">CBSI</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TransnordestinaLogisticaSAMember" xlink:label="SID_TransnordestinaLogisticaSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TransnordestinaLogisticaSAMember" xlink:to="SID_TransnordestinaLogisticaSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TransnordestinaLogisticaSAMember_lbl" xml:lang="en-US">Transnordestina Logistica S.A.</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xml:lang="en-US">Categories of related parties [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherRelatedPartiesMember" xlink:label="ifrs-full_OtherRelatedPartiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherRelatedPartiesMember" xlink:to="ifrs-full_OtherRelatedPartiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherRelatedPartiesMember_lbl" xml:lang="en-US">Other Related Parties</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CBSPrevidenciaMember" xlink:label="SID_CBSPrevidenciaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CBSPrevidenciaMember" xlink:to="SID_CBSPrevidenciaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CBSPrevidenciaMember_lbl" xml:lang="en-US">CBS Previdencia</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FundacaoCSNMember" xlink:label="SID_FundacaoCSNMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FundacaoCSNMember" xlink:to="SID_FundacaoCSNMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FundacaoCSNMember_lbl" xml:lang="en-US">Fundacao CSN</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BancoFibraMember" xlink:label="SID_BancoFibraMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BancoFibraMember" xlink:to="SID_BancoFibraMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BancoFibraMember_lbl" xml:lang="en-US">Banco Fibra</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_UsiminasMember" xlink:label="SID_UsiminasMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_UsiminasMember" xlink:to="SID_UsiminasMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_UsiminasMember_lbl" xml:lang="en-US">Usiminas</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PanatlanticaMember" xlink:label="SID_PanatlanticaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PanatlanticaMember" xlink:to="SID_PanatlanticaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PanatlanticaMember_lbl" xml:lang="en-US">Panatlantica</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PartifibProjetosImobiliariosMember" xlink:label="SID_PartifibProjetosImobiliariosMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PartifibProjetosImobiliariosMember" xlink:to="SID_PartifibProjetosImobiliariosMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PartifibProjetosImobiliariosMember_lbl" xml:lang="en-US">Partifib Projetos Imobiliarios</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_VicunhaImoveisLtdaMember" xlink:label="SID_VicunhaImoveisLtdaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_VicunhaImoveisLtdaMember" xlink:to="SID_VicunhaImoveisLtdaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_VicunhaImoveisLtdaMember_lbl" xml:lang="en-US">Vicunha Imoveis Ltda.</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_VicunhaServicosLtdaMember" xlink:label="SID_VicunhaServicosLtdaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_VicunhaServicosLtdaMember" xlink:to="SID_VicunhaServicosLtdaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_VicunhaServicosLtdaMember_lbl" xml:lang="en-US">Vicunha Servicos Ltda.</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AssociatesMember" xlink:label="ifrs-full_AssociatesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssociatesMember" xlink:to="ifrs-full_AssociatesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AssociatesMember_lbl" xml:lang="en-US">Associates</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ArvediMetalferDoBrasilSAMember" xlink:label="SID_ArvediMetalferDoBrasilSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ArvediMetalferDoBrasilSAMember" xlink:to="SID_ArvediMetalferDoBrasilSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ArvediMetalferDoBrasilSAMember_lbl" xml:lang="en-US">Arvedi Metalfer do Brasil S.A.</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_VicunhaAcosSAMember" xlink:label="SID_VicunhaAcosSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_VicunhaAcosSAMember" xlink:to="SID_VicunhaAcosSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_VicunhaAcosSAMember_lbl" xml:lang="en-US">Vicunha Acos S.A.</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RioLacoParticipacoesSAMember" xlink:label="SID_RioLacoParticipacoesSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RioLacoParticipacoesSAMember" xlink:to="SID_RioLacoParticipacoesSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RioLacoParticipacoesSAMember_lbl" xml:lang="en-US">Rio Iaco Participacoes S.A.</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CFLParticipacoesSAMember" xlink:label="SID_CFLParticipacoesSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CFLParticipacoesSAMember" xlink:to="SID_CFLParticipacoesSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CFLParticipacoesSAMember_lbl" xml:lang="en-US">CFL Participacoes S.A.</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_VicunhaTextilSAMember" xlink:label="SID_VicunhaTextilSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_VicunhaTextilSAMember" xlink:to="SID_VicunhaTextilSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_VicunhaTextilSAMember_lbl" xml:lang="en-US">Vicunha Textil S.A.</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CaixaBeneficenteDosEmpregadosDaCSNCBSMember" xlink:label="SID_CaixaBeneficenteDosEmpregadosDaCSNCBSMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CaixaBeneficenteDosEmpregadosDaCSNCBSMember" xlink:to="SID_CaixaBeneficenteDosEmpregadosDaCSNCBSMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CaixaBeneficenteDosEmpregadosDaCSNCBSMember_lbl" xml:lang="en-US">Caixa Beneficente dos Empregados da CSN - CBS</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BNDESParticipacoesSABndesparMember" xlink:label="SID_BNDESParticipacoesSABndesparMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BNDESParticipacoesSABndesparMember" xlink:to="SID_BNDESParticipacoesSABndesparMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BNDESParticipacoesSABndesparMember_lbl" xml:lang="en-US">BNDES Participacoes S.A. - BNDESPAR</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NyseAdrsMember" xlink:label="SID_NyseAdrsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NyseAdrsMember" xlink:to="SID_NyseAdrsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NyseAdrsMember_lbl" xml:lang="en-US">NYSE (ADRs)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BMAndFBovespaMember" xlink:label="SID_BMAndFBovespaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BMAndFBovespaMember" xlink:to="SID_BMAndFBovespaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BMAndFBovespaMember_lbl" xml:lang="en-US">BM&amp;FBovespa</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CommonStocksMember" xlink:label="SID_CommonStocksMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CommonStocksMember" xlink:to="SID_CommonStocksMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CommonStocksMember_lbl" xml:lang="en-US">Common</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TreasurySharesMember" xlink:label="ifrs-full_TreasurySharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TreasurySharesMember" xlink:to="ifrs-full_TreasurySharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TreasurySharesMember_lbl" xml:lang="en-US">Treasury shares</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BuybackProgram1Member" xlink:label="SID_BuybackProgram1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BuybackProgram1Member" xlink:to="SID_BuybackProgram1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BuybackProgram1Member_lbl" xml:lang="en-US">Buyback program 1</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BuybackProgram2Member" xlink:label="SID_BuybackProgram2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BuybackProgram2Member" xlink:to="SID_BuybackProgram2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BuybackProgram2Member_lbl" xml:lang="en-US">Buyback program 2</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BuybackProgram3Member" xlink:label="SID_BuybackProgram3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BuybackProgram3Member" xlink:to="SID_BuybackProgram3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BuybackProgram3Member_lbl" xml:lang="en-US">Buyback program 3</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BuybackProgram4Member" xlink:label="SID_BuybackProgram4Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BuybackProgram4Member" xlink:to="SID_BuybackProgram4Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BuybackProgram4Member_lbl" xml:lang="en-US">Buyback program 4</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BuybackProgram4Number2Member" xlink:label="SID_BuybackProgram4Number2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BuybackProgram4Number2Member" xlink:to="SID_BuybackProgram4Number2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BuybackProgram4Number2Member_lbl" xml:lang="en-US">Buyback program 4 (2)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BuybackProgram5Member" xlink:label="SID_BuybackProgram5Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BuybackProgram5Member" xlink:to="SID_BuybackProgram5Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BuybackProgram5Member_lbl" xml:lang="en-US">Buyback program 5</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BuybackProgram5Number2Member" xlink:label="SID_BuybackProgram5Number2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BuybackProgram5Number2Member" xlink:to="SID_BuybackProgram5Number2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BuybackProgram5Number2Member_lbl" xml:lang="en-US">Buyback program 5 (2)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BuybackProgram6Member" xlink:label="SID_BuybackProgram6Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BuybackProgram6Member" xlink:to="SID_BuybackProgram6Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BuybackProgram6Member_lbl" xml:lang="en-US">Buyback program 6</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BuybackProgram7Member" xlink:label="SID_BuybackProgram7Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BuybackProgram7Member" xlink:to="SID_BuybackProgram7Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BuybackProgram7Member_lbl" xml:lang="en-US">Buyback program 7</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BuybackProgram8Member" xlink:label="SID_BuybackProgram8Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BuybackProgram8Member" xlink:to="SID_BuybackProgram8Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BuybackProgram8Member_lbl" xml:lang="en-US">Buyback program 8</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BuybackProgram9Member" xlink:label="SID_BuybackProgram9Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BuybackProgram9Member" xlink:to="SID_BuybackProgram9Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BuybackProgram9Member_lbl" xml:lang="en-US">Buyback program 9</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DividendAxis" xlink:label="SID_DividendAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DividendAxis" xlink:to="SID_DividendAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DividendAxis_lbl" xml:lang="en-US">Dividend [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Dividend1Member" xlink:label="SID_Dividend1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Dividend1Member" xlink:to="SID_Dividend1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Dividend1Member_lbl" xml:lang="en-US">Dividend 1</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Dividend2Member" xlink:label="SID_Dividend2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Dividend2Member" xlink:to="SID_Dividend2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Dividend2Member_lbl" xml:lang="en-US">Dividend 2</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IndemnitiesGainsOnLawsuitsMember" xlink:label="SID_IndemnitiesGainsOnLawsuitsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IndemnitiesGainsOnLawsuitsMember" xlink:to="SID_IndemnitiesGainsOnLawsuitsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_IndemnitiesGainsOnLawsuitsMember_lbl" xml:lang="en-US">Indemnities/gains on lawsuits</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RentalsAndLeasesMember" xlink:label="SID_RentalsAndLeasesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RentalsAndLeasesMember" xlink:to="SID_RentalsAndLeasesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RentalsAndLeasesMember_lbl" xml:lang="en-US">Rentals and leases</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DividendsReceivedMember" xlink:label="SID_DividendsReceivedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DividendsReceivedMember" xlink:to="SID_DividendsReceivedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DividendsReceivedMember_lbl" xml:lang="en-US">Dividends received</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ContractualFinesMember" xlink:label="SID_ContractualFinesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ContractualFinesMember" xlink:to="SID_ContractualFinesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ContractualFinesMember_lbl" xml:lang="en-US">Contractual fines</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ActuarialPensionPlanMember" xlink:label="SID_ActuarialPensionPlanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ActuarialPensionPlanMember" xlink:to="SID_ActuarialPensionPlanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ActuarialPensionPlanMember_lbl" xml:lang="en-US">Actuarial pension plan</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MonetaryAdjustmentRelatedToTheEletrobrasCompulsoryloanMember" xlink:label="SID_MonetaryAdjustmentRelatedToTheEletrobrasCompulsoryloanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MonetaryAdjustmentRelatedToTheEletrobrasCompulsoryloanMember" xlink:to="SID_MonetaryAdjustmentRelatedToTheEletrobrasCompulsoryloanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MonetaryAdjustmentRelatedToTheEletrobrasCompulsoryloanMember_lbl" xml:lang="en-US">Monetary adjustment related to the Eletrobras's compulsory loan</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OtherRevenuesMember" xlink:label="SID_OtherRevenuesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherRevenuesMember" xlink:to="SID_OtherRevenuesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_OtherRevenuesMember_lbl" xml:lang="en-US">Other revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TaxesAndFeesMember" xlink:label="SID_TaxesAndFeesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TaxesAndFeesMember" xlink:to="SID_TaxesAndFeesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TaxesAndFeesMember_lbl" xml:lang="en-US">Taxes and fees</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_WriteOffProvisionOfJudicialDepositsMember" xlink:label="SID_WriteOffProvisionOfJudicialDepositsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_WriteOffProvisionOfJudicialDepositsMember" xlink:to="SID_WriteOffProvisionOfJudicialDepositsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_WriteOffProvisionOfJudicialDepositsMember_lbl" xml:lang="en-US">Write-off / (Provision) of judicial deposits</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ExpensesWithEnvironmentalLiabilitiesNetMember" xlink:label="SID_ExpensesWithEnvironmentalLiabilitiesNetMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ExpensesWithEnvironmentalLiabilitiesNetMember" xlink:to="SID_ExpensesWithEnvironmentalLiabilitiesNetMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ExpensesWithEnvironmentalLiabilitiesNetMember_lbl" xml:lang="en-US">Expenses with environmental liabilities, net</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ExpensesFromTaxSocialSecurityLaborCivilAndEnvironmentalLawsuitsMember" xlink:label="SID_ExpensesFromTaxSocialSecurityLaborCivilAndEnvironmentalLawsuitsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ExpensesFromTaxSocialSecurityLaborCivilAndEnvironmentalLawsuitsMember" xlink:to="SID_ExpensesFromTaxSocialSecurityLaborCivilAndEnvironmentalLawsuitsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ExpensesFromTaxSocialSecurityLaborCivilAndEnvironmentalLawsuitsMember_lbl" xml:lang="en-US">Expenses from tax, social security, labor, civil and environmental law suits</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DepreciationOfUnusedEquipmentAndAmortizationOfIntangibleAssetsMember" xlink:label="SID_DepreciationOfUnusedEquipmentAndAmortizationOfIntangibleAssetsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DepreciationOfUnusedEquipmentAndAmortizationOfIntangibleAssetsMember" xlink:to="SID_DepreciationOfUnusedEquipmentAndAmortizationOfIntangibleAssetsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DepreciationOfUnusedEquipmentAndAmortizationOfIntangibleAssetsMember_lbl" xml:lang="en-US">Depreciation of unused equipment and amortization of intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_WriteOffOfPPEndIntangibleAssetsMember" xlink:label="SID_WriteOffOfPPEndIntangibleAssetsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_WriteOffOfPPEndIntangibleAssetsMember" xlink:to="SID_WriteOffOfPPEndIntangibleAssetsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_WriteOffOfPPEndIntangibleAssetsMember_lbl" xml:lang="en-US">Write off of PP&amp;E and Intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_LossesReversalsEstimatedInInventoriesMember" xlink:label="SID_LossesReversalsEstimatedInInventoriesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LossesReversalsEstimatedInInventoriesMember" xlink:to="SID_LossesReversalsEstimatedInInventoriesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_LossesReversalsEstimatedInInventoriesMember_lbl" xml:lang="en-US">Losses /reversals estimated in inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_LossesOnSparePartsMember" xlink:label="SID_LossesOnSparePartsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LossesOnSparePartsMember" xlink:to="SID_LossesOnSparePartsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_LossesOnSparePartsMember_lbl" xml:lang="en-US">Losses on spare parts</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_StudiesAndProjectEngineeringExpensesMember" xlink:label="SID_StudiesAndProjectEngineeringExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_StudiesAndProjectEngineeringExpensesMember" xlink:to="SID_StudiesAndProjectEngineeringExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_StudiesAndProjectEngineeringExpensesMember_lbl" xml:lang="en-US">Studies and project engineering expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ResearchAndDevelopmentExpensesMember" xlink:label="SID_ResearchAndDevelopmentExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ResearchAndDevelopmentExpensesMember" xlink:to="SID_ResearchAndDevelopmentExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ResearchAndDevelopmentExpensesMember_lbl" xml:lang="en-US">Research and development expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdvisoryExpensesMember" xlink:label="SID_AdvisoryExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdvisoryExpensesMember" xlink:to="SID_AdvisoryExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AdvisoryExpensesMember_lbl" xml:lang="en-US">Advisory expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_HealthcarePlanExpensesMember" xlink:label="SID_HealthcarePlanExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_HealthcarePlanExpensesMember" xlink:to="SID_HealthcarePlanExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_HealthcarePlanExpensesMember_lbl" xml:lang="en-US">Healthcare plan expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProvisionsProvisionForIndustrialRestructuringMember" xlink:label="SID_ProvisionsProvisionForIndustrialRestructuringMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProvisionsProvisionForIndustrialRestructuringMember" xlink:to="SID_ProvisionsProvisionForIndustrialRestructuringMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProvisionsProvisionForIndustrialRestructuringMember_lbl" xml:lang="en-US">Provisions/(Provision) for industrial restructuring</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_HedgeCashFlowRealizedMember" xlink:label="SID_HedgeCashFlowRealizedMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_HedgeCashFlowRealizedMember" xlink:to="SID_HedgeCashFlowRealizedMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_HedgeCashFlowRealizedMember_lbl" xml:lang="en-US">Hedge cash flow realized</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OtherExpensesMember" xlink:label="SID_OtherExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherExpensesMember" xlink:to="SID_OtherExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_OtherExpensesMember_lbl" xml:lang="en-US">Other expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ExtemporaneousPisCofinsCreditsMember" xlink:label="SID_ExtemporaneousPisCofinsCreditsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ExtemporaneousPisCofinsCreditsMember" xlink:to="SID_ExtemporaneousPisCofinsCreditsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ExtemporaneousPisCofinsCreditsMember_lbl" xml:lang="en-US">Extemporaneous PIS/COFINS credits</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GainOnBusinessCombinationMember" xlink:label="SID_GainOnBusinessCombinationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GainOnBusinessCombinationMember" xlink:to="SID_GainOnBusinessCombinationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_GainOnBusinessCombinationMember_lbl" xml:lang="en-US">Gain on business combination</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GainOnSalesOfAssetsHeldForSaleMember" xlink:label="SID_GainOnSalesOfAssetsHeldForSaleMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GainOnSalesOfAssetsHeldForSaleMember" xlink:to="SID_GainOnSalesOfAssetsHeldForSaleMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_GainOnSalesOfAssetsHeldForSaleMember_lbl" xml:lang="en-US">Gain on sales of assets held for sale</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ImpairmentOfFairValueOfTransnordestinaMember" xlink:label="SID_ImpairmentOfFairValueOfTransnordestinaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ImpairmentOfFairValueOfTransnordestinaMember" xlink:to="SID_ImpairmentOfFairValueOfTransnordestinaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ImpairmentOfFairValueOfTransnordestinaMember_lbl" xml:lang="en-US">Impairment of fair value of Transnordestina</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ReversalOfProvisionsMember" xlink:label="SID_ReversalOfProvisionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ReversalOfProvisionsMember" xlink:to="SID_ReversalOfProvisionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ReversalOfProvisionsMember_lbl" xml:lang="en-US">Reversal of provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ImpairmentOfAvailableForSaleFinancialAssetsMember" xlink:label="SID_ImpairmentOfAvailableForSaleFinancialAssetsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ImpairmentOfAvailableForSaleFinancialAssetsMember" xlink:to="SID_ImpairmentOfAvailableForSaleFinancialAssetsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ImpairmentOfAvailableForSaleFinancialAssetsMember_lbl" xml:lang="en-US">Impairment of available-for-sale financial assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_REFISEffectLawMember" xlink:label="SID_REFISEffectLawMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_REFISEffectLawMember" xlink:to="SID_REFISEffectLawMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_REFISEffectLawMember_lbl" xml:lang="en-US">REFIS effect - Law 11,941/09 and Law 12,865/13</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SteelMember" xlink:label="SID_SteelMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SteelMember" xlink:to="SID_SteelMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SteelMember_lbl" xml:lang="en-US">Steel</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GeographicalAreasAxis" xlink:label="ifrs-full_GeographicalAreasAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GeographicalAreasAxis_lbl" xml:lang="en-US">Geographical areas [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DomesticMarketMember" xlink:label="SID_DomesticMarketMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DomesticMarketMember" xlink:to="SID_DomesticMarketMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DomesticMarketMember_lbl" xml:lang="en-US">Domestic market</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ForeignMarketMember" xlink:label="SID_ForeignMarketMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ForeignMarketMember" xlink:to="SID_ForeignMarketMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ForeignMarketMember_lbl" xml:lang="en-US">Foreign market</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PortMember" xlink:label="SID_PortMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PortMember" xlink:to="SID_PortMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PortMember_lbl" xml:lang="en-US">Port</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RailroadsMember" xlink:label="SID_RailroadsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RailroadsMember" xlink:to="SID_RailroadsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RailroadsMember_lbl" xml:lang="en-US">Railroads</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EnergyMember" xlink:label="SID_EnergyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EnergyMember" xlink:to="SID_EnergyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EnergyMember_lbl" xml:lang="en-US">Energy</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CementMember" xlink:label="SID_CementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CementMember" xlink:to="SID_CementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CementMember_lbl" xml:lang="en-US">Cement</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CorporateExpensesEliminationMember" xlink:label="SID_CorporateExpensesEliminationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CorporateExpensesEliminationMember" xlink:to="SID_CorporateExpensesEliminationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CorporateExpensesEliminationMember_lbl" xml:lang="en-US">Corporate expenses/elimination</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AsiaAreaMember" xlink:label="SID_AsiaAreaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AsiaAreaMember" xlink:to="SID_AsiaAreaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AsiaAreaMember_lbl" xml:lang="en-US">Asia</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NorthAmericaAreaMember" xlink:label="SID_NorthAmericaAreaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NorthAmericaAreaMember" xlink:to="SID_NorthAmericaAreaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NorthAmericaAreaMember_lbl" xml:lang="en-US">North America</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_LatinAmericaAreaMember" xlink:label="SID_LatinAmericaAreaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LatinAmericaAreaMember" xlink:to="SID_LatinAmericaAreaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_LatinAmericaAreaMember_lbl" xml:lang="en-US">Latin America</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EuropeAreaMember" xlink:label="SID_EuropeAreaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EuropeAreaMember" xlink:to="SID_EuropeAreaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EuropeAreaMember_lbl" xml:lang="en-US">Europe</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OtherAreasMember" xlink:label="SID_OtherAreasMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherAreasMember" xlink:to="SID_OtherAreasMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_OtherAreasMember_lbl" xml:lang="en-US">Others</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DefinedBenefitPlansAxis" xlink:label="ifrs-full_DefinedBenefitPlansAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DefinedBenefitPlansAxis" xlink:to="ifrs-full_DefinedBenefitPlansAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DefinedBenefitPlansAxis_lbl" xml:lang="en-US">Defined benefit plans [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PensionPlanBenefitsMember" xlink:label="SID_PensionPlanBenefitsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PensionPlanBenefitsMember" xlink:to="SID_PensionPlanBenefitsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PensionPlanBenefitsMember_lbl" xml:lang="en-US">Pension plan benefits</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PostEmploymentHealthcareBenefitsMember" xlink:label="SID_PostEmploymentHealthcareBenefitsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PostEmploymentHealthcareBenefitsMember" xlink:to="SID_PostEmploymentHealthcareBenefitsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PostEmploymentHealthcareBenefitsMember_lbl" xml:lang="en-US">Post-employment healthcare benefits</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BDPlanMember" xlink:label="SID_BDPlanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BDPlanMember" xlink:to="SID_BDPlanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BDPlanMember_lbl" xml:lang="en-US">BD Plan</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MaleMember" xlink:label="SID_MaleMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MaleMember" xlink:to="SID_MaleMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MaleMember_lbl" xml:lang="en-US">Male</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FemaleMember" xlink:label="SID_FemaleMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FemaleMember" xlink:to="SID_FemaleMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FemaleMember_lbl" xml:lang="en-US">Female</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MilenioPlanMember" xlink:label="SID_MilenioPlanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MilenioPlanMember" xlink:to="SID_MilenioPlanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MilenioPlanMember_lbl" xml:lang="en-US">Milenio Plan</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_VariableIncomeMember" xlink:label="SID_VariableIncomeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_VariableIncomeMember" xlink:to="SID_VariableIncomeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_VariableIncomeMember_lbl" xml:lang="en-US">Variable income</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FixedIncomeMember" xlink:label="SID_FixedIncomeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FixedIncomeMember" xlink:to="SID_FixedIncomeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FixedIncomeMember_lbl" xml:lang="en-US">Fixed income</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RealEstateAssetMember" xlink:label="SID_RealEstateAssetMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RealEstateAssetMember" xlink:to="SID_RealEstateAssetMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RealEstateAssetMember_lbl" xml:lang="en-US">Real estate</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PlanCoveringThrityFivePercentOfTheAverageSalary1Member" xlink:label="SID_PlanCoveringThrityFivePercentOfTheAverageSalary1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PlanCoveringThrityFivePercentOfTheAverageSalary1Member" xlink:to="SID_PlanCoveringThrityFivePercentOfTheAverageSalary1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PlanCoveringThrityFivePercentOfTheAverageSalary1Member_lbl" xml:lang="en-US">Plan covering 35% of the average salary</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialAssumptionsAxis" xlink:label="ifrs-full_ActuarialAssumptionsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionsAxis" xlink:to="ifrs-full_ActuarialAssumptionsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionsAxis_lbl" xml:lang="en-US">Actuarial assumptions [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialAssumptionOfDiscountRatesMember" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRatesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfDiscountRatesMember" xlink:to="ifrs-full_ActuarialAssumptionOfDiscountRatesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRatesMember_lbl" xml:lang="en-US">Discount rate</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PlanCoveringThrityFivePercentOfTheAverageSalary2Member" xlink:label="SID_PlanCoveringThrityFivePercentOfTheAverageSalary2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PlanCoveringThrityFivePercentOfTheAverageSalary2Member" xlink:to="SID_PlanCoveringThrityFivePercentOfTheAverageSalary2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_PlanCoveringThrityFivePercentOfTheAverageSalary2Member_lbl" xml:lang="en-US">Plan covering 35% of the average salary</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xlink:to="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember_lbl" xml:lang="en-US">Salary growth</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ActuarialAssumptionOfMortalityMember" xlink:label="SID_ActuarialAssumptionOfMortalityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ActuarialAssumptionOfMortalityMember" xlink:to="SID_ActuarialAssumptionOfMortalityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ActuarialAssumptionOfMortalityMember_lbl" xml:lang="en-US">Mortality table</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherMaterialActuarialAssumptionsMember" xlink:label="ifrs-full_OtherMaterialActuarialAssumptionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherMaterialActuarialAssumptionsMember" xlink:to="ifrs-full_OtherMaterialActuarialAssumptionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherMaterialActuarialAssumptionsMember_lbl" xml:lang="en-US">Benefit adjustment</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AverageSalarySupplementationPlan1Member" xlink:label="SID_AverageSalarySupplementationPlan1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AverageSalarySupplementationPlan1Member" xlink:to="SID_AverageSalarySupplementationPlan1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AverageSalarySupplementationPlan1Member_lbl" xml:lang="en-US">Average salary supplementation plan</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AverageSalarySupplementationPlan2Member" xlink:label="SID_AverageSalarySupplementationPlan2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AverageSalarySupplementationPlan2Member" xlink:to="SID_AverageSalarySupplementationPlan2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_AverageSalarySupplementationPlan2Member_lbl" xml:lang="en-US">Average salary supplementation plan</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MixedSupplementaryBenefitPlan1Member" xlink:label="SID_MixedSupplementaryBenefitPlan1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MixedSupplementaryBenefitPlan1Member" xlink:to="SID_MixedSupplementaryBenefitPlan1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MixedSupplementaryBenefitPlan1Member_lbl" xml:lang="en-US">Mixed supplementary benefit plan (Milenio Plan)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MixedSupplementaryBenefitPlan2Member" xlink:label="SID_MixedSupplementaryBenefitPlan2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MixedSupplementaryBenefitPlan2Member" xlink:to="SID_MixedSupplementaryBenefitPlan2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_MixedSupplementaryBenefitPlan2Member_lbl" xml:lang="en-US">Mixed supplementary benefit plan (Milenio Plan)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Year1Member" xlink:label="SID_Year1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Year1Member" xlink:to="SID_Year1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Year1Member_lbl" xml:lang="en-US">Year 1</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Year2Member" xlink:label="SID_Year2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Year2Member" xlink:to="SID_Year2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Year2Member_lbl" xml:lang="en-US">Year 2</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Year3Member" xlink:label="SID_Year3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Year3Member" xlink:to="SID_Year3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Year3Member_lbl" xml:lang="en-US">Year 3</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Year4Member" xlink:label="SID_Year4Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Year4Member" xlink:to="SID_Year4Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Year4Member_lbl" xml:lang="en-US">Year 4</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Year5Member" xlink:label="SID_Year5Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Year5Member" xlink:to="SID_Year5Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Year5Member_lbl" xml:lang="en-US">Year 5</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Next5YearsMember" xlink:label="SID_Next5YearsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Next5YearsMember" xlink:to="SID_Next5YearsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Next5YearsMember_lbl" xml:lang="en-US">Next 5 years</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PostEmploymentHealthcareBenefits1Member" xlink:label="SID_PostEmploymentHealthcareBenefits1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PostEmploymentHealthcareBenefits1Member" xlink:to="SID_PostEmploymentHealthcareBenefits1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_PostEmploymentHealthcareBenefits1Member_lbl" xml:lang="en-US">Post-employment healthcare benefits</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PostEmploymentHealthcareBenefits2Member" xlink:label="SID_PostEmploymentHealthcareBenefits2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PostEmploymentHealthcareBenefits2Member" xlink:to="SID_PostEmploymentHealthcareBenefits2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_PostEmploymentHealthcareBenefits2Member_lbl" xml:lang="en-US">Post-employment healthcare benefits</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember" xlink:label="ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember" xlink:to="ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember_lbl" xml:lang="en-US">Medical inflation</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ActiveContributorsMember" xlink:label="SID_ActiveContributorsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ActiveContributorsMember" xlink:to="SID_ActiveContributorsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ActiveContributorsMember_lbl" xml:lang="en-US">Active contributors</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RetiredEmployeesMember" xlink:label="SID_RetiredEmployeesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RetiredEmployeesMember" xlink:to="SID_RetiredEmployeesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RetiredEmployeesMember_lbl" xml:lang="en-US">Retired employees</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RelatedBeneficiariesMember" xlink:label="SID_RelatedBeneficiariesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RelatedBeneficiariesMember" xlink:to="SID_RelatedBeneficiariesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RelatedBeneficiariesMember_lbl" xml:lang="en-US">Related beneficiaries</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TypesOfContractsAxis" xlink:label="ifrs-full_TypesOfContractsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfContractsAxis" xlink:to="ifrs-full_TypesOfContractsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfContractsAxis_lbl" xml:lang="en-US">Types of contracts [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TransportationOfIronOreCoalCokeSteelProductsCementAndMiningProductsMember" xlink:label="SID_TransportationOfIronOreCoalCokeSteelProductsCementAndMiningProductsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TransportationOfIronOreCoalCokeSteelProductsCementAndMiningProductsMember" xlink:to="SID_TransportationOfIronOreCoalCokeSteelProductsCementAndMiningProductsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TransportationOfIronOreCoalCokeSteelProductsCementAndMiningProductsMember_lbl" xml:lang="en-US">Transportation of iron ore, coal, coke, steel products, cement and mining products</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TwentySixteenMember" xlink:label="SID_TwentySixteenMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TwentySixteenMember" xlink:to="SID_TwentySixteenMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TwentySixteenMember_lbl" xml:lang="en-US">2016</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TwentySeventeenMember" xlink:label="SID_TwentySeventeenMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TwentySeventeenMember" xlink:to="SID_TwentySeventeenMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TwentySeventeenMember_lbl" xml:lang="en-US">2017</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TwentyEighteenMember" xlink:label="SID_TwentyEighteenMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TwentyEighteenMember" xlink:to="SID_TwentyEighteenMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TwentyEighteenMember_lbl" xml:lang="en-US">2018</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TwentyNineteenMember" xlink:label="SID_TwentyNineteenMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TwentyNineteenMember" xlink:to="SID_TwentyNineteenMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TwentyNineteenMember_lbl" xml:lang="en-US">2019</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TwentyTwentyMember" xlink:label="SID_TwentyTwentyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TwentyTwentyMember" xlink:to="SID_TwentyTwentyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TwentyTwentyMember_lbl" xml:lang="en-US">2020</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TwentyTwentyOneMember" xlink:label="SID_TwentyTwentyOneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TwentyTwentyOneMember" xlink:to="SID_TwentyTwentyOneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TwentyTwentyOneMember_lbl" xml:lang="en-US">2021</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AfterTwentyTwentyOneMember" xlink:label="SID_AfterTwentyTwentyOneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AfterTwentyTwentyOneMember" xlink:to="SID_AfterTwentyTwentyOneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AfterTwentyTwentyOneMember_lbl" xml:lang="en-US">After 2021</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SupplyOfPowerNaturalGasOxygenNitrogenArgonAndIronOrePelletsMember" xlink:label="SID_SupplyOfPowerNaturalGasOxygenNitrogenArgonAndIronOrePelletsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SupplyOfPowerNaturalGasOxygenNitrogenArgonAndIronOrePelletsMember" xlink:to="SID_SupplyOfPowerNaturalGasOxygenNitrogenArgonAndIronOrePelletsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SupplyOfPowerNaturalGasOxygenNitrogenArgonAndIronOrePelletsMember_lbl" xml:lang="en-US">Supply of power, natural gas, oxygen, nitrogen, argon and iron ore pellets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProcessingOfSlagGeneratedDuringPigIronAndSteelProductionMember" xlink:label="SID_ProcessingOfSlagGeneratedDuringPigIronAndSteelProductionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProcessingOfSlagGeneratedDuringPigIronAndSteelProductionMember" xlink:to="SID_ProcessingOfSlagGeneratedDuringPigIronAndSteelProductionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProcessingOfSlagGeneratedDuringPigIronAndSteelProductionMember_lbl" xml:lang="en-US">Processing of slag generated during pig iron and steel production</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ManufacturingRepairRecoveryAndProductionOfIngotCastingMachineUnitsMember" xlink:label="SID_ManufacturingRepairRecoveryAndProductionOfIngotCastingMachineUnitsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ManufacturingRepairRecoveryAndProductionOfIngotCastingMachineUnitsMember" xlink:to="SID_ManufacturingRepairRecoveryAndProductionOfIngotCastingMachineUnitsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ManufacturingRepairRecoveryAndProductionOfIngotCastingMachineUnitsMember_lbl" xml:lang="en-US">Manufacturing, repair, recovery and production of ingot casting machine units</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FTLMember" xlink:label="SID_FTLMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FTLMember" xlink:to="SID_FTLMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FTLMember_lbl" xml:lang="en-US">FTL</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TecarMember" xlink:label="SID_TecarMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TecarMember" xlink:to="SID_TecarMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TecarMember_lbl" xml:lang="en-US">Tecar</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TeconMember" xlink:label="SID_TeconMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TeconMember" xlink:to="SID_TeconMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TeconMember_lbl" xml:lang="en-US">Tecon</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CurrenciesAxis" xlink:label="SID_CurrenciesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CurrenciesAxis" xlink:to="SID_CurrenciesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CurrenciesAxis_lbl" xml:lang="en-US">Currencies [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BRLPerUSDMember" xlink:label="SID_BRLPerUSDMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BRLPerUSDMember" xlink:to="SID_BRLPerUSDMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BRLPerUSDMember_lbl" xml:lang="en-US">BRL/USD</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BRLPerEURMember" xlink:label="SID_BRLPerEURMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BRLPerEURMember" xlink:to="SID_BRLPerEURMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BRLPerEURMember_lbl" xml:lang="en-US">BRL/EUR</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BusinessCombinationsAxis" xlink:label="ifrs-full_BusinessCombinationsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BusinessCombinationsAxis" xlink:to="ifrs-full_BusinessCombinationsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BusinessCombinationsAxis_lbl" xml:lang="en-US">Business combinations [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CGPARMember" xlink:label="SID_CGPARMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CGPARMember" xlink:to="SID_CGPARMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CGPARMember_lbl" xml:lang="en-US">CGPAR</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BrazilMember" xlink:label="SID_BrazilMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BrazilMember" xlink:to="SID_BrazilMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BrazilMember_lbl" xml:lang="en-US">Brazil</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DebtSecuritiesMember" xlink:label="ifrs-full_DebtSecuritiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DebtSecuritiesMember" xlink:to="ifrs-full_DebtSecuritiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DebtSecuritiesMember_lbl" xml:lang="en-US">Government securities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherEquitySecuritiesMember" xlink:label="ifrs-full_OtherEquitySecuritiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherEquitySecuritiesMember" xlink:to="ifrs-full_OtherEquitySecuritiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherEquitySecuritiesMember_lbl" xml:lang="en-US">Private securities</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AbroadMember" xlink:label="SID_AbroadMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AbroadMember" xlink:to="SID_AbroadMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AbroadMember_lbl" xml:lang="en-US">Abroad</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TimeDepositsMember" xlink:label="SID_TimeDepositsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TimeDepositsMember" xlink:to="SID_TimeDepositsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TimeDepositsMember_lbl" xml:lang="en-US">Time deposits</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BankDepositCertificateMember" xlink:label="SID_BankDepositCertificateMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BankDepositCertificateMember" xlink:to="SID_BankDepositCertificateMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BankDepositCertificateMember_lbl" xml:lang="en-US">CDB - Bank deposit certificate</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ThirdPartiesMember" xlink:label="SID_ThirdPartiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ThirdPartiesMember" xlink:to="SID_ThirdPartiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ThirdPartiesMember_lbl" xml:lang="en-US">Third parties</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AllowanceForDoubtfulAccountMember" xlink:label="SID_AllowanceForDoubtfulAccountMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AllowanceForDoubtfulAccountMember" xlink:to="SID_AllowanceForDoubtfulAccountMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AllowanceForDoubtfulAccountMember_lbl" xml:lang="en-US">Allowance for doubtful accounts</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SubtotalMember" xlink:label="SID_SubtotalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SubtotalMember" xlink:to="SID_SubtotalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SubtotalMember_lbl" xml:lang="en-US">Subtotal</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RelatedPartiesMember" xlink:label="ifrs-full_RelatedPartiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RelatedPartiesMember" xlink:to="ifrs-full_RelatedPartiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RelatedPartiesMember_lbl" xml:lang="en-US">Related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdvancesToEmployeesMember" xlink:label="SID_AdvancesToEmployeesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdvancesToEmployeesMember" xlink:to="SID_AdvancesToEmployeesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AdvancesToEmployeesMember_lbl" xml:lang="en-US">Advances to employees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentMember" xlink:label="ifrs-full_CurrentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentMember" xlink:to="ifrs-full_CurrentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentMember_lbl" xml:lang="en-US">Current</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PastDueUpTo180DaysMember" xlink:label="SID_PastDueUpTo180DaysMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PastDueUpTo180DaysMember" xlink:to="SID_PastDueUpTo180DaysMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PastDueUpTo180DaysMember_lbl" xml:lang="en-US">Past-due up to 180 days</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PastDueOver180DaysMember" xlink:label="SID_PastDueOver180DaysMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PastDueOver180DaysMember" xlink:to="SID_PastDueOver180DaysMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PastDueOver180DaysMember_lbl" xml:lang="en-US">Past-due over 180 days</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_JudicialDepositsMember" xlink:label="SID_JudicialDepositsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_JudicialDepositsMember" xlink:to="SID_JudicialDepositsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_JudicialDepositsMember_lbl" xml:lang="en-US">Judicial deposits</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CreditsWithThePGFNMember" xlink:label="SID_CreditsWithThePGFNMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CreditsWithThePGFNMember" xlink:to="SID_CreditsWithThePGFNMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CreditsWithThePGFNMember_lbl" xml:lang="en-US">Credits with the PGFN</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RecoverableTaxesMember" xlink:label="SID_RecoverableTaxesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RecoverableTaxesMember" xlink:to="SID_RecoverableTaxesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RecoverableTaxesMember_lbl" xml:lang="en-US">Recoverable taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PrepaidExpensesMember" xlink:label="SID_PrepaidExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PrepaidExpensesMember" xlink:to="SID_PrepaidExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PrepaidExpensesMember_lbl" xml:lang="en-US">Prepaid expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ActuarialAssetRelatedPartyMember" xlink:label="SID_ActuarialAssetRelatedPartyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ActuarialAssetRelatedPartyMember" xlink:to="SID_ActuarialAssetRelatedPartyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ActuarialAssetRelatedPartyMember_lbl" xml:lang="en-US">Actuarial asset - related party</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SecuritiesHeldForTradingMember" xlink:label="SID_SecuritiesHeldForTradingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SecuritiesHeldForTradingMember" xlink:to="SID_SecuritiesHeldForTradingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SecuritiesHeldForTradingMember_lbl" xml:lang="en-US">Securities held for trading</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IronOreInventoryMember" xlink:label="SID_IronOreInventoryMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IronOreInventoryMember" xlink:to="SID_IronOreInventoryMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_IronOreInventoryMember_lbl" xml:lang="en-US">Iron ore inventory</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NortheastInvestmentFundFINORMember" xlink:label="SID_NortheastInvestmentFundFINORMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NortheastInvestmentFundFINORMember" xlink:to="SID_NortheastInvestmentFundFINORMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NortheastInvestmentFundFINORMember_lbl" xml:lang="en-US">Northeast Investment Fund - FINOR</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_LoansWithRelatedPartiesMember" xlink:label="SID_LoansWithRelatedPartiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LoansWithRelatedPartiesMember" xlink:to="SID_LoansWithRelatedPartiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_LoansWithRelatedPartiesMember_lbl" xml:lang="en-US">Loans with related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OtherReceivablesFromRelatedPartiesMember" xlink:label="SID_OtherReceivablesFromRelatedPartiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherReceivablesFromRelatedPartiesMember" xlink:to="SID_OtherReceivablesFromRelatedPartiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_OtherReceivablesFromRelatedPartiesMember_lbl" xml:lang="en-US">Other receivables from related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MonetaryAdjustmentRelatedToTheEletrobrassCompulsoryLoanMember" xlink:label="SID_MonetaryAdjustmentRelatedToTheEletrobrassCompulsoryLoanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MonetaryAdjustmentRelatedToTheEletrobrassCompulsoryLoanMember" xlink:to="SID_MonetaryAdjustmentRelatedToTheEletrobrassCompulsoryLoanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_MonetaryAdjustmentRelatedToTheEletrobrassCompulsoryLoanMember_lbl" xml:lang="en-US">Monetary adjustment related to the Eletrobras's compulsory loan</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ForeignCurrencyMember" xlink:label="SID_ForeignCurrencyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ForeignCurrencyMember" xlink:to="SID_ForeignCurrencyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ForeignCurrencyMember_lbl" xml:lang="en-US">Foreign Currency</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsByNameAxis" xlink:label="ifrs-full_BorrowingsByNameAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ifrs-full_BorrowingsByNameAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsByNameAxis_lbl" xml:lang="en-US">Borrowings by name [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Prepayment1Member" xlink:label="SID_Prepayment1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Prepayment1Member" xlink:to="SID_Prepayment1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Prepayment1Member_lbl" xml:lang="en-US">Prepayment</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Prepayment2Member" xlink:label="SID_Prepayment2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Prepayment2Member" xlink:to="SID_Prepayment2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_Prepayment2Member_lbl" xml:lang="en-US">Prepayment</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PerpetualBondsMember" xlink:label="SID_PerpetualBondsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PerpetualBondsMember" xlink:to="SID_PerpetualBondsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PerpetualBondsMember_lbl" xml:lang="en-US">Perpetual bonds</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FixedRateNotesMember" xlink:label="SID_FixedRateNotesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FixedRateNotesMember" xlink:to="SID_FixedRateNotesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FixedRateNotesMember_lbl" xml:lang="en-US">Fixed rate notes</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ACCMember" xlink:label="SID_ACCMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ACCMember" xlink:to="SID_ACCMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ACCMember_lbl" xml:lang="en-US">Advance contract exchange (ACC)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_LocalCurrencyMember" xlink:label="SID_LocalCurrencyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LocalCurrencyMember" xlink:to="SID_LocalCurrencyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_LocalCurrencyMember_lbl" xml:lang="en-US">Local Currency</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BndesFinameMember" xlink:label="SID_BndesFinameMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BndesFinameMember" xlink:to="SID_BndesFinameMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BndesFinameMember_lbl" xml:lang="en-US">BNDES/FINAME</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DebenturesMember" xlink:label="SID_DebenturesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DebenturesMember" xlink:to="SID_DebenturesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DebenturesMember_lbl" xml:lang="en-US">Debentures</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CCBMember" xlink:label="SID_CCBMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CCBMember" xlink:to="SID_CCBMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CCBMember_lbl" xml:lang="en-US">CCB</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MaturityAxis" xlink:label="ifrs-full_MaturityAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaturityAxis" xlink:to="ifrs-full_MaturityAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MaturityAxis_lbl" xml:lang="en-US">Maturity [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PrepaymentMember" xlink:label="SID_PrepaymentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PrepaymentMember" xlink:to="SID_PrepaymentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_PrepaymentMember_lbl" xml:lang="en-US">Prepayment</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Bonds1Member" xlink:label="SID_Bonds1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Bonds1Member" xlink:to="SID_Bonds1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Bonds1Member_lbl" xml:lang="en-US">Bonds</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TwentyTwentyTwoMember" xlink:label="SID_TwentyTwentyTwoMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TwentyTwentyTwoMember" xlink:to="SID_TwentyTwentyTwoMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TwentyTwentyTwoMember_lbl" xml:lang="en-US">2022</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TwentyTwentyThreeMember" xlink:label="SID_TwentyTwentyThreeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TwentyTwentyThreeMember" xlink:to="SID_TwentyTwentyThreeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TwentyTwentyThreeMember_lbl" xml:lang="en-US">2023</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AfterTwentyTwentyThreeMember" xlink:label="SID_AfterTwentyTwentyThreeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AfterTwentyTwentyThreeMember" xlink:to="SID_AfterTwentyTwentyThreeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AfterTwentyTwentyThreeMember_lbl" xml:lang="en-US">After 2023</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AmortizedLoan1Member" xlink:label="SID_AmortizedLoan1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AmortizedLoan1Member" xlink:to="SID_AmortizedLoan1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AmortizedLoan1Member_lbl" xml:lang="en-US">Amortized loan 1</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AmortizedLoan2Member" xlink:label="SID_AmortizedLoan2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AmortizedLoan2Member" xlink:to="SID_AmortizedLoan2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AmortizedLoan2Member_lbl" xml:lang="en-US">Amortized loan 2</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AmortizedLoan3Member" xlink:label="SID_AmortizedLoan3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AmortizedLoan3Member" xlink:to="SID_AmortizedLoan3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AmortizedLoan3Member_lbl" xml:lang="en-US">Amortized loan 3</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AmortizedLoan4Member" xlink:label="SID_AmortizedLoan4Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AmortizedLoan4Member" xlink:to="SID_AmortizedLoan4Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AmortizedLoan4Member_lbl" xml:lang="en-US">Amortized loan 4</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FixedRateNotesMember" xlink:to="SID_FixedRateNotesMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_FixedRateNotesMember_2_lbl" xml:lang="en-US">Fixed Rate Notes</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BankCreditBillMember" xlink:label="SID_BankCreditBillMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BankCreditBillMember" xlink:to="SID_BankCreditBillMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BankCreditBillMember_lbl" xml:lang="en-US">Bank Credit Bill</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ExportCreditNoteMember" xlink:label="SID_ExportCreditNoteMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ExportCreditNoteMember" xlink:to="SID_ExportCreditNoteMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ExportCreditNoteMember_lbl" xml:lang="en-US">Export Credit Note</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PreExportPaymentMember" xlink:label="SID_PreExportPaymentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PreExportPaymentMember" xlink:to="SID_PreExportPaymentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PreExportPaymentMember_lbl" xml:lang="en-US">Pre - Export Payment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AssetsAndLiabilitiesAxis" xlink:label="ifrs-full_AssetsAndLiabilitiesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAndLiabilitiesAxis" xlink:to="ifrs-full_AssetsAndLiabilitiesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AssetsAndLiabilitiesAxis_lbl" xml:lang="en-US">Assets and liabilities [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CurrentAssetsMember" xlink:label="SID_CurrentAssetsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CurrentAssetsMember" xlink:to="SID_CurrentAssetsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CurrentAssetsMember_lbl" xml:lang="en-US">Current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:to="ifrs-full_ClassesOfFinancialInstrumentsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsAxis_lbl" xml:lang="en-US">Classes of financial instruments [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CashAndCashEquivalantMember" xlink:label="SID_CashAndCashEquivalantMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CashAndCashEquivalantMember" xlink:to="SID_CashAndCashEquivalantMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CashAndCashEquivalantMember_lbl" xml:lang="en-US">Cash and cash equivalants</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ShorttermInvestmentsMarginDepositMember" xlink:label="SID_ShorttermInvestmentsMarginDepositMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ShorttermInvestmentsMarginDepositMember" xlink:to="SID_ShorttermInvestmentsMarginDepositMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ShorttermInvestmentsMarginDepositMember_lbl" xml:lang="en-US">Short-term investments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradingSecuritiesMember" xlink:label="ifrs-full_TradingSecuritiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradingSecuritiesMember" xlink:to="ifrs-full_TradingSecuritiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradingSecuritiesMember_lbl" xml:lang="en-US">Trading securities</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NonurrentAssetsMember" xlink:label="SID_NonurrentAssetsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NonurrentAssetsMember" xlink:to="SID_NonurrentAssetsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NonurrentAssetsMember_lbl" xml:lang="en-US">Non-current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OtherTradeReceivablesMember" xlink:label="SID_OtherTradeReceivablesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherTradeReceivablesMember" xlink:to="SID_OtherTradeReceivablesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_OtherTradeReceivablesMember_lbl" xml:lang="en-US">Other trade receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_InvestmentMember" xlink:label="SID_InvestmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InvestmentMember" xlink:to="SID_InvestmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_InvestmentMember_lbl" xml:lang="en-US">Investments</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BorrowingsRelatedPartiesMember" xlink:label="SID_BorrowingsRelatedPartiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BorrowingsRelatedPartiesMember" xlink:to="SID_BorrowingsRelatedPartiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BorrowingsRelatedPartiesMember_lbl" xml:lang="en-US">Loans - related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CurrentLiabilitiesMember" xlink:label="SID_CurrentLiabilitiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CurrentLiabilitiesMember" xlink:to="SID_CurrentLiabilitiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CurrentLiabilitiesMember_lbl" xml:lang="en-US">Current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BorrowingsAndFinancingMember" xlink:label="SID_BorrowingsAndFinancingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BorrowingsAndFinancingMember" xlink:to="SID_BorrowingsAndFinancingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BorrowingsAndFinancingMember_lbl" xml:lang="en-US">Borrowings and financing</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DividendsAndJCPMember" xlink:label="SID_DividendsAndJCPMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DividendsAndJCPMember" xlink:to="SID_DividendsAndJCPMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DividendsAndJCPMember_lbl" xml:lang="en-US">Dividends and JCP</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NoncurrentLiabilitiesMember" xlink:label="SID_NoncurrentLiabilitiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NoncurrentLiabilitiesMember" xlink:to="SID_NoncurrentLiabilitiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NoncurrentLiabilitiesMember_lbl" xml:lang="en-US">Non-current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:to="ifrs-full_LevelsOfFairValueHierarchyAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis_lbl" xml:lang="en-US">Levels of fair value hierarchy [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Level1OfFairValueHierarchyMember" xlink:label="ifrs-full_Level1OfFairValueHierarchyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Level1OfFairValueHierarchyMember" xlink:to="ifrs-full_Level1OfFairValueHierarchyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Level1OfFairValueHierarchyMember_lbl" xml:lang="en-US">Level 1</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Level2OfFairValueHierarchyMember" xlink:label="ifrs-full_Level2OfFairValueHierarchyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Level2OfFairValueHierarchyMember" xlink:to="ifrs-full_Level2OfFairValueHierarchyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Level2OfFairValueHierarchyMember_lbl" xml:lang="en-US">Level 2</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AssetMember" xlink:label="SID_AssetMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AssetMember" xlink:to="SID_AssetMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AssetMember_lbl" xml:lang="en-US">Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LiabilitiesMember" xlink:label="ifrs-full_LiabilitiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilitiesMember" xlink:to="ifrs-full_LiabilitiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilitiesMember_lbl" xml:lang="en-US">Liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PreferredStocksMember" xlink:label="SID_PreferredStocksMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PreferredStocksMember" xlink:to="SID_PreferredStocksMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PreferredStocksMember_lbl" xml:lang="en-US">Preferred</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_USDMember" xlink:label="SID_USDMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_USDMember" xlink:to="SID_USDMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_USDMember_lbl" xml:lang="en-US">USD</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CashAndCashEquivalentsOverseasMember" xlink:label="SID_CashAndCashEquivalentsOverseasMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CashAndCashEquivalentsOverseasMember" xlink:to="SID_CashAndCashEquivalentsOverseasMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CashAndCashEquivalentsOverseasMember_lbl" xml:lang="en-US">Cash and cash equivalents overseas</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherAssetsMember" xlink:label="ifrs-full_OtherAssetsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherAssetsMember" xlink:to="ifrs-full_OtherAssetsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherAssetsMember_lbl" xml:lang="en-US">Other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TotalAssetsMember" xlink:label="SID_TotalAssetsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TotalAssetsMember" xlink:to="SID_TotalAssetsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TotalAssetsMember_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OtherLiabilityMember" xlink:label="SID_OtherLiabilityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherLiabilityMember" xlink:to="SID_OtherLiabilityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_OtherLiabilityMember_lbl" xml:lang="en-US">Other liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TotalLiabilitiesMember" xlink:label="SID_TotalLiabilitiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TotalLiabilitiesMember" xlink:to="SID_TotalLiabilitiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TotalLiabilitiesMember_lbl" xml:lang="en-US">Total liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TypesOfRisksAxis" xlink:label="ifrs-full_TypesOfRisksAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfRisksAxis" xlink:to="ifrs-full_TypesOfRisksAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfRisksAxis_lbl" xml:lang="en-US">Types of risks [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ForeignExchangeExposureMember" xlink:label="SID_ForeignExchangeExposureMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ForeignExchangeExposureMember" xlink:to="SID_ForeignExchangeExposureMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ForeignExchangeExposureMember_lbl" xml:lang="en-US">Foreign exchange exposure</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NetInvestmentHedgeAccountingMember" xlink:label="SID_NetInvestmentHedgeAccountingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NetInvestmentHedgeAccountingMember" xlink:to="SID_NetInvestmentHedgeAccountingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NetInvestmentHedgeAccountingMember_lbl" xml:lang="en-US">Net Investment hedge accounting</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NetForeignExchangeExposureMember" xlink:label="SID_NetForeignExchangeExposureMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NetForeignExchangeExposureMember" xlink:to="SID_NetForeignExchangeExposureMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NetForeignExchangeExposureMember_lbl" xml:lang="en-US">Net foreign exchange exposure</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PerpetualBondsMember" xlink:to="SID_PerpetualBondsMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_PerpetualBondsMember_2_lbl" xml:lang="en-US">Perpetual Bonds</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EuroMember" xlink:label="SID_EuroMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EuroMember" xlink:to="SID_EuroMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EuroMember_lbl" xml:lang="en-US">Euro</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DollarToEuroSwapMember" xlink:label="SID_DollarToEuroSwapMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DollarToEuroSwapMember" xlink:to="SID_DollarToEuroSwapMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DollarToEuroSwapMember_lbl" xml:lang="en-US">Dollar-to-euro swap</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DiFuturoMember" xlink:label="SID_DiFuturoMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DiFuturoMember" xlink:to="SID_DiFuturoMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DiFuturoMember_lbl" xml:lang="en-US">Di futuro</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ForwardDollarMember" xlink:label="SID_ForwardDollarMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ForwardDollarMember" xlink:to="SID_ForwardDollarMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ForwardDollarMember_lbl" xml:lang="en-US">Forward dollar</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FixedRateToCDIInterestRateSwapMember" xlink:label="SID_FixedRateToCDIInterestRateSwapMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FixedRateToCDIInterestRateSwapMember" xlink:to="SID_FixedRateToCDIInterestRateSwapMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FixedRateToCDIInterestRateSwapMember_lbl" xml:lang="en-US">Fixed rate-to-CDI interest rate swap</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CDIToFixedRateSwapMember" xlink:label="SID_CDIToFixedRateSwapMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CDIToFixedRateSwapMember" xlink:to="SID_CDIToFixedRateSwapMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CDIToFixedRateSwapMember_lbl" xml:lang="en-US">CDI-to-fixed rate swap</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_HedgedItemsAxis" xlink:label="ifrs-full_HedgedItemsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_HedgedItemsAxis" xlink:to="ifrs-full_HedgedItemsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_HedgedItemsAxis_lbl" xml:lang="en-US">Hedged items [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_HedgedItems1Member" xlink:label="SID_HedgedItems1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_HedgedItems1Member" xlink:to="SID_HedgedItems1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_HedgedItems1Member_lbl" xml:lang="en-US">Hedging relationship 1</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_HedgedItems2Member" xlink:label="SID_HedgedItems2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_HedgedItems2Member" xlink:to="SID_HedgedItems2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_HedgedItems2Member_lbl" xml:lang="en-US">Hedging relationship 2</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_HedgedItems3Member" xlink:label="SID_HedgedItems3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_HedgedItems3Member" xlink:to="SID_HedgedItems3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_HedgedItems3Member_lbl" xml:lang="en-US">Hedging relationship 3</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_HedgedItems4Member" xlink:label="SID_HedgedItems4Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_HedgedItems4Member" xlink:to="SID_HedgedItems4Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_HedgedItems4Member_lbl" xml:lang="en-US">Hedging relationship 4</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_HedgedItems5Member" xlink:label="SID_HedgedItems5Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_HedgedItems5Member" xlink:to="SID_HedgedItems5Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_HedgedItems5Member_lbl" xml:lang="en-US">Hedging relationship 5</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_HedgedItems6Member" xlink:label="SID_HedgedItems6Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_HedgedItems6Member" xlink:to="SID_HedgedItems6Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_HedgedItems6Member_lbl" xml:lang="en-US">Hedging relationship 6</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_HedgedItems7Member" xlink:label="SID_HedgedItems7Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_HedgedItems7Member" xlink:to="SID_HedgedItems7Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_HedgedItems7Member_lbl" xml:lang="en-US">Hedging relationship 7</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_HedgedItems8Member" xlink:label="SID_HedgedItems8Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_HedgedItems8Member" xlink:to="SID_HedgedItems8Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_HedgedItems8Member_lbl" xml:lang="en-US">Hedging relationship 8</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_HedgedItems9Member" xlink:label="SID_HedgedItems9Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_HedgedItems9Member" xlink:to="SID_HedgedItems9Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_HedgedItems9Member_lbl" xml:lang="en-US">Hedging relationship 9</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_HedgedItems10Member" xlink:label="SID_HedgedItems10Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_HedgedItems10Member" xlink:to="SID_HedgedItems10Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_HedgedItems10Member_lbl" xml:lang="en-US">Hedging relationship 10</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_HedgedItems11Member" xlink:label="SID_HedgedItems11Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_HedgedItems11Member" xlink:to="SID_HedgedItems11Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_HedgedItems11Member_lbl" xml:lang="en-US">Hedging relationship 11</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_HedgedItems12Member" xlink:label="SID_HedgedItems12Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_HedgedItems12Member" xlink:to="SID_HedgedItems12Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_HedgedItems12Member_lbl" xml:lang="en-US">Hedging relationship 12</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_HedgedItems13Member" xlink:label="SID_HedgedItems13Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_HedgedItems13Member" xlink:to="SID_HedgedItems13Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_HedgedItems13Member_lbl" xml:lang="en-US">Hedging relationship 13</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TypesOfHedgesAxis" xlink:label="ifrs-full_TypesOfHedgesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfHedgesAxis" xlink:to="ifrs-full_TypesOfHedgesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfHedgesAxis_lbl" xml:lang="en-US">Types of hedges [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowHedgesMember" xlink:label="ifrs-full_CashFlowHedgesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowHedgesMember" xlink:to="ifrs-full_CashFlowHedgesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CashFlowHedgesMember_lbl" xml:lang="en-US">Cash flow hedge accounting</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ForeignSubsidiariesMember" xlink:label="SID_ForeignSubsidiariesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ForeignSubsidiariesMember" xlink:to="SID_ForeignSubsidiariesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ForeignSubsidiariesMember_lbl" xml:lang="en-US">Foreign Subsidiaries</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NetInvestmentHedgeAccountingMember" xlink:to="SID_NetInvestmentHedgeAccountingMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_NetInvestmentHedgeAccountingMember_2_lbl" xml:lang="en-US">Net investment hedge accounting</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProbableScenarioMember" xlink:label="SID_ProbableScenarioMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProbableScenarioMember" xlink:to="SID_ProbableScenarioMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProbableScenarioMember_lbl" xml:lang="en-US">Probable Scenario</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Scenario1Member" xlink:label="SID_Scenario1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Scenario1Member" xlink:to="SID_Scenario1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Scenario1Member_lbl" xml:lang="en-US">Scenario 1</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Scenario2Member" xlink:label="SID_Scenario2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Scenario2Member" xlink:to="SID_Scenario2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Scenario2Member_lbl" xml:lang="en-US">Scenario 2</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EURMember" xlink:label="SID_EURMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EURMember" xlink:to="SID_EURMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EURMember_lbl" xml:lang="en-US">EUR</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TypesOfInterestRatesAxis" xlink:label="ifrs-full_TypesOfInterestRatesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfInterestRatesAxis" xlink:to="ifrs-full_TypesOfInterestRatesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfInterestRatesAxis_lbl" xml:lang="en-US">Types of interest rates [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CDIMember" xlink:label="SID_CDIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CDIMember" xlink:to="SID_CDIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CDIMember_lbl" xml:lang="en-US">CDI</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TJLPMember" xlink:label="SID_TJLPMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TJLPMember" xlink:to="SID_TJLPMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TJLPMember_lbl" xml:lang="en-US">TJLP</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_LIBORMember" xlink:label="SID_LIBORMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LIBORMember" xlink:to="SID_LIBORMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_LIBORMember_lbl" xml:lang="en-US">LIBOR</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_HedgeAccountingOfExportsMember" xlink:label="SID_HedgeAccountingOfExportsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_HedgeAccountingOfExportsMember" xlink:to="SID_HedgeAccountingOfExportsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_HedgeAccountingOfExportsMember_lbl" xml:lang="en-US">Hedge accounting of exports</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_HedgeAccountingOfExportsCurrencyPositionMember" xlink:label="SID_HedgeAccountingOfExportsCurrencyPositionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_HedgeAccountingOfExportsCurrencyPositionMember" xlink:to="SID_HedgeAccountingOfExportsCurrencyPositionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_HedgeAccountingOfExportsCurrencyPositionMember_lbl" xml:lang="en-US">Currency position</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_HedgeAccountingOfExportsConsolidatedExchangePositionMember" xlink:label="SID_HedgeAccountingOfExportsConsolidatedExchangePositionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_HedgeAccountingOfExportsConsolidatedExchangePositionMember" xlink:to="SID_HedgeAccountingOfExportsConsolidatedExchangePositionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_HedgeAccountingOfExportsConsolidatedExchangePositionMember_lbl" xml:lang="en-US">Consolidated exchange position</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NetInvestmentHedgeAccountingCurrencyPositionMember" xlink:label="SID_NetInvestmentHedgeAccountingCurrencyPositionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NetInvestmentHedgeAccountingCurrencyPositionMember" xlink:to="SID_NetInvestmentHedgeAccountingCurrencyPositionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_NetInvestmentHedgeAccountingCurrencyPositionMember_lbl" xml:lang="en-US">Currency position</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NetInvestmentHedgeAccountingConsolidatedExchangePositionMember" xlink:label="SID_NetInvestmentHedgeAccountingConsolidatedExchangePositionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NetInvestmentHedgeAccountingConsolidatedExchangePositionMember" xlink:to="SID_NetInvestmentHedgeAccountingConsolidatedExchangePositionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_NetInvestmentHedgeAccountingConsolidatedExchangePositionMember_lbl" xml:lang="en-US">Consolidated exchange position</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:label="ifrs-full_ClassesOfFinancialLiabilitiesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:to="ifrs-full_ClassesOfFinancialLiabilitiesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialLiabilitiesAxis_lbl" xml:lang="en-US">Classes of financial liabilities [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BorrowingsFinancingAndDebenturesMember" xlink:label="SID_BorrowingsFinancingAndDebenturesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BorrowingsFinancingAndDebenturesMember" xlink:to="SID_BorrowingsFinancingAndDebenturesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BorrowingsFinancingAndDebenturesMember_lbl" xml:lang="en-US">Borrowings, financing and debentures</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NotLaterThanOneYearMember" xlink:label="ifrs-full_NotLaterThanOneYearMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotLaterThanOneYearMember" xlink:to="ifrs-full_NotLaterThanOneYearMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NotLaterThanOneYearMember_lbl" xml:lang="en-US">Less than one year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:to="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_lbl" xml:lang="en-US">From one to two years</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LaterThanTwoYearsAndNotLaterThanFiveYearsMember" xlink:label="ifrs-full_LaterThanTwoYearsAndNotLaterThanFiveYearsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanTwoYearsAndNotLaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanTwoYearsAndNotLaterThanFiveYearsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanTwoYearsAndNotLaterThanFiveYearsMember_lbl" xml:lang="en-US">From two to five years</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LaterThanFiveYearsMember" xlink:label="ifrs-full_LaterThanFiveYearsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanFiveYearsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanFiveYearsMember_lbl" xml:lang="en-US">Over five years</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DividendsAndInterestOnCapitalMember" xlink:label="SID_DividendsAndInterestOnCapitalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DividendsAndInterestOnCapitalMember" xlink:to="SID_DividendsAndInterestOnCapitalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DividendsAndInterestOnCapitalMember_lbl" xml:lang="en-US">Dividends and interest on capital</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FederalRefisLaw1Member" xlink:label="SID_FederalRefisLaw1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FederalRefisLaw1Member" xlink:to="SID_FederalRefisLaw1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FederalRefisLaw1Member_lbl" xml:lang="en-US">Federal REFIS Law 11.941/09</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FederalRefisLaw2Member" xlink:label="SID_FederalRefisLaw2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FederalRefisLaw2Member" xlink:to="SID_FederalRefisLaw2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FederalRefisLaw2Member_lbl" xml:lang="en-US">Federal REFIS Law 12.865/13</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OtherRefinancingProgramMember" xlink:label="SID_OtherRefinancingProgramMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherRefinancingProgramMember" xlink:to="SID_OtherRefinancingProgramMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_OtherRefinancingProgramMember_lbl" xml:lang="en-US">Other refinancing program</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EnvironmentalLiabilitiesMember" xlink:label="SID_EnvironmentalLiabilitiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EnvironmentalLiabilitiesMember" xlink:to="SID_EnvironmentalLiabilitiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EnvironmentalLiabilitiesMember_lbl" xml:lang="en-US">Environmental liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AssetRetirementObligationsMember" xlink:label="SID_AssetRetirementObligationsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AssetRetirementObligationsMember" xlink:to="SID_AssetRetirementObligationsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AssetRetirementObligationsMember_lbl" xml:lang="en-US">Asset retirement obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RawMaterialsAndInputsMember" xlink:label="SID_RawMaterialsAndInputsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RawMaterialsAndInputsMember" xlink:to="SID_RawMaterialsAndInputsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RawMaterialsAndInputsMember_lbl" xml:lang="en-US">Raw materials and inputs</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_LaborCostMember" xlink:label="SID_LaborCostMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LaborCostMember" xlink:to="SID_LaborCostMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_LaborCostMember_lbl" xml:lang="en-US">Labor cost</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SuppliesMember" xlink:label="SID_SuppliesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SuppliesMember" xlink:to="SID_SuppliesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SuppliesMember_lbl" xml:lang="en-US">Supplies</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MaintenanceCostServicesAndMaterialsMember" xlink:label="SID_MaintenanceCostServicesAndMaterialsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MaintenanceCostServicesAndMaterialsMember" xlink:to="SID_MaintenanceCostServicesAndMaterialsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MaintenanceCostServicesAndMaterialsMember_lbl" xml:lang="en-US">Maintenance cost (services and materials)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OutsourcingServicesMember" xlink:label="SID_OutsourcingServicesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OutsourcingServicesMember" xlink:to="SID_OutsourcingServicesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_OutsourcingServicesMember_lbl" xml:lang="en-US">Outsourcing services</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DepreciationAmortizationAndDepletionMember" xlink:label="SID_DepreciationAmortizationAndDepletionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DepreciationAmortizationAndDepletionMember" xlink:to="SID_DepreciationAmortizationAndDepletionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DepreciationAmortizationAndDepletionMember_lbl" xml:lang="en-US">Depreciation, amortization and depletion</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IncomeFromShortTermInvestmentsMember" xlink:label="SID_IncomeFromShortTermInvestmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeFromShortTermInvestmentsMember" xlink:to="SID_IncomeFromShortTermInvestmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_IncomeFromShortTermInvestmentsMember_lbl" xml:lang="en-US">Income from short-term investments</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GainFromDerivativeMember" xlink:label="SID_GainFromDerivativeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GainFromDerivativeMember" xlink:to="SID_GainFromDerivativeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_GainFromDerivativeMember_lbl" xml:lang="en-US">Gain from derivative</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GainOnRepurchaseOfDebtSecuritiesMember" xlink:label="SID_GainOnRepurchaseOfDebtSecuritiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GainOnRepurchaseOfDebtSecuritiesMember" xlink:to="SID_GainOnRepurchaseOfDebtSecuritiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_GainOnRepurchaseOfDebtSecuritiesMember_lbl" xml:lang="en-US">Gain on repurchase of debt securities</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OtherIncomesMember" xlink:label="SID_OtherIncomesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherIncomesMember" xlink:to="SID_OtherIncomesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_OtherIncomesMember_lbl" xml:lang="en-US">Other income</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BorrowingsAndFinancingForeignCurrencyMember" xlink:label="SID_BorrowingsAndFinancingForeignCurrencyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BorrowingsAndFinancingForeignCurrencyMember" xlink:to="SID_BorrowingsAndFinancingForeignCurrencyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BorrowingsAndFinancingForeignCurrencyMember_lbl" xml:lang="en-US">Borrowings and financing - foreign currency</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BorrowingsAndFinancingLocalCurrencyMember" xlink:label="SID_BorrowingsAndFinancingLocalCurrencyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BorrowingsAndFinancingLocalCurrencyMember" xlink:to="SID_BorrowingsAndFinancingLocalCurrencyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BorrowingsAndFinancingLocalCurrencyMember_lbl" xml:lang="en-US">Borrowings and financing - local currency</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CapitalizedInterestMember" xlink:label="SID_CapitalizedInterestMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CapitalizedInterestMember" xlink:to="SID_CapitalizedInterestMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CapitalizedInterestMember_lbl" xml:lang="en-US">Capitalized interest</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_LossesOnDerivativesMember" xlink:label="SID_LossesOnDerivativesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LossesOnDerivativesMember" xlink:to="SID_LossesOnDerivativesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_LossesOnDerivativesMember_lbl" xml:lang="en-US">Losses on derivatives</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_InterestFinesAndLatePaymentChargesMember" xlink:label="SID_InterestFinesAndLatePaymentChargesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InterestFinesAndLatePaymentChargesMember" xlink:to="SID_InterestFinesAndLatePaymentChargesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_InterestFinesAndLatePaymentChargesMember_lbl" xml:lang="en-US">Interest, fines and late payment charges</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CommissionAndBankFeesMember" xlink:label="SID_CommissionAndBankFeesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CommissionAndBankFeesMember" xlink:to="SID_CommissionAndBankFeesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CommissionAndBankFeesMember_lbl" xml:lang="en-US">Commission and bank fees</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PisCofinsOverFinancialIncomeMember" xlink:label="SID_PisCofinsOverFinancialIncomeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PisCofinsOverFinancialIncomeMember" xlink:to="SID_PisCofinsOverFinancialIncomeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PisCofinsOverFinancialIncomeMember_lbl" xml:lang="en-US">PIS/COFINS over financial income</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OtherFinancialExpensesMember" xlink:label="SID_OtherFinancialExpensesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherFinancialExpensesMember" xlink:to="SID_OtherFinancialExpensesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_OtherFinancialExpensesMember_lbl" xml:lang="en-US">Other financial expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_InflationAdjustmentAndExchangeDifferencesNetMember" xlink:label="SID_InflationAdjustmentAndExchangeDifferencesNetMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InflationAdjustmentAndExchangeDifferencesNetMember" xlink:to="SID_InflationAdjustmentAndExchangeDifferencesNetMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_InflationAdjustmentAndExchangeDifferencesNetMember_lbl" xml:lang="en-US">Inflation adjustment and exchange differences, net</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_InflationAdjustmensNetMember" xlink:label="SID_InflationAdjustmensNetMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InflationAdjustmensNetMember" xlink:to="SID_InflationAdjustmensNetMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_InflationAdjustmensNetMember_lbl" xml:lang="en-US">Inflation adjustments, net</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ExchangeDifferencesNetMember" xlink:label="SID_ExchangeDifferencesNetMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ExchangeDifferencesNetMember" xlink:to="SID_ExchangeDifferencesNetMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ExchangeDifferencesNetMember_lbl" xml:lang="en-US">Exchange differences, net</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ExchangeGainLossesOnDerivativesMember" xlink:label="SID_ExchangeGainLossesOnDerivativesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ExchangeGainLossesOnDerivativesMember" xlink:to="SID_ExchangeGainLossesOnDerivativesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ExchangeGainLossesOnDerivativesMember_lbl" xml:lang="en-US">Exchange gain (losses) on derivatives</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DerivativeTransactionsAxis" xlink:label="SID_DerivativeTransactionsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DerivativeTransactionsAxis" xlink:to="SID_DerivativeTransactionsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DerivativeTransactionsAxis_lbl" xml:lang="en-US">Derivative transactions [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DollarToCDISwapMember" xlink:label="SID_DollarToCDISwapMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DollarToCDISwapMember" xlink:to="SID_DollarToCDISwapMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DollarToCDISwapMember_lbl" xml:lang="en-US">Dollar-to-CDI swap</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DollarToRealSwapNDFMember" xlink:label="SID_DollarToRealSwapNDFMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DollarToRealSwapNDFMember" xlink:to="SID_DollarToRealSwapNDFMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DollarToRealSwapNDFMember_lbl" xml:lang="en-US">Dollar-to-real swap (NDF)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FutureDollarMember" xlink:label="SID_FutureDollarMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FutureDollarMember" xlink:to="SID_FutureDollarMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FutureDollarMember_lbl" xml:lang="en-US">Future Dollar</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DollarToEuroSwapNDFMember" xlink:label="SID_DollarToEuroSwapNDFMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DollarToEuroSwapNDFMember" xlink:to="SID_DollarToEuroSwapNDFMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DollarToEuroSwapNDFMember_lbl" xml:lang="en-US">Dollar-to-euro swap (NDF)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SwapPreXCDIMember" xlink:label="SID_SwapPreXCDIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SwapPreXCDIMember" xlink:to="SID_SwapPreXCDIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SwapPreXCDIMember_lbl" xml:lang="en-US">Swap Pre x CDI</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SwapCDIXPreMember" xlink:label="SID_SwapCDIXPreMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SwapCDIXPreMember" xlink:to="SID_SwapCDIXPreMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SwapCDIXPreMember_lbl" xml:lang="en-US">Swap CDI x Pre</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FutureDIMember" xlink:label="SID_FutureDIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FutureDIMember" xlink:to="SID_FutureDIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FutureDIMember_lbl" xml:lang="en-US">Future DI</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LandMember" xlink:label="ifrs-full_LandMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LandMember" xlink:to="ifrs-full_LandMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LandMember_lbl" xml:lang="en-US">Land</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BuildingsMember" xlink:label="ifrs-full_BuildingsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BuildingsMember" xlink:to="ifrs-full_BuildingsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BuildingsMember_lbl" xml:lang="en-US">Buildings and Infrastructure</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ConstructionInProgressMember" xlink:label="ifrs-full_ConstructionInProgressMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ConstructionInProgressMember" xlink:to="ifrs-full_ConstructionInProgressMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ConstructionInProgressMember_lbl" xml:lang="en-US">Construction in progress</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:label="ifrs-full_OtherPropertyPlantAndEquipmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:to="ifrs-full_OtherPropertyPlantAndEquipmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherPropertyPlantAndEquipmentMember_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProjectDescriptionAxis" xlink:label="SID_ProjectDescriptionAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProjectDescriptionAxis" xlink:to="SID_ProjectDescriptionAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProjectDescriptionAxis_lbl" xml:lang="en-US">Project description [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ExpansionOfCasaDePedraMineCapacityProductionMember" xlink:label="SID_ExpansionOfCasaDePedraMineCapacityProductionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ExpansionOfCasaDePedraMineCapacityProductionMember" xlink:to="SID_ExpansionOfCasaDePedraMineCapacityProductionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ExpansionOfCasaDePedraMineCapacityProductionMember_lbl" xml:lang="en-US">Expansion of Casa de Pedra Mine capacity production</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ExpansionOfTECARExportCapacityMember" xlink:label="SID_ExpansionOfTECARExportCapacityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ExpansionOfTECARExportCapacityMember" xlink:to="SID_ExpansionOfTECARExportCapacityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ExpansionOfTECARExportCapacityMember_lbl" xml:lang="en-US">Expansion of TECAR export capacity</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SupplyOf16TorpedosCarsForOperationInTheSteelIndustryMember" xlink:label="SID_SupplyOf16TorpedosCarsForOperationInTheSteelIndustryMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SupplyOf16TorpedosCarsForOperationInTheSteelIndustryMember" xlink:to="SID_SupplyOf16TorpedosCarsForOperationInTheSteelIndustryMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SupplyOf16TorpedosCarsForOperationInTheSteelIndustryMember_lbl" xml:lang="en-US">Supply of 16 torpedo's cars for operation in the steel industry</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ConstructionOfCementPlantsMember" xlink:label="SID_ConstructionOfCementPlantsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ConstructionOfCementPlantsMember" xlink:to="SID_ConstructionOfCementPlantsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ConstructionOfCementPlantsMember_lbl" xml:lang="en-US">Construction of cement plants</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_LogisticsMember" xlink:label="SID_LogisticsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LogisticsMember" xlink:to="SID_LogisticsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_LogisticsMember_lbl" xml:lang="en-US">Logistics</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CurrentInvestmentsForMaintenanceOfCurrentOperationsMember" xlink:label="SID_CurrentInvestmentsForMaintenanceOfCurrentOperationsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CurrentInvestmentsForMaintenanceOfCurrentOperationsMember" xlink:to="SID_CurrentInvestmentsForMaintenanceOfCurrentOperationsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CurrentInvestmentsForMaintenanceOfCurrentOperationsMember_lbl" xml:lang="en-US">Current investments to maintain current operations at their full capacity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GoodwillMember" xlink:label="ifrs-full_GoodwillMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GoodwillMember" xlink:to="ifrs-full_GoodwillMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GoodwillMember_lbl" xml:lang="en-US">Goodwill</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BrandNamesMember" xlink:label="ifrs-full_BrandNamesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BrandNamesMember" xlink:to="ifrs-full_BrandNamesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BrandNamesMember_lbl" xml:lang="en-US">Trademark and patents</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RightsAndLicencesMember" xlink:label="SID_RightsAndLicencesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RightsAndLicencesMember" xlink:to="SID_RightsAndLicencesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RightsAndLicencesMember_lbl" xml:lang="en-US">Rights and licenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CBSICompanhiaBrasileiraDeServicoseInfraestruturaMember" xlink:label="SID_CBSICompanhiaBrasileiraDeServicoseInfraestruturaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CBSICompanhiaBrasileiraDeServicoseInfraestruturaMember" xlink:to="SID_CBSICompanhiaBrasileiraDeServicoseInfraestruturaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CBSICompanhiaBrasileiraDeServicoseInfraestruturaMember_lbl" xml:lang="en-US">CBSI - Companhia Brasileira de Servicos e Infraestrutura</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TransnordestinaLogisticaSAMember" xlink:to="SID_TransnordestinaLogisticaSAMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_TransnordestinaLogisticaSAMember_2_lbl" xml:lang="en-US">Transnordestina Logistica S,A</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IbisParticipacoesEServicosMember" xlink:label="SID_IbisParticipacoesEServicosMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IbisParticipacoesEServicosMember" xlink:to="SID_IbisParticipacoesEServicosMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_IbisParticipacoesEServicosMember_lbl" xml:lang="en-US">Ibis Participacoes e Servicos</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PartfibProjetosImobiliariosMember" xlink:label="SID_PartfibProjetosImobiliariosMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PartfibProjetosImobiliariosMember" xlink:to="SID_PartfibProjetosImobiliariosMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PartfibProjetosImobiliariosMember_lbl" xml:lang="en-US">Partfib Projetos Imobiliarios</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NacionalMineriosSAMember" xlink:label="SID_NacionalMineriosSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NacionalMineriosSAMember" xlink:to="SID_NacionalMineriosSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NacionalMineriosSAMember_lbl" xml:lang="en-US">Nacional Minerios S.A.</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TaquariParticipacoesSAMember" xlink:label="SID_TaquariParticipacoesSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TaquariParticipacoesSAMember" xlink:to="SID_TaquariParticipacoesSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TaquariParticipacoesSAMember_lbl" xml:lang="en-US">Taquari Participacoes S,A</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SignificantInvestmentsInAssociatesAxis" xlink:label="ifrs-full_SignificantInvestmentsInAssociatesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SignificantInvestmentsInAssociatesAxis" xlink:to="ifrs-full_SignificantInvestmentsInAssociatesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SignificantInvestmentsInAssociatesAxis_lbl" xml:lang="en-US">Associates [axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssociatesMember" xlink:to="ifrs-full_AssociatesMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AssociatesMember_2_lbl" xml:lang="en-US">AssociatesMember</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ArvedMetalferDoBrasilSAMember" xlink:label="SID_ArvedMetalferDoBrasilSAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ArvedMetalferDoBrasilSAMember" xlink:to="SID_ArvedMetalferDoBrasilSAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ArvedMetalferDoBrasilSAMember_lbl" xml:lang="en-US">Arvedi Metalfer do Brasil S,A,</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ContinuingAndDiscontinuedOperationsAxis" xlink:label="ifrs-full_ContinuingAndDiscontinuedOperationsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContinuingAndDiscontinuedOperationsAxis" xlink:to="ifrs-full_ContinuingAndDiscontinuedOperationsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContinuingAndDiscontinuedOperationsAxis_lbl" xml:lang="en-US">Continuing and discontinued operations [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DiscontinuedOperationsMember" xlink:label="ifrs-full_DiscontinuedOperationsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DiscontinuedOperationsMember" xlink:to="ifrs-full_DiscontinuedOperationsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DiscontinuedOperationsMember_lbl" xml:lang="en-US">Discontinued operations [member]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Dividend3Member" xlink:label="SID_Dividend3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Dividend3Member" xlink:to="SID_Dividend3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Dividend3Member_lbl" xml:lang="en-US">Dividend 3</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Dividend4Member" xlink:label="SID_Dividend4Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Dividend4Member" xlink:to="SID_Dividend4Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Dividend4Member_lbl" xml:lang="en-US">Dividend 4</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries1Member" xlink:label="SID_Subsidiaries1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries1Member" xlink:to="SID_Subsidiaries1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries1Member_lbl" xml:lang="en-US">Subsidiary 1</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries2Member" xlink:label="SID_Subsidiaries2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries2Member" xlink:to="SID_Subsidiaries2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries2Member_lbl" xml:lang="en-US">Subsidiary 2</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries3Member" xlink:label="SID_Subsidiaries3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries3Member" xlink:to="SID_Subsidiaries3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries3Member_lbl" xml:lang="en-US">Subsidiary 3</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries4Member" xlink:label="SID_Subsidiaries4Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries4Member" xlink:to="SID_Subsidiaries4Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries4Member_lbl" xml:lang="en-US">Subsidiary 4</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries5Member" xlink:label="SID_Subsidiaries5Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries5Member" xlink:to="SID_Subsidiaries5Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries5Member_lbl" xml:lang="en-US">Subsidiary 5</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries6Member" xlink:label="SID_Subsidiaries6Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries6Member" xlink:to="SID_Subsidiaries6Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries6Member_lbl" xml:lang="en-US">Subsidiary 6</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries7Member" xlink:label="SID_Subsidiaries7Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries7Member" xlink:to="SID_Subsidiaries7Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries7Member_lbl" xml:lang="en-US">Subsidiary 7</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries8Member" xlink:label="SID_Subsidiaries8Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries8Member" xlink:to="SID_Subsidiaries8Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries8Member_lbl" xml:lang="en-US">Subsidiary 8</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries9Member" xlink:label="SID_Subsidiaries9Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries9Member" xlink:to="SID_Subsidiaries9Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries9Member_lbl" xml:lang="en-US">Subsidiary 9</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries10Member" xlink:label="SID_Subsidiaries10Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries10Member" xlink:to="SID_Subsidiaries10Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries10Member_lbl" xml:lang="en-US">Subsidiary 10</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries11Member" xlink:label="SID_Subsidiaries11Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries11Member" xlink:to="SID_Subsidiaries11Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries11Member_lbl" xml:lang="en-US">Subsidiary 11</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries12Member" xlink:label="SID_Subsidiaries12Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries12Member" xlink:to="SID_Subsidiaries12Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries12Member_lbl" xml:lang="en-US">Subsidiary 12</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries13Member" xlink:label="SID_Subsidiaries13Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries13Member" xlink:to="SID_Subsidiaries13Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries13Member_lbl" xml:lang="en-US">Subsidiary 13</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries14Member" xlink:label="SID_Subsidiaries14Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries14Member" xlink:to="SID_Subsidiaries14Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries14Member_lbl" xml:lang="en-US">Subsidiary 14</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries15Member" xlink:label="SID_Subsidiaries15Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries15Member" xlink:to="SID_Subsidiaries15Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries15Member_lbl" xml:lang="en-US">Subsidiary 15</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries16Member" xlink:label="SID_Subsidiaries16Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries16Member" xlink:to="SID_Subsidiaries16Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries16Member_lbl" xml:lang="en-US">Subsidiary 16</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries17Member" xlink:label="SID_Subsidiaries17Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries17Member" xlink:to="SID_Subsidiaries17Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries17Member_lbl" xml:lang="en-US">Subsidiary 17</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries18Member" xlink:label="SID_Subsidiaries18Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries18Member" xlink:to="SID_Subsidiaries18Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries18Member_lbl" xml:lang="en-US">Subsidiary 18</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries19Member" xlink:label="SID_Subsidiaries19Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries19Member" xlink:to="SID_Subsidiaries19Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries19Member_lbl" xml:lang="en-US">Subsidiary 19</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries20Member" xlink:label="SID_Subsidiaries20Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries20Member" xlink:to="SID_Subsidiaries20Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries20Member_lbl" xml:lang="en-US">Subsidiary 20</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IndirectMember" xlink:label="SID_IndirectMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IndirectMember" xlink:to="SID_IndirectMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_IndirectMember_lbl" xml:lang="en-US">Indirect</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries21Member" xlink:label="SID_Subsidiaries21Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries21Member" xlink:to="SID_Subsidiaries21Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries21Member_lbl" xml:lang="en-US">Subsidiary 21</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_JointOperations1Member" xlink:label="SID_JointOperations1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_JointOperations1Member" xlink:to="SID_JointOperations1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_JointOperations1Member_lbl" xml:lang="en-US">Joint Operation 1</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProportionateAndConsolidationMember" xlink:label="SID_ProportionateAndConsolidationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProportionateAndConsolidationMember" xlink:to="SID_ProportionateAndConsolidationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProportionateAndConsolidationMember_lbl" xml:lang="en-US">Proportionate Consolidation</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_JointOperations2Member" xlink:label="SID_JointOperations2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_JointOperations2Member" xlink:to="SID_JointOperations2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_JointOperations2Member_lbl" xml:lang="en-US">Joint Operation 2</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_JointVentures1Member" xlink:label="SID_JointVentures1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_JointVentures1Member" xlink:to="SID_JointVentures1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_JointVentures1Member_lbl" xml:lang="en-US">Joint Venture 1</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EquityMethodMember" xlink:label="SID_EquityMethodMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EquityMethodMember" xlink:to="SID_EquityMethodMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EquityMethodMember_lbl" xml:lang="en-US">Equity Method</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_JointVentures2Member" xlink:label="SID_JointVentures2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_JointVentures2Member" xlink:to="SID_JointVentures2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_JointVentures2Member_lbl" xml:lang="en-US">Joint Venture 2</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_JointVentures3Member" xlink:label="SID_JointVentures3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_JointVentures3Member" xlink:to="SID_JointVentures3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_JointVentures3Member_lbl" xml:lang="en-US">Joint Venture 3</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_JointVentures4Member" xlink:label="SID_JointVentures4Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_JointVentures4Member" xlink:to="SID_JointVentures4Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_JointVentures4Member_lbl" xml:lang="en-US">Joint Venture 4</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Associates1Member" xlink:label="SID_Associates1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Associates1Member" xlink:to="SID_Associates1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Associates1Member_lbl" xml:lang="en-US">Associate 1</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SubsidiariesMember" xlink:label="ifrs-full_SubsidiariesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SubsidiariesMember" xlink:to="ifrs-full_SubsidiariesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SubsidiariesMember_lbl" xml:lang="en-US">Subsidiary</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_JointVenturesJointOperation1Member" xlink:label="SID_JointVenturesJointOperation1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_JointVenturesJointOperation1Member" xlink:to="SID_JointVenturesJointOperation1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_JointVenturesJointOperation1Member_lbl" xml:lang="en-US">Joint Venture/Joint Operation 1</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_JointVenturesJointOperation2Member" xlink:label="SID_JointVenturesJointOperation2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_JointVenturesJointOperation2Member" xlink:to="SID_JointVenturesJointOperation2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_JointVenturesJointOperation2Member_lbl" xml:lang="en-US">Joint Venture/Joint Operation 2</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_JointVenturesJointOperation3Member" xlink:label="SID_JointVenturesJointOperation3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_JointVenturesJointOperation3Member" xlink:to="SID_JointVenturesJointOperation3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_JointVenturesJointOperation3Member_lbl" xml:lang="en-US">Joint Venture/Joint Operation 3</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_JointVenturesJointOperation4Member" xlink:label="SID_JointVenturesJointOperation4Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_JointVenturesJointOperation4Member" xlink:to="SID_JointVenturesJointOperation4Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_JointVenturesJointOperation4Member_lbl" xml:lang="en-US">Joint Venture/Joint Operation 4</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_JointVenturesJointOperation5Member" xlink:label="SID_JointVenturesJointOperation5Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_JointVenturesJointOperation5Member" xlink:to="SID_JointVenturesJointOperation5Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_JointVenturesJointOperation5Member_lbl" xml:lang="en-US">Joint Venture/Joint Operation 5</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssociatesMember" xlink:to="ifrs-full_AssociatesMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AssociatesMember_3_lbl" xml:lang="en-US">Associate</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:to="ifrs-full_EquityAttributableToOwnersOfParentMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_EquityAttributableToOwnersOfParentMember_2_lbl" xml:lang="en-US">Shareholders' Equity</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProfitLossForTheYearMember" xlink:label="SID_ProfitLossForTheYearMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProfitLossForTheYearMember" xlink:to="SID_ProfitLossForTheYearMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProfitLossForTheYearMember_lbl" xml:lang="en-US">Profit (loss) for the year</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SubsidiariesTotalMember" xlink:label="SID_SubsidiariesTotalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SubsidiariesTotalMember" xlink:to="SID_SubsidiariesTotalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SubsidiariesTotalMember_lbl" xml:lang="en-US">Subsidiary Total</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Dividend5Member" xlink:label="SID_Dividend5Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Dividend5Member" xlink:to="SID_Dividend5Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Dividend5Member_lbl" xml:lang="en-US">Dividend 5</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TotalInRDollarMember" xlink:label="SID_TotalInRDollarMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TotalInRDollarMember" xlink:to="SID_TotalInRDollarMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TotalInRDollarMember_lbl" xml:lang="en-US">Total in R$</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TotalInRDollar1Member" xlink:label="SID_TotalInRDollar1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TotalInRDollar1Member" xlink:to="SID_TotalInRDollar1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_TotalInRDollar1Member_lbl" xml:lang="en-US">Total in R$</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TotalInUSDollarMember" xlink:label="SID_TotalInUSDollarMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TotalInUSDollarMember" xlink:to="SID_TotalInUSDollarMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TotalInUSDollarMember_lbl" xml:lang="en-US">Total in US$</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TotalInEURMember" xlink:label="SID_TotalInEURMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TotalInEURMember" xlink:to="SID_TotalInEURMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TotalInEURMember_lbl" xml:lang="en-US">Total in EUR</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TransnordestinaLogisitcaMember" xlink:label="SID_TransnordestinaLogisitcaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TransnordestinaLogisitcaMember" xlink:to="SID_TransnordestinaLogisitcaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TransnordestinaLogisitcaMember_lbl" xml:lang="en-US">Transnordestina Logisitca</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FTLFerroviaTransnordestinaMember" xlink:label="SID_FTLFerroviaTransnordestinaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FTLFerroviaTransnordestinaMember" xlink:to="SID_FTLFerroviaTransnordestinaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FTLFerroviaTransnordestinaMember_lbl" xml:lang="en-US">FTL - Ferrovia Transnordestina</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SepetibaTeconMember" xlink:label="SID_SepetibaTeconMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SepetibaTeconMember" xlink:to="SID_SepetibaTeconMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SepetibaTeconMember_lbl" xml:lang="en-US">Sepetiba Tecon</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CiaMetalurgicaPradaMember" xlink:label="SID_CiaMetalurgicaPradaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CiaMetalurgicaPradaMember" xlink:to="SID_CiaMetalurgicaPradaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CiaMetalurgicaPradaMember_lbl" xml:lang="en-US">Cia Metalurgica Prada</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CSNEnergiaMember" xlink:label="SID_CSNEnergiaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CSNEnergiaMember" xlink:to="SID_CSNEnergiaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CSNEnergiaMember_lbl" xml:lang="en-US">CSN Energia</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CSNMineracoMember" xlink:label="SID_CSNMineracoMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CSNMineracoMember" xlink:to="SID_CSNMineracoMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CSNMineracoMember_lbl" xml:lang="en-US">CSN Mineracao</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EstanhodeRondoniaMember" xlink:label="SID_EstanhodeRondoniaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EstanhodeRondoniaMember" xlink:to="SID_EstanhodeRondoniaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EstanhodeRondoniaMember_lbl" xml:lang="en-US">Estanho de Rondonia</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CSNIslandsXIMember" xlink:label="SID_CSNIslandsXIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CSNIslandsXIMember" xlink:to="SID_CSNIslandsXIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CSNIslandsXIMember_lbl" xml:lang="en-US">CSN Islands XI</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CSNIslandsXIIMember" xlink:label="SID_CSNIslandsXIIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CSNIslandsXIIMember" xlink:to="SID_CSNIslandsXIIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CSNIslandsXIIMember_lbl" xml:lang="en-US">CSN Islands XII</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CSNResourcesMember" xlink:label="SID_CSNResourcesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CSNResourcesMember" xlink:to="SID_CSNResourcesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CSNResourcesMember_lbl" xml:lang="en-US">CSN Resources</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CSNSteelSLMember" xlink:label="SID_CSNSteelSLMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CSNSteelSLMember" xlink:to="SID_CSNSteelSLMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CSNSteelSLMember_lbl" xml:lang="en-US">CSN Steel S.L.</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_LusosiderAcosPlanosMember" xlink:label="SID_LusosiderAcosPlanosMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LusosiderAcosPlanosMember" xlink:to="SID_LusosiderAcosPlanosMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_LusosiderAcosPlanosMember_lbl" xml:lang="en-US">Lusosider Acos Planos</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DocumentAndEntityInformationAbstract" xlink:label="SID_DocumentAndEntityInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DocumentAndEntityInformationAbstract" xlink:to="SID_DocumentAndEntityInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document And Entity Information</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity a Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity a Voluntary Filer</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity's Reporting Status Current</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfFinancialPositionAbstract" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement of financial position [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AssetsAbstract" xlink:label="ifrs-full_AssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAbstract" xlink:to="ifrs-full_AssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AssetsAbstract_lbl" xml:lang="en-US">Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentAssetsAbstract" xlink:label="ifrs-full_CurrentAssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentAssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssetsAbstract_lbl" xml:lang="en-US">CURRENT ASSETS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="ifrs-full_CashAndCashEquivalents" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InvestmentAccountedForUsingEquityMethod" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InvestmentAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Financial Investments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTradeReceivables" xlink:label="ifrs-full_CurrentTradeReceivables" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentTradeReceivables_lbl" xml:lang="en-US">Trade receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Inventories" xlink:label="ifrs-full_Inventories" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherCurrentNonfinancialAssets" xlink:label="ifrs-full_OtherCurrentNonfinancialAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentNonfinancialAssets" xlink:to="ifrs-full_OtherCurrentNonfinancialAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentNonfinancialAssets_lbl" xml:lang="en-US">Other current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentAssets" xlink:label="ifrs-full_CurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentAssets_lbl" xml:lang="en-US">Total current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentAssetsAbstract" xlink:label="ifrs-full_NoncurrentAssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssetsAbstract" xlink:to="ifrs-full_NoncurrentAssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssetsAbstract_lbl" xml:lang="en-US">NON-CURRENT ASSETS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxAssets" xlink:label="ifrs-full_DeferredTaxAssets" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxAssets_lbl" xml:lang="en-US">Deferred income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherNoncurrentNonfinancialAssets" xlink:label="ifrs-full_OtherNoncurrentNonfinancialAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentNonfinancialAssets" xlink:to="ifrs-full_OtherNoncurrentNonfinancialAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentNonfinancialAssets_lbl" xml:lang="en-US">Other non-current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NoncurrentAssetsSubtotal" xlink:label="SID_NoncurrentAssetsSubtotal" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NoncurrentAssetsSubtotal" xlink:to="SID_NoncurrentAssetsSubtotal_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="SID_NoncurrentAssetsSubtotal_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:label="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates_lbl" xml:lang="en-US">Investments in associates and joint controlled entities</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US">Property, plant and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IntangibleAssetsAndGoodwill" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsAndGoodwill" xlink:to="ifrs-full_IntangibleAssetsAndGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentAssets" xlink:label="ifrs-full_NoncurrentAssets" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentAssets_lbl" xml:lang="en-US">Total non-current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Assets" xlink:label="ifrs-full_Assets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_Assets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Assets_lbl" xml:lang="en-US">TOTAL ASSETS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityAndLiabilitiesAbstract" xlink:label="ifrs-full_EquityAndLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilitiesAbstract" xlink:to="ifrs-full_EquityAndLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAndLiabilitiesAbstract_lbl" xml:lang="en-US">Liabilities and shareholders' equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentLiabilitiesAbstract" xlink:label="ifrs-full_CurrentLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilitiesAbstract_lbl" xml:lang="en-US">CURRENT LIABILITIES</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:label="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:to="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities_lbl" xml:lang="en-US">Payroll and related taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherCurrentPayables" xlink:label="ifrs-full_TradeAndOtherCurrentPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayables" xlink:to="ifrs-full_TradeAndOtherCurrentPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentPayables_lbl" xml:lang="en-US">Trade payables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTaxLiabilities" xlink:label="ifrs-full_CurrentTaxLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxLiabilities" xlink:to="ifrs-full_CurrentTaxLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentTaxLiabilities_lbl" xml:lang="en-US">Taxes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ShorttermBorrowings" xlink:label="ifrs-full_ShorttermBorrowings" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ShorttermBorrowings_lbl" xml:lang="en-US">Borrowings and financing</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherCurrentPayables" xlink:label="ifrs-full_OtherCurrentPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentPayables" xlink:to="ifrs-full_OtherCurrentPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherCurrentPayables_lbl" xml:lang="en-US">Other payables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentProvisions" xlink:label="ifrs-full_CurrentProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentProvisions" xlink:to="ifrs-full_CurrentProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentProvisions_lbl" xml:lang="en-US">Provisions for tax, social security, labor and civil risks</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentLiabilities" xlink:label="ifrs-full_CurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentLiabilities_lbl" xml:lang="en-US">Total current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentLiabilitiesAbstract" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xml:lang="en-US">NON-CURRENT LIABILITIES</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LongtermBorrowings" xlink:label="ifrs-full_LongtermBorrowings" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_LongtermBorrowings_lbl" xml:lang="en-US">Borrowings and financing</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherNoncurrentPayables" xlink:label="ifrs-full_OtherNoncurrentPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentPayables" xlink:to="ifrs-full_OtherNoncurrentPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherNoncurrentPayables_lbl" xml:lang="en-US">Other payables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxLiabilities" xlink:label="ifrs-full_DeferredTaxLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilities" xlink:to="ifrs-full_DeferredTaxLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DeferredTaxLiabilities_lbl" xml:lang="en-US">Deferred income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentProvisions" xlink:label="ifrs-full_NoncurrentProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentProvisions" xlink:to="ifrs-full_NoncurrentProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentProvisions_lbl" xml:lang="en-US">Provisions for tax, social security, labor and civil risks</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentProvisionsForEmployeeBenefits" xlink:label="ifrs-full_NoncurrentProvisionsForEmployeeBenefits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentProvisionsForEmployeeBenefits" xlink:to="ifrs-full_NoncurrentProvisionsForEmployeeBenefits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentProvisionsForEmployeeBenefits_lbl" xml:lang="en-US">Pension and healthcare plan</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherLongtermProvisions" xlink:label="ifrs-full_OtherLongtermProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherLongtermProvisions" xlink:to="ifrs-full_OtherLongtermProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherLongtermProvisions_lbl" xml:lang="en-US">Provision for environmental liabilities and decommissioning of assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentLiabilities" xlink:label="ifrs-full_NoncurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentLiabilities_lbl" xml:lang="en-US">Total non-current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityAbstract" xlink:label="ifrs-full_EquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAbstract" xlink:to="ifrs-full_EquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAbstract_lbl" xml:lang="en-US">Shareholders' Equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IssuedCapital" xlink:label="ifrs-full_IssuedCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapital" xlink:to="ifrs-full_IssuedCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssuedCapital_lbl" xml:lang="en-US">Issued capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CapitalReserve" xlink:label="ifrs-full_CapitalReserve" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CapitalReserve" xlink:to="ifrs-full_CapitalReserve_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CapitalReserve_lbl" xml:lang="en-US">Capital reserves</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherReserves" xlink:label="ifrs-full_OtherReserves" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherReserves" xlink:to="ifrs-full_OtherReserves_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherReserves_lbl" xml:lang="en-US">Earnings reserves</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TreasuryShares" xlink:label="ifrs-full_TreasuryShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TreasuryShares" xlink:to="ifrs-full_TreasuryShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_TreasuryShares_lbl" xml:lang="en-US">Treasury Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RetainedEarnings" xlink:label="ifrs-full_RetainedEarnings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarnings" xlink:to="ifrs-full_RetainedEarnings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetainedEarnings_lbl" xml:lang="en-US">Accumulated Profit / (Loss)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome_lbl" xml:lang="en-US">Other comprehensive income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityAttributableToOwnersOfParent" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAttributableToOwnersOfParent" xlink:to="ifrs-full_EquityAttributableToOwnersOfParent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_EquityAttributableToOwnersOfParent_lbl" xml:lang="en-US">Total equity attributable to owners of the Company</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncontrollingInterests" xlink:label="ifrs-full_NoncontrollingInterests" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncontrollingInterests" xlink:to="ifrs-full_NoncontrollingInterests_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncontrollingInterests_lbl" xml:lang="en-US">Non-controlling interests</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Equity" xlink:label="ifrs-full_Equity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US">Total equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityAndLiabilities" xlink:label="ifrs-full_EquityAndLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_EquityAndLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_EquityAndLiabilities_lbl" xml:lang="en-US">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncomeStatementAbstract" xlink:label="ifrs-full_IncomeStatementAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeStatementAbstract" xlink:to="ifrs-full_IncomeStatementAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeStatementAbstract_lbl" xml:lang="en-US">Profit or loss [abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Revenue" xlink:label="ifrs-full_Revenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_Revenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Revenue_lbl" xml:lang="en-US">Net Revenue from sales and/or services</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CostOfSales" xlink:label="ifrs-full_CostOfSales" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CostOfSales" xlink:to="ifrs-full_CostOfSales_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CostOfSales_lbl" xml:lang="en-US">Cost of sales and/or services</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GrossProfit" xlink:label="ifrs-full_GrossProfit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossProfit" xlink:to="ifrs-full_GrossProfit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_GrossProfit_lbl" xml:lang="en-US">Gross profit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherOperatingIncomeExpense" xlink:label="ifrs-full_OtherOperatingIncomeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherOperatingIncomeExpense" xlink:to="ifrs-full_OtherOperatingIncomeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherOperatingIncomeExpense_lbl" xml:lang="en-US">Operating income (expenses)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SalesAndMarketingExpense" xlink:label="ifrs-full_SalesAndMarketingExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SalesAndMarketingExpense" xlink:to="ifrs-full_SalesAndMarketingExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SalesAndMarketingExpense_lbl" xml:lang="en-US">Selling expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdministrativeExpense" xlink:label="ifrs-full_AdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdministrativeExpense" xlink:to="ifrs-full_AdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdministrativeExpense_lbl" xml:lang="en-US">General and administrative expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MiscellaneousOtherOperatingIncome" xlink:label="ifrs-full_MiscellaneousOtherOperatingIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MiscellaneousOtherOperatingIncome" xlink:to="ifrs-full_MiscellaneousOtherOperatingIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MiscellaneousOtherOperatingIncome_lbl" xml:lang="en-US">Other operating income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MiscellaneousOtherOperatingExpense" xlink:label="ifrs-full_MiscellaneousOtherOperatingExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MiscellaneousOtherOperatingExpense" xlink:to="ifrs-full_MiscellaneousOtherOperatingExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MiscellaneousOtherOperatingExpense_lbl" xml:lang="en-US">Other operating expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Equity in results of affiliated companies</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProfitLossFromOperatingActivities" xlink:label="ifrs-full_ProfitLossFromOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossFromOperatingActivities" xlink:to="ifrs-full_ProfitLossFromOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossFromOperatingActivities_lbl" xml:lang="en-US">Profit before financial income (expenses) and taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinanceIncome" xlink:label="ifrs-full_FinanceIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceIncome" xlink:to="ifrs-full_FinanceIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinanceIncome_lbl" xml:lang="en-US">Financial income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinanceCosts" xlink:label="ifrs-full_FinanceCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceCosts" xlink:to="ifrs-full_FinanceCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_FinanceCosts_lbl" xml:lang="en-US">Financial expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="ifrs-full_ProfitLossBeforeTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossBeforeTax" xlink:to="ifrs-full_ProfitLossBeforeTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xml:lang="en-US">Profit (Loss) before income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US">Income tax and social contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProfitLossFromContinuingOperations" xlink:label="ifrs-full_ProfitLossFromContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossFromContinuingOperations" xlink:to="ifrs-full_ProfitLossFromContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ProfitLossFromContinuingOperations_lbl" xml:lang="en-US">Profit (Loss) from continued operations</link:label>
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProfitLossAbstract" xlink:label="ifrs-full_ProfitLossAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossAbstract_lbl" xml:lang="en-US">Profit (Loss) for the year attributed to:</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossAttributableToOwnersOfParent_lbl" xml:lang="en-US">Controlling interests</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EarningsPerShareAbstract_lbl" xml:lang="en-US">Earnings (loss) per common share - (reais/share)</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BasicEarningsLossPerShare_lbl" xml:lang="en-US">Basic</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DilutedEarningsLossPerShare_lbl" xml:lang="en-US">Diluted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:label="ifrs-full_StatementOfComprehensiveIncomeAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfComprehensiveIncomeAbstract_lbl" xml:lang="en-US">Statement of comprehensive income [abstract]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ProfitLoss_2_lbl" xml:lang="en-US">Consolidated profit (loss) for the year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherComprehensiveIncome" xlink:label="ifrs-full_OtherComprehensiveIncome" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherComprehensiveIncome_lbl" xml:lang="en-US">Other comprehensive income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl" xml:lang="en-US">Items that will not be subsequently reclassified to the statement of income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments_lbl" xml:lang="en-US">Actuarial (losses)/gains on defined benefit plan from investments in subsidiaries</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_lbl" xml:lang="en-US">Actuarial (losses)/gains on defined benefit pension plan</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome" xlink:label="ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome_lbl" xml:lang="en-US">Income tax and social contribution on actuarial (losses) gains on defined benefit pension plan</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_lbl" xml:lang="en-US">Items that will not be subsequently reclassified to the statement of income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl" xml:lang="en-US">Items that could be subsequently reclassified to the statement of income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax_lbl" xml:lang="en-US">Change in fair value of available-for-sale assets financial assets</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncomeTaxRelatingToInvestmentsInEquityInstrumentsOfOtherComprehensiveIncome_lbl" xml:lang="en-US">Income tax and social contribution on available-for-sale financial assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ReclassificationAdjustmentsOnAvailableforsaleFinancialAssetsNetOfTax" xlink:label="ifrs-full_ReclassificationAdjustmentsOnAvailableforsaleFinancialAssetsNetOfTax" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ReclassificationAdjustmentsOnAvailableforsaleFinancialAssetsNetOfTax_lbl" xml:lang="en-US">Impairment of available-for-sale assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IncomeTaxRelatingToImpairmentOfInvestmentsInEquityInstrumentsOfOtherComprehensiveIncome" xlink:label="SID_IncomeTaxRelatingToImpairmentOfInvestmentsInEquityInstrumentsOfOtherComprehensiveIncome" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="SID_IncomeTaxRelatingToImpairmentOfInvestmentsInEquityInstrumentsOfOtherComprehensiveIncome_lbl" xml:lang="en-US">Income tax and social contribution on impairment of available-for-sale assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsLossesOnChangeInValueOfTimeValueOfOptionsNetOfTax" xlink:label="ifrs-full_GainsLossesOnChangeInValueOfTimeValueOfOptionsNetOfTax" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax" xlink:label="ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncomeTaxRelatingToHedgesOfInvestmentsInEquityInstrumentsOfOtherComprehensiveIncome" xlink:label="ifrs-full_IncomeTaxRelatingToHedgesOfInvestmentsInEquityInstrumentsOfOtherComprehensiveIncome" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncomeTaxRelatingToHedgesOfInvestmentsInEquityInstrumentsOfOtherComprehensiveIncome_lbl" xml:lang="en-US">Income tax and social contribution on (loss) gain on cash flow hedge accounting</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax" xlink:label="ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax_lbl" xml:lang="en-US">Cash Flow hedge reclassified to income statement</link:label>
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      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_LossGainOnBusinessCombination" xlink:label="SID_LossGainOnBusinessCombination" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_LossGainOnBusinessCombination_lbl" xml:lang="en-US">(Loss) / gain on business combination</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_lbl" xml:lang="en-US">Items that could be subsequently reclassified to the statement of income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComprehensiveIncome" xlink:label="ifrs-full_ComprehensiveIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncome" xlink:to="ifrs-full_ComprehensiveIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncome_lbl" xml:lang="en-US">Comprehensive income (loss) for the year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToAbstract_lbl" xml:lang="en-US">Attributable to:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_lbl" xml:lang="en-US">Attributed to owners of the Company</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:to="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_lbl" xml:lang="en-US">Attributed to non-controlling interests</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="ifrs-full_StatementOfCashFlowsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_StatementOfCashFlowsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of cash flows [abstract]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_ProfitLoss_3_lbl" xml:lang="en-US">Profit (loss) for the year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net income (loss) to net cash provided by operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForFinanceCosts" xlink:label="ifrs-full_AdjustmentsForFinanceCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForFinanceCosts" xlink:to="ifrs-full_AdjustmentsForFinanceCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForFinanceCosts_lbl" xml:lang="en-US">Accrued charges on borrowings and financing</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherAdjustmentsToReconcileProfitLoss" xlink:label="ifrs-full_OtherAdjustmentsToReconcileProfitLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherAdjustmentsToReconcileProfitLoss" xlink:to="ifrs-full_OtherAdjustmentsToReconcileProfitLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherAdjustmentsToReconcileProfitLoss_lbl" xml:lang="en-US">Charges on loans and financing granted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:label="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense" xlink:to="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense_lbl" xml:lang="en-US">Depreciation/ depletion / amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:to="ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod_lbl" xml:lang="en-US">Equity in results of affiliated companies</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDeferredTaxExpense" xlink:label="ifrs-full_AdjustmentsForDeferredTaxExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDeferredTaxExpense" xlink:to="ifrs-full_AdjustmentsForDeferredTaxExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDeferredTaxExpense_lbl" xml:lang="en-US">Deferred income tax and social contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForProvisions" xlink:label="ifrs-full_AdjustmentsForProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForProvisions" xlink:to="ifrs-full_AdjustmentsForProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForProvisions_lbl" xml:lang="en-US">Provision for tax, social security, labor and civil risks</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:label="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:to="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains_lbl" xml:lang="en-US">Monetary variations and exchange differences</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdjustmentsForProvisionsOfSwapsForwardsTransactions" xlink:label="SID_AdjustmentsForProvisionsOfSwapsForwardsTransactions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdjustmentsForProvisionsOfSwapsForwardsTransactions" xlink:to="SID_AdjustmentsForProvisionsOfSwapsForwardsTransactions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AdjustmentsForProvisionsOfSwapsForwardsTransactions_lbl" xml:lang="en-US">Gain/(Loss) of derivative financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MonetaryAdjustmentRelatedToEletrobrssCompulsoryLoan" xlink:label="SID_MonetaryAdjustmentRelatedToEletrobrssCompulsoryLoan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MonetaryAdjustmentRelatedToEletrobrssCompulsoryLoan" xlink:to="SID_MonetaryAdjustmentRelatedToEletrobrssCompulsoryLoan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_MonetaryAdjustmentRelatedToEletrobrssCompulsoryLoan_lbl" xml:lang="en-US">Monetary adjustment related to the Eletrobras's compulsory loan</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossInventories" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossInventories" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossInventories" xlink:to="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossInventories_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossInventories_lbl" xml:lang="en-US">Impairment of available-for-sale assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:label="ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:to="ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets_lbl" xml:lang="en-US">Proceeds from disposal of assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdjustmentsForGainsLossesOnRepurchaseOfDebtSecurities" xlink:label="SID_AdjustmentsForGainsLossesOnRepurchaseOfDebtSecurities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdjustmentsForGainsLossesOnRepurchaseOfDebtSecurities" xlink:to="SID_AdjustmentsForGainsLossesOnRepurchaseOfDebtSecurities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="SID_AdjustmentsForGainsLossesOnRepurchaseOfDebtSecurities_lbl" xml:lang="en-US">Gain on repurchase of debt securities</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdjustmentsForProvisionsForActuarialLiabilities" xlink:label="SID_AdjustmentsForProvisionsForActuarialLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdjustmentsForProvisionsForActuarialLiabilities" xlink:to="SID_AdjustmentsForProvisionsForActuarialLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AdjustmentsForProvisionsForActuarialLiabilities_lbl" xml:lang="en-US">Provision for actuarial liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainLossThatRelatesToIdentifiableAssetsAcquiredOrLiabilitiesAssumedInBusinessCombination" xlink:label="ifrs-full_GainLossThatRelatesToIdentifiableAssetsAcquiredOrLiabilitiesAssumedInBusinessCombination" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainLossThatRelatesToIdentifiableAssetsAcquiredOrLiabilitiesAssumedInBusinessCombination" xlink:to="ifrs-full_GainLossThatRelatesToIdentifiableAssetsAcquiredOrLiabilitiesAssumedInBusinessCombination_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_GainLossThatRelatesToIdentifiableAssetsAcquiredOrLiabilitiesAssumedInBusinessCombination_lbl" xml:lang="en-US">Gain on business combination</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProceedsFromDisposalOrMaturityOfAvailableforsaleFinancialAssets" xlink:label="ifrs-full_ProceedsFromDisposalOrMaturityOfAvailableforsaleFinancialAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromDisposalOrMaturityOfAvailableforsaleFinancialAssets" xlink:to="ifrs-full_ProceedsFromDisposalOrMaturityOfAvailableforsaleFinancialAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromDisposalOrMaturityOfAvailableforsaleFinancialAssets_lbl" xml:lang="en-US">Gain on disposal of available for sale assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdjustmentsForProvisionsForEnvironmentalLiabilitiesAndDecommissioningOfAssets" xlink:label="SID_AdjustmentsForProvisionsForEnvironmentalLiabilitiesAndDecommissioningOfAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdjustmentsForProvisionsForEnvironmentalLiabilitiesAndDecommissioningOfAssets" xlink:to="SID_AdjustmentsForProvisionsForEnvironmentalLiabilitiesAndDecommissioningOfAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_AdjustmentsForProvisionsForEnvironmentalLiabilitiesAndDecommissioningOfAssets_lbl" xml:lang="en-US">Provision for environmental liabilities and decommissioning of assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" xlink:to="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment_lbl" xml:lang="en-US">Impairment of Transnordestina</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseInExistingProvisionsOtherProvisions" xlink:label="ifrs-full_IncreaseDecreaseInExistingProvisionsOtherProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInExistingProvisionsOtherProvisions" xlink:to="ifrs-full_IncreaseDecreaseInExistingProvisionsOtherProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncreaseDecreaseInExistingProvisionsOtherProvisions_lbl" xml:lang="en-US">Other provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForReconcileProfitLoss" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLoss" xlink:to="ifrs-full_AdjustmentsForReconcileProfitLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLoss_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdjustmentsForChangesInAssetsAndLiabilitiesAbstract" xlink:label="SID_AdjustmentsForChangesInAssetsAndLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdjustmentsForChangesInAssetsAndLiabilitiesAbstract" xlink:to="SID_AdjustmentsForChangesInAssetsAndLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AdjustmentsForChangesInAssetsAndLiabilitiesAbstract_lbl" xml:lang="en-US">Changes in assets and liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xml:lang="en-US">Trade receivables - third parties</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdjustmentsForDecreaseIncreaseInRelatedPartyTradeAccountReceivable" xlink:label="SID_AdjustmentsForDecreaseIncreaseInRelatedPartyTradeAccountReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdjustmentsForDecreaseIncreaseInRelatedPartyTradeAccountReceivable" xlink:to="SID_AdjustmentsForDecreaseIncreaseInRelatedPartyTradeAccountReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AdjustmentsForDecreaseIncreaseInRelatedPartyTradeAccountReceivable_lbl" xml:lang="en-US">Trade receivables - related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInInventories_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables_lbl" xml:lang="en-US">Receivables from related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncomeTaxesRefundClassifiedAsOperatingActivities" xlink:label="ifrs-full_IncomeTaxesRefundClassifiedAsOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxesRefundClassifiedAsOperatingActivities" xlink:to="ifrs-full_IncomeTaxesRefundClassifiedAsOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IncomeTaxesRefundClassifiedAsOperatingActivities_lbl" xml:lang="en-US">Recoverable taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInDepositsFromBanks" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInDepositsFromBanks" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInDepositsFromBanks" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInDepositsFromBanks_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInDepositsFromBanks_lbl" xml:lang="en-US">Judicial deposits</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable_lbl" xml:lang="en-US">Trade payables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities_lbl" xml:lang="en-US">Payroll and related taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdjustmentsForIncreaseDecreaseInTaxesInInstallmentsRefis" xlink:label="SID_AdjustmentsForIncreaseDecreaseInTaxesInInstallmentsRefis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdjustmentsForIncreaseDecreaseInTaxesInInstallmentsRefis" xlink:to="SID_AdjustmentsForIncreaseDecreaseInTaxesInInstallmentsRefis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AdjustmentsForIncreaseDecreaseInTaxesInInstallmentsRefis_lbl" xml:lang="en-US">Taxes in installments - REFIS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables" xlink:to="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables_lbl" xml:lang="en-US">Payables to related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:label="ifrs-full_InterestPaidClassifiedAsOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:to="ifrs-full_InterestPaidClassifiedAsOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_InterestPaidClassifiedAsOperatingActivities_lbl" xml:lang="en-US">Interest paid</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:label="ifrs-full_InterestReceivedClassifiedAsOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:to="ifrs-full_InterestReceivedClassifiedAsOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestReceivedClassifiedAsOperatingActivities_lbl" xml:lang="en-US">Interest received</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_InterestOnSwapsPaidClassifiedAsOperatingActivities" xlink:label="SID_InterestOnSwapsPaidClassifiedAsOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InterestOnSwapsPaidClassifiedAsOperatingActivities" xlink:to="SID_InterestOnSwapsPaidClassifiedAsOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="SID_InterestOnSwapsPaidClassifiedAsOperatingActivities_lbl" xml:lang="en-US">Interest on swaps paid</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdjustmentsForIncreaseDecreaseInAssetsAndLiabilities" xlink:label="SID_AdjustmentsForIncreaseDecreaseInAssetsAndLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdjustmentsForIncreaseDecreaseInAssetsAndLiabilities" xlink:to="SID_AdjustmentsForIncreaseDecreaseInAssetsAndLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="SID_AdjustmentsForIncreaseDecreaseInAssetsAndLiabilities_lbl" xml:lang="en-US">Increase (Decrease) in assets and liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash generated by operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities" xlink:label="ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities" xlink:to="ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Investments / acquisition of shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Purchase of property, plant and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:label="ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:to="ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Capital reduction on joint venture</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CashPaymentsForDerivativeTransactions" xlink:label="SID_CashPaymentsForDerivativeTransactions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CashPaymentsForDerivativeTransactions" xlink:to="SID_CashPaymentsForDerivativeTransactions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="SID_CashPaymentsForDerivativeTransactions_lbl" xml:lang="en-US">Payment in derivative transactions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Purchase of intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CashReceiptsFromConsolidation" xlink:label="SID_CashReceiptsFromConsolidation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CashReceiptsFromConsolidation" xlink:to="SID_CashReceiptsFromConsolidation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CashReceiptsFromConsolidation_lbl" xml:lang="en-US">Cash and cash equivalents in Namisa consolidation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashAdvancesAndLoansMadeToRelatedParties" xlink:label="ifrs-full_CashAdvancesAndLoansMadeToRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAdvancesAndLoansMadeToRelatedParties" xlink:to="ifrs-full_CashAdvancesAndLoansMadeToRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CashAdvancesAndLoansMadeToRelatedParties_lbl" xml:lang="en-US">Loans granted to related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities" xlink:label="ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities" xlink:to="ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Financial investment, net of redeemed amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties" xlink:label="ifrs-full_CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties" xlink:to="ifrs-full_CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties_lbl" xml:lang="en-US">Receipt loans - related party</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CashReceiptsFromDiscontinuedOperations" xlink:label="SID_CashReceiptsFromDiscontinuedOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CashReceiptsFromDiscontinuedOperations" xlink:to="SID_CashReceiptsFromDiscontinuedOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CashReceiptsFromDiscontinuedOperations_lbl" xml:lang="en-US">Cash and Cash equivalents from discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CashReceiptsFromAcquisitionOfControl" xlink:label="SID_CashReceiptsFromAcquisitionOfControl" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CashReceiptsFromAcquisitionOfControl" xlink:to="SID_CashReceiptsFromAcquisitionOfControl_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CashReceiptsFromAcquisitionOfControl_lbl" xml:lang="en-US">Cash and Cash equivalents on acquisition of control</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash used in investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Borrowings and financing raised</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingCostsIncurred" xlink:label="ifrs-full_BorrowingCostsIncurred" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingCostsIncurred" xlink:to="ifrs-full_BorrowingCostsIncurred_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_BorrowingCostsIncurred_lbl" xml:lang="en-US">Cost of borrowing</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Payment of borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RepaymentsOfRelatedPartyBorrowingsClassifiedAsFinancingActivities" xlink:label="SID_RepaymentsOfRelatedPartyBorrowingsClassifiedAsFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RepaymentsOfRelatedPartyBorrowingsClassifiedAsFinancingActivities" xlink:to="SID_RepaymentsOfRelatedPartyBorrowingsClassifiedAsFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="SID_RepaymentsOfRelatedPartyBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Payment of borrowings - related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:label="ifrs-full_DividendsPaidClassifiedAsFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:to="ifrs-full_DividendsPaidClassifiedAsFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DividendsPaidClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Payment of dividends and interests on shareholder's equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProceedsFromSaleOrIssueOfTreasuryShares" xlink:label="ifrs-full_ProceedsFromSaleOrIssueOfTreasuryShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromSaleOrIssueOfTreasuryShares" xlink:to="ifrs-full_ProceedsFromSaleOrIssueOfTreasuryShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProceedsFromSaleOrIssueOfTreasuryShares_lbl" xml:lang="en-US">Treasury shares</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProceedsFromForfaitingTransactions" xlink:label="SID_ProceedsFromForfaitingTransactions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProceedsFromForfaitingTransactions" xlink:to="SID_ProceedsFromForfaitingTransactions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProceedsFromForfaitingTransactions_lbl" xml:lang="en-US">Forfaiting funding / drawee risk</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ForfaitingAmortization" xlink:label="SID_ForfaitingAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ForfaitingAmortization" xlink:to="SID_ForfaitingAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="SID_ForfaitingAmortization_lbl" xml:lang="en-US">Forfaiting amortization / drawee risk</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities" xlink:label="ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities" xlink:to="ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities_lbl" xml:lang="en-US">Buyback of debt securities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash used in financing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:to="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents_lbl" xml:lang="en-US">Exchange rate changes on cash and cash equivalents of foreign subsidiaries</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:to="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl" xml:lang="en-US">Increase (Decrease) in cash and cash equivalents</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_CashAndCashEquivalents_2_lbl" xml:lang="en-US">Cash and cash equivalents at the beginning of the year</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_CashAndCashEquivalents_3_lbl" xml:lang="en-US">Cash and cash equivalents at the end of the year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfChangesInEquityTable" xlink:label="ifrs-full_StatementOfChangesInEquityTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityTable" xlink:to="ifrs-full_StatementOfChangesInEquityTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityTable_lbl" xml:lang="en-US">Statement of changes in equity [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfChangesInEquityLineItems" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xml:lang="en-US">Statement of changes in equity [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Equity_2_lbl" xml:lang="en-US">Beginning balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IssueOfEquity" xlink:label="ifrs-full_IssueOfEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssueOfEquity" xlink:to="ifrs-full_IssueOfEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssueOfEquity_lbl" xml:lang="en-US">Capital transactions with shareholders</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PurchaseOfTreasuryShares" xlink:label="ifrs-full_PurchaseOfTreasuryShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfTreasuryShares" xlink:to="ifrs-full_PurchaseOfTreasuryShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfTreasuryShares_lbl" xml:lang="en-US">Treasury shares acquired</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsPaidOrdinaryShares" xlink:label="ifrs-full_DividendsPaidOrdinaryShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaidOrdinaryShares" xlink:to="ifrs-full_DividendsPaidOrdinaryShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaidOrdinaryShares_lbl" xml:lang="en-US">Declared dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ComprehensiveIncomeLoss" xlink:label="SID_ComprehensiveIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ComprehensiveIncomeLoss" xlink:to="SID_ComprehensiveIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ComprehensiveIncomeLoss_lbl" xml:lang="en-US">Total comprehensive income</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OtherComprehensiveIncomeLoss" xlink:label="SID_OtherComprehensiveIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherComprehensiveIncomeLoss" xlink:to="SID_OtherComprehensiveIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_OtherComprehensiveIncomeLoss_lbl" xml:lang="en-US">Other comprehensive income</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" xlink:to="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax_2_lbl" xml:lang="en-US">Cumulative translation adjustments for the period</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ActuarialGainsLossesNetDefinedBenefitLiabilityAsset" xlink:label="SID_ActuarialGainsLossesNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ActuarialGainsLossesNetDefinedBenefitLiabilityAsset" xlink:to="SID_ActuarialGainsLossesNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ActuarialGainsLossesNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Actuarial gain/(loss) on defined benefit pension plan, net of taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsLossesOnAvailableforsaleFinancialAssets" xlink:label="ifrs-full_GainsLossesOnAvailableforsaleFinancialAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnAvailableforsaleFinancialAssets" xlink:to="ifrs-full_GainsLossesOnAvailableforsaleFinancialAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnAvailableforsaleFinancialAssets_lbl" xml:lang="en-US">Gain/(Loss) on available-for-sale assets, net of taxes</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnChangeInValueOfTimeValueOfOptionsNetOfTax" xlink:to="ifrs-full_GainsLossesOnChangeInValueOfTimeValueOfOptionsNetOfTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_GainsLossesOnChangeInValueOfTimeValueOfOptionsNetOfTax_2_lbl" xml:lang="en-US">Gain/(loss) on percentage change in investments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsLossesOnHedgingInstrument" xlink:label="ifrs-full_GainsLossesOnHedgingInstrument" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnHedgingInstrument" xlink:to="ifrs-full_GainsLossesOnHedgingInstrument_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnHedgingInstrument_lbl" xml:lang="en-US">Gain/(loss) on cash flow hedge accounting, net of taxes</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsNetOfTax" xlink:to="ifrs-full_GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsNetOfTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsNetOfTax_2_lbl" xml:lang="en-US">Gain/(loss) on hedge of net investments in foreign subsidiaries</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GainLossOnBusinessCombination" xlink:label="SID_GainLossOnBusinessCombination" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GainLossOnBusinessCombination" xlink:to="SID_GainLossOnBusinessCombination_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_GainLossOnBusinessCombination_lbl" xml:lang="en-US">Gain/(loss) on business combination</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ChangesInEquity" xlink:label="ifrs-full_ChangesInEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ChangesInEquity" xlink:to="ifrs-full_ChangesInEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ChangesInEquity_lbl" xml:lang="en-US">Internal changes in shareholders' equity</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IncreaseDecreaseThroughTransferToMiscellaneousOtherReserves" xlink:label="SID_IncreaseDecreaseThroughTransferToMiscellaneousOtherReserves" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncreaseDecreaseThroughTransferToMiscellaneousOtherReserves" xlink:to="SID_IncreaseDecreaseThroughTransferToMiscellaneousOtherReserves_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_IncreaseDecreaseThroughTransferToMiscellaneousOtherReserves_lbl" xml:lang="en-US">Earnings reserve</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NoncontrollingInterestsInSubsidiaries" xlink:label="SID_NoncontrollingInterestsInSubsidiaries" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NoncontrollingInterestsInSubsidiaries" xlink:to="SID_NoncontrollingInterestsInSubsidiaries_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NoncontrollingInterestsInSubsidiaries_lbl" xml:lang="en-US">Non-controlling interests in subsidiaries</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Equity_3_lbl" xml:lang="en-US">Ending balance</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DescriptionOfBusinessAbstract" xlink:label="SID_DescriptionOfBusinessAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DescriptionOfBusinessAbstract" xlink:to="SID_DescriptionOfBusinessAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DescriptionOfBusinessAbstract_lbl" xml:lang="en-US">Description Of Business</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:label="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" xlink:to="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_lbl" xml:lang="en-US">DESCRIPTION OF BUSINESS</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfSignificantAccountingPoliciesAbstract" xlink:label="SID_SummaryOfSignificantAccountingPoliciesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfSignificantAccountingPoliciesAbstract" xlink:to="SID_SummaryOfSignificantAccountingPoliciesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfSignificantAccountingPoliciesAbstract_lbl" xml:lang="en-US">Summary Of Significant Accounting Policies</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory" xlink:to="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_lbl" xml:lang="en-US">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashAndCashEquivalentsAbstract" xlink:label="ifrs-full_CashAndCashEquivalentsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalentsAbstract" xlink:to="ifrs-full_CashAndCashEquivalentsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalentsAbstract_lbl" xml:lang="en-US">Cash and cash equivalents [abstract]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfExpensesByNatureExplanatory_lbl" xml:lang="en-US">EXPENSES BY NATURE</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsExplanatory_lbl" xml:lang="en-US">SEGMENT INFORMATION</link:label>
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      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IndependentInvestigationConstructionOfLongSteelPlantAbstract" xlink:label="SID_IndependentInvestigationConstructionOfLongSteelPlantAbstract" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" xlink:label="ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_InventoriesTablesAbstract_lbl" xml:lang="en-US">Inventories Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfInventoryTableTextBlock" xlink:label="SID_SummaryOfInventoryTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfInventoryTableTextBlock" xlink:to="SID_SummaryOfInventoryTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfInventoryTableTextBlock_lbl" xml:lang="en-US">Inventory</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfChangesInProvisionForInventoryLossesTableTextBlock" xlink:label="SID_SummaryOfChangesInProvisionForInventoryLossesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfChangesInProvisionForInventoryLossesTableTextBlock" xlink:to="SID_SummaryOfChangesInProvisionForInventoryLossesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfChangesInProvisionForInventoryLossesTableTextBlock_lbl" xml:lang="en-US">Changes in provision for inventory losses</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OtherCurrentAndNoncurrentAssetsTablesAbstract" xlink:label="SID_OtherCurrentAndNoncurrentAssetsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherCurrentAndNoncurrentAssetsTablesAbstract" xlink:to="SID_OtherCurrentAndNoncurrentAssetsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_OtherCurrentAndNoncurrentAssetsTablesAbstract_lbl" xml:lang="en-US">Other Current And Non-current Assets Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfOtherCurrentAndNoncurrentAssetsTableTextBlock" xlink:label="SID_SummaryOfOtherCurrentAndNoncurrentAssetsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfOtherCurrentAndNoncurrentAssetsTableTextBlock" xlink:to="SID_SummaryOfOtherCurrentAndNoncurrentAssetsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfOtherCurrentAndNoncurrentAssetsTableTextBlock_lbl" xml:lang="en-US">Other current and non-current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_InvestmentsTablesAbstract" xlink:label="SID_InvestmentsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InvestmentsTablesAbstract" xlink:to="SID_InvestmentsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_InvestmentsTablesAbstract_lbl" xml:lang="en-US">Investments Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfSaleOfSubsidiaryTableTextBlock" xlink:label="SID_SummaryOfSaleOfSubsidiaryTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfSaleOfSubsidiaryTableTextBlock" xlink:to="SID_SummaryOfSaleOfSubsidiaryTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfSaleOfSubsidiaryTableTextBlock_lbl" xml:lang="en-US">Sale of the Subsidiary - CGPAR</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfDirectEquityInterestsInSubsidiariesJointVenturesJointOperationsAssociatesAndOtherInvestmentsTableTextBlock" xlink:label="SID_SummaryOfDirectEquityInterestsInSubsidiariesJointVenturesJointOperationsAssociatesAndOtherInvestmentsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfDirectEquityInterestsInSubsidiariesJointVenturesJointOperationsAssociatesAndOtherInvestmentsTableTextBlock" xlink:to="SID_SummaryOfDirectEquityInterestsInSubsidiariesJointVenturesJointOperationsAssociatesAndOtherInvestmentsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfDirectEquityInterestsInSubsidiariesJointVenturesJointOperationsAssociatesAndOtherInvestmentsTableTextBlock_lbl" xml:lang="en-US">Direct equity interests in subsidiaries, joint ventures, joint operations, associates and other investments</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfChangesOfInvestmentsBalancesInSubsidiariesJointVenturesJointOperationsAssociatesAndOtherInvestmentsTableTextBlock" xlink:label="SID_SummaryOfChangesOfInvestmentsBalancesInSubsidiariesJointVenturesJointOperationsAssociatesAndOtherInvestmentsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfChangesOfInvestmentsBalancesInSubsidiariesJointVenturesJointOperationsAssociatesAndOtherInvestmentsTableTextBlock" xlink:to="SID_SummaryOfChangesOfInvestmentsBalancesInSubsidiariesJointVenturesJointOperationsAssociatesAndOtherInvestmentsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfChangesOfInvestmentsBalancesInSubsidiariesJointVenturesJointOperationsAssociatesAndOtherInvestmentsTableTextBlock_lbl" xml:lang="en-US">Changes of investments balances in subsidiaries, joint ventures, joint operations, associates and other investments</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfEquityInResultsTableTextBlock" xlink:label="SID_SummaryOfEquityInResultsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfEquityInResultsTableTextBlock" xlink:to="SID_SummaryOfEquityInResultsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfEquityInResultsTableTextBlock_lbl" xml:lang="en-US">Equity in results</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfJointVenturesAndJointOperationsFinancialInformationTableTextBlock" xlink:label="SID_SummaryOfJointVenturesAndJointOperationsFinancialInformationTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfJointVenturesAndJointOperationsFinancialInformationTableTextBlock" xlink:to="SID_SummaryOfJointVenturesAndJointOperationsFinancialInformationTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfJointVenturesAndJointOperationsFinancialInformationTableTextBlock_lbl" xml:lang="en-US">Joint ventures and joint operations financial information</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfAssumptionsForInvestmentImpairmentTestTableTextBlock" xlink:label="SID_SummaryOfAssumptionsForInvestmentImpairmentTestTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfAssumptionsForInvestmentImpairmentTestTableTextBlock" xlink:to="SID_SummaryOfAssumptionsForInvestmentImpairmentTestTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfAssumptionsForInvestmentImpairmentTestTableTextBlock_lbl" xml:lang="en-US">Assumptions for impairment test</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfPropertyPlantAndEquipmentTableTextBlock" xlink:label="SID_SummaryOfPropertyPlantAndEquipmentTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfPropertyPlantAndEquipmentTableTextBlock" xlink:to="SID_SummaryOfPropertyPlantAndEquipmentTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_SummaryOfPropertyPlantAndEquipmentTableTextBlock_lbl" xml:lang="en-US">Property, plant and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfConstructionInProgressTableTextBlock" xlink:label="SID_SummaryOfConstructionInProgressTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfConstructionInProgressTableTextBlock" xlink:to="SID_SummaryOfConstructionInProgressTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_SummaryOfConstructionInProgressTableTextBlock_lbl" xml:lang="en-US">Construction in progress</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfEstimatedUsefulLivesTableTextBlock" xlink:label="SID_SummaryOfEstimatedUsefulLivesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfEstimatedUsefulLivesTableTextBlock" xlink:to="SID_SummaryOfEstimatedUsefulLivesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfEstimatedUsefulLivesTableTextBlock_lbl" xml:lang="en-US">Estimated useful lives</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfCapitalizeBorrowingCostsRatesTableTextBlock" xlink:label="SID_SummaryOfCapitalizeBorrowingCostsRatesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfCapitalizeBorrowingCostsRatesTableTextBlock" xlink:to="SID_SummaryOfCapitalizeBorrowingCostsRatesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfCapitalizeBorrowingCostsRatesTableTextBlock_lbl" xml:lang="en-US">Capitalize borrowing costs rates</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IntangibleAssetsTablesAbstract" xlink:label="SID_IntangibleAssetsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IntangibleAssetsTablesAbstract" xlink:to="SID_IntangibleAssetsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_IntangibleAssetsTablesAbstract_lbl" xml:lang="en-US">Intangible Assets Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfIntangibleAssetsTableTextBlock" xlink:label="SID_SummaryOfIntangibleAssetsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfIntangibleAssetsTableTextBlock" xlink:to="SID_SummaryOfIntangibleAssetsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_SummaryOfIntangibleAssetsTableTextBlock_lbl" xml:lang="en-US">Intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfEstimatedUsefulLivesOfIntangibleAssetsTableTextBlock" xlink:label="SID_SummaryOfEstimatedUsefulLivesOfIntangibleAssetsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfEstimatedUsefulLivesOfIntangibleAssetsTableTextBlock" xlink:to="SID_SummaryOfEstimatedUsefulLivesOfIntangibleAssetsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_SummaryOfEstimatedUsefulLivesOfIntangibleAssetsTableTextBlock_lbl" xml:lang="en-US">Estimated useful lives</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfCashGeneratingUnitsTableTextBlock" xlink:label="SID_SummaryOfCashGeneratingUnitsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfCashGeneratingUnitsTableTextBlock" xlink:to="SID_SummaryOfCashGeneratingUnitsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfCashGeneratingUnitsTableTextBlock_lbl" xml:lang="en-US">Cash generating units</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfAssumptionsForIntangibleAssetImpairmentTestTableTextBlock" xlink:label="SID_SummaryOfAssumptionsForIntangibleAssetImpairmentTestTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfAssumptionsForIntangibleAssetImpairmentTestTableTextBlock" xlink:to="SID_SummaryOfAssumptionsForIntangibleAssetImpairmentTestTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_SummaryOfAssumptionsForIntangibleAssetImpairmentTestTableTextBlock_lbl" xml:lang="en-US">Assumptions for impairment test</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BorrowingsFinancingAndDebenturesTablesAbstract" xlink:label="SID_BorrowingsFinancingAndDebenturesTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BorrowingsFinancingAndDebenturesTablesAbstract" xlink:to="SID_BorrowingsFinancingAndDebenturesTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BorrowingsFinancingAndDebenturesTablesAbstract_lbl" xml:lang="en-US">Borrowings Financing And Debentures Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfBorrowingsFinancingAndDebenturesTableTextBlock" xlink:label="SID_SummaryOfBorrowingsFinancingAndDebenturesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfBorrowingsFinancingAndDebenturesTableTextBlock" xlink:to="SID_SummaryOfBorrowingsFinancingAndDebenturesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_SummaryOfBorrowingsFinancingAndDebenturesTableTextBlock_lbl" xml:lang="en-US">Borrowings, financing and debentures</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfMaturitiesOfBorrowingsFinancingAndDebenturesTableTextBlock" xlink:label="SID_SummaryOfMaturitiesOfBorrowingsFinancingAndDebenturesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfMaturitiesOfBorrowingsFinancingAndDebenturesTableTextBlock" xlink:to="SID_SummaryOfMaturitiesOfBorrowingsFinancingAndDebenturesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfMaturitiesOfBorrowingsFinancingAndDebenturesTableTextBlock_lbl" xml:lang="en-US">Maturities of borrowings, financing and debentures</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfNewFundingTransactionsAndAmortizationTableTextBlock" xlink:label="SID_SummaryOfNewFundingTransactionsAndAmortizationTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfNewFundingTransactionsAndAmortizationTableTextBlock" xlink:to="SID_SummaryOfNewFundingTransactionsAndAmortizationTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfNewFundingTransactionsAndAmortizationTableTextBlock_lbl" xml:lang="en-US">New funding transactions and amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfGroupCapturesAndAmortizedLoansTableTextBlock" xlink:label="SID_SummaryOfGroupCapturesAndAmortizedLoansTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfGroupCapturesAndAmortizedLoansTableTextBlock" xlink:to="SID_SummaryOfGroupCapturesAndAmortizedLoansTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfGroupCapturesAndAmortizedLoansTableTextBlock_lbl" xml:lang="en-US">Group captures and amortized loans</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfBorrowingsFinancingAndDebenturesAmortizationTableTextBlock" xlink:label="SID_SummaryOfBorrowingsFinancingAndDebenturesAmortizationTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfBorrowingsFinancingAndDebenturesAmortizationTableTextBlock" xlink:to="SID_SummaryOfBorrowingsFinancingAndDebenturesAmortizationTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfBorrowingsFinancingAndDebenturesAmortizationTableTextBlock_lbl" xml:lang="en-US">Borrowings, financing and debentures amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FinancialInstrumentsTablesAbstract" xlink:label="SID_FinancialInstrumentsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FinancialInstrumentsTablesAbstract" xlink:to="SID_FinancialInstrumentsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FinancialInstrumentsTablesAbstract_lbl" xml:lang="en-US">Financial Instruments Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfFinancialInstrumentsTableTextBlock" xlink:label="SID_SummaryOfFinancialInstrumentsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfFinancialInstrumentsTableTextBlock" xlink:to="SID_SummaryOfFinancialInstrumentsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_SummaryOfFinancialInstrumentsTableTextBlock_lbl" xml:lang="en-US">Financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfFinancialInstrumentsAtFairValueThroughProfitOrLossTableTextBlock" xlink:label="SID_SummaryOfFinancialInstrumentsAtFairValueThroughProfitOrLossTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfFinancialInstrumentsAtFairValueThroughProfitOrLossTableTextBlock" xlink:to="SID_SummaryOfFinancialInstrumentsAtFairValueThroughProfitOrLossTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfFinancialInstrumentsAtFairValueThroughProfitOrLossTableTextBlock_lbl" xml:lang="en-US">Financial instruments at fair value through profit or loss</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfInvestmentsInFinancialInstrumentsClassifiedAsAvailableForSaleTableTextBlock" xlink:label="SID_SummaryOfInvestmentsInFinancialInstrumentsClassifiedAsAvailableForSaleTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfInvestmentsInFinancialInstrumentsClassifiedAsAvailableForSaleTableTextBlock" xlink:to="SID_SummaryOfInvestmentsInFinancialInstrumentsClassifiedAsAvailableForSaleTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfInvestmentsInFinancialInstrumentsClassifiedAsAvailableForSaleTableTextBlock_lbl" xml:lang="en-US">Investments in financial instruments classified as available-for-sale</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfForeignExchangeExposureTableTextBlock" xlink:label="SID_SummaryOfForeignExchangeExposureTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfForeignExchangeExposureTableTextBlock" xlink:to="SID_SummaryOfForeignExchangeExposureTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_SummaryOfForeignExchangeExposureTableTextBlock_lbl" xml:lang="en-US">Foreign exchange exposure</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfDerivativeFinancialInstrumentsTableTextBlock" xlink:label="SID_SummaryOfDerivativeFinancialInstrumentsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfDerivativeFinancialInstrumentsTableTextBlock" xlink:to="SID_SummaryOfDerivativeFinancialInstrumentsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_SummaryOfDerivativeFinancialInstrumentsTableTextBlock_lbl" xml:lang="en-US">Derivative financial instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfDollarEuroSwapTableTextBlock" xlink:label="SID_SummaryOfDollarEuroSwapTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfDollarEuroSwapTableTextBlock" xlink:to="SID_SummaryOfDollarEuroSwapTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfDollarEuroSwapTableTextBlock_lbl" xml:lang="en-US">Dollar x Euro swap</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfHedgingInstrumentsTableTextBlock" xlink:label="SID_SummaryOfHedgingInstrumentsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfHedgingInstrumentsTableTextBlock" xlink:to="SID_SummaryOfHedgingInstrumentsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfHedgingInstrumentsTableTextBlock_lbl" xml:lang="en-US">Hedging instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfChangesInHedgeAccountingTableTextBlock" xlink:label="SID_SummaryOfChangesInHedgeAccountingTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfChangesInHedgeAccountingTableTextBlock" xlink:to="SID_SummaryOfChangesInHedgeAccountingTableTextBlock_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfContractualMaturitiesOfFinancialLiabilitiesTableTextBlock" xlink:label="SID_SummaryOfContractualMaturitiesOfFinancialLiabilitiesTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfContractualMaturitiesOfFinancialLiabilitiesTableTextBlock_lbl" xml:lang="en-US">Contractual maturities of financial liabilities</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherPayablesTablesAbstract" xlink:to="SID_OtherPayablesTablesAbstract_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfOtherPayablesTableTextBlock" xlink:label="SID_SummaryOfOtherPayablesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfOtherPayablesTableTextBlock" xlink:to="SID_SummaryOfOtherPayablesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_SummaryOfOtherPayablesTableTextBlock_lbl" xml:lang="en-US">Other payables</link:label>
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      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfReconciliationOfIncomeTaxAndSocialContributionIncomeExpenseTableTextBlock" xlink:label="SID_SummaryOfReconciliationOfIncomeTaxAndSocialContributionIncomeExpenseTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfReconciliationOfIncomeTaxAndSocialContributionIncomeExpenseTableTextBlock_lbl" xml:lang="en-US">Reconciliation of income tax and social contribution income (expense)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfDeferredIncomeTaxAndSocialContributionTableTextBlock" xlink:label="SID_SummaryOfDeferredIncomeTaxAndSocialContributionTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfDeferredIncomeTaxAndSocialContributionTableTextBlock" xlink:to="SID_SummaryOfDeferredIncomeTaxAndSocialContributionTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_SummaryOfDeferredIncomeTaxAndSocialContributionTableTextBlock_lbl" xml:lang="en-US">Deferred income tax and social contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfDeferredTaxAssetsOnTaxLossesAndTemporaryDifferencesTableTextBlock" xlink:label="SID_SummaryOfDeferredTaxAssetsOnTaxLossesAndTemporaryDifferencesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfDeferredTaxAssetsOnTaxLossesAndTemporaryDifferencesTableTextBlock" xlink:to="SID_SummaryOfDeferredTaxAssetsOnTaxLossesAndTemporaryDifferencesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfDeferredTaxAssetsOnTaxLossesAndTemporaryDifferencesTableTextBlock_lbl" xml:lang="en-US">Deferred tax assets on tax losses and temporary differences</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DisclosureOfInventoriesIncomeTaxAndSocialContributionRecognizedInShareholdersEquityExplanatory" xlink:label="SID_DisclosureOfInventoriesIncomeTaxAndSocialContributionRecognizedInShareholdersEquityExplanatory" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DisclosureOfInventoriesIncomeTaxAndSocialContributionRecognizedInShareholdersEquityExplanatory_lbl" xml:lang="en-US">Income tax and social contribution recognized in shareholders' equity</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TaxInstallmentsProgramsTablesAbstract" xlink:label="SID_TaxInstallmentsProgramsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TaxInstallmentsProgramsTablesAbstract" xlink:to="SID_TaxInstallmentsProgramsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TaxInstallmentsProgramsTablesAbstract_lbl" xml:lang="en-US">Tax Installments Programs Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfTaxesInInstallmentsTableTextBlock" xlink:label="SID_SummaryOfTaxesInInstallmentsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfTaxesInInstallmentsTableTextBlock" xlink:to="SID_SummaryOfTaxesInInstallmentsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_SummaryOfTaxesInInstallmentsTableTextBlock_lbl" xml:lang="en-US">Taxes in installments</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksAndJudicialDepositsTablesAbstract" xlink:label="SID_ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksAndJudicialDepositsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksAndJudicialDepositsTablesAbstract" xlink:to="SID_ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksAndJudicialDepositsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksAndJudicialDepositsTablesAbstract_lbl" xml:lang="en-US">Provision For Tax Social Security Labor Civil And Environmental Risks And Judicial Deposits Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfAccruedAmountsAndJudicialDepositsTableTextBlock" xlink:label="SID_SummaryOfAccruedAmountsAndJudicialDepositsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfAccruedAmountsAndJudicialDepositsTableTextBlock" xlink:to="SID_SummaryOfAccruedAmountsAndJudicialDepositsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfAccruedAmountsAndJudicialDepositsTableTextBlock_lbl" xml:lang="en-US">Accrued amounts and judicial deposits</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfChangesInProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksTableTextBlock" xlink:label="SID_SummaryOfChangesInProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfChangesInProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksTableTextBlock" xlink:to="SID_SummaryOfChangesInProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfChangesInProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksTableTextBlock_lbl" xml:lang="en-US">Changes in the provision for tax, social security, labor, civil and environmental risks</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfLegalMattersWithPossibleRiskOfLossTableTextBlock" xlink:label="SID_SummaryOfLegalMattersWithPossibleRiskOfLossTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfLegalMattersWithPossibleRiskOfLossTableTextBlock" xlink:to="SID_SummaryOfLegalMattersWithPossibleRiskOfLossTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfLegalMattersWithPossibleRiskOfLossTableTextBlock_lbl" xml:lang="en-US">Legal matters with possible risk of loss</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProvisionForEnvironmentalLiabilitiesAndAssetRetirementObligationsTablesAbstract" xlink:label="SID_ProvisionForEnvironmentalLiabilitiesAndAssetRetirementObligationsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProvisionForEnvironmentalLiabilitiesAndAssetRetirementObligationsTablesAbstract" xlink:to="SID_ProvisionForEnvironmentalLiabilitiesAndAssetRetirementObligationsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProvisionForEnvironmentalLiabilitiesAndAssetRetirementObligationsTablesAbstract_lbl" xml:lang="en-US">Provision For Environmental Liabilities And Asset Retirement Obligations Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfProvisionForEnvironmentalLiabilitiesAndAssetRetirementObligationTableTextBlock" xlink:label="SID_SummaryOfProvisionForEnvironmentalLiabilitiesAndAssetRetirementObligationTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfProvisionForEnvironmentalLiabilitiesAndAssetRetirementObligationTableTextBlock" xlink:to="SID_SummaryOfProvisionForEnvironmentalLiabilitiesAndAssetRetirementObligationTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfProvisionForEnvironmentalLiabilitiesAndAssetRetirementObligationTableTextBlock_lbl" xml:lang="en-US">Provision for environmental liabilities and asset retirement obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RelatedpartyBalancesAndTransactionsTablesAbstract" xlink:label="SID_RelatedpartyBalancesAndTransactionsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RelatedpartyBalancesAndTransactionsTablesAbstract" xlink:to="SID_RelatedpartyBalancesAndTransactionsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RelatedpartyBalancesAndTransactionsTablesAbstract_lbl" xml:lang="en-US">Related-party Balances And Transactions Tables</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByTransactionAssetsAndLiabilitiesTableTextBlock" xlink:to="SID_SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByTransactionAssetsAndLiabilitiesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByTransactionAssetsAndLiabilitiesTableTextBlock_lbl" xml:lang="en-US">Transactions with subsidiaries, joint ventures, associates, exclusive funds and other related parties, by transaction - assets and liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByTransactionStatementOfIncomeTableTextBlock" xlink:label="SID_SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByTransactionStatementOfIncomeTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByTransactionStatementOfIncomeTableTextBlock_lbl" xml:lang="en-US">Transactions with subsidiaries, joint ventures, associates, exclusive funds and other related parties, by transaction - statement of income</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByCompanyAssetsAndLiabilitiesTableTextBlock" xlink:label="SID_SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByCompanyAssetsAndLiabilitiesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByCompanyAssetsAndLiabilitiesTableTextBlock" xlink:to="SID_SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByCompanyAssetsAndLiabilitiesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByCompanyAssetsAndLiabilitiesTableTextBlock_lbl" xml:lang="en-US">Transactions with subsidiaries, joint ventures, associates, exclusive funds and other related parties, by company - assets and liabilities</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByCompanyStatementOfIncomeTableTextBlock_lbl" xml:lang="en-US">Transactions with subsidiaries, joint ventures, associates, exclusive funds and other related parties, by company - statement of income</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ShareholdersEquityTablesAbstract_lbl" xml:lang="en-US">Shareholders Equity Tables</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfOwnershipStructureTableTextBlock_lbl" xml:lang="en-US">Ownership structure</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfShareBuybackProgramsTableTextBlock" xlink:label="SID_SummaryOfShareBuybackProgramsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfShareBuybackProgramsTableTextBlock" xlink:to="SID_SummaryOfShareBuybackProgramsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfShareBuybackProgramsTableTextBlock_lbl" xml:lang="en-US">Share buyback programs</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfPositionOfTreasurySharesTableTextBlock" xlink:label="SID_SummaryOfPositionOfTreasurySharesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfPositionOfTreasurySharesTableTextBlock" xlink:to="SID_SummaryOfPositionOfTreasurySharesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfPositionOfTreasurySharesTableTextBlock_lbl" xml:lang="en-US">Position of treasury shares</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfBasicEarningsLossPerShareTableTextBlock" xlink:label="SID_SummaryOfBasicEarningsLossPerShareTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfBasicEarningsLossPerShareTableTextBlock" xlink:to="SID_SummaryOfBasicEarningsLossPerShareTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfBasicEarningsLossPerShareTableTextBlock_lbl" xml:lang="en-US">Basic earnings (loss) per share</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PaymentToShareholdersTablesAbstract" xlink:label="SID_PaymentToShareholdersTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PaymentToShareholdersTablesAbstract" xlink:to="SID_PaymentToShareholdersTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PaymentToShareholdersTablesAbstract_lbl" xml:lang="en-US">Payment To Shareholders Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfDeliberateAndPaidDividendsTableTextBlock" xlink:label="SID_SummaryOfDeliberateAndPaidDividendsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfDeliberateAndPaidDividendsTableTextBlock" xlink:to="SID_SummaryOfDeliberateAndPaidDividendsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfDeliberateAndPaidDividendsTableTextBlock_lbl" xml:lang="en-US">Deliberate and paid dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NetSalesAndServicesRevenueTablesAbstract" xlink:label="SID_NetSalesAndServicesRevenueTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NetSalesAndServicesRevenueTablesAbstract" xlink:to="SID_NetSalesAndServicesRevenueTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NetSalesAndServicesRevenueTablesAbstract_lbl" xml:lang="en-US">Net Sales And Services Revenue Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfNetSalesAndServicesRevenueTableTextBlock" xlink:label="SID_SummaryOfNetSalesAndServicesRevenueTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfNetSalesAndServicesRevenueTableTextBlock" xlink:to="SID_SummaryOfNetSalesAndServicesRevenueTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfNetSalesAndServicesRevenueTableTextBlock_lbl" xml:lang="en-US">Net sales and services revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ExpensesByNatureTablesAbstract" xlink:label="SID_ExpensesByNatureTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ExpensesByNatureTablesAbstract" xlink:to="SID_ExpensesByNatureTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ExpensesByNatureTablesAbstract_lbl" xml:lang="en-US">Expenses By Nature Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfExpensesByNatureTableTextBlock" xlink:label="SID_SummaryOfExpensesByNatureTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfExpensesByNatureTableTextBlock" xlink:to="SID_SummaryOfExpensesByNatureTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfExpensesByNatureTableTextBlock_lbl" xml:lang="en-US">Expenses by nature</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DisclosureOfDepreciationAmortizationAndDepletionExplanatory" xlink:label="SID_DisclosureOfDepreciationAmortizationAndDepletionExplanatory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DisclosureOfDepreciationAmortizationAndDepletionExplanatory" xlink:to="SID_DisclosureOfDepreciationAmortizationAndDepletionExplanatory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_DisclosureOfDepreciationAmortizationAndDepletionExplanatory_lbl" xml:lang="en-US">Depreciation, amortization and depletion</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OtherOperatingIncomeExpensesTablesAbstract" xlink:label="SID_OtherOperatingIncomeExpensesTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherOperatingIncomeExpensesTablesAbstract" xlink:to="SID_OtherOperatingIncomeExpensesTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_OtherOperatingIncomeExpensesTablesAbstract_lbl" xml:lang="en-US">Other Operating Income Expenses Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfOtherOperatingIncomeExpensesTableTextBlock" xlink:label="SID_SummaryOfOtherOperatingIncomeExpensesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfOtherOperatingIncomeExpensesTableTextBlock" xlink:to="SID_SummaryOfOtherOperatingIncomeExpensesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfOtherOperatingIncomeExpensesTableTextBlock_lbl" xml:lang="en-US">Other operating income (expenses)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FinancialIncomeExpensesTablesAbstract" xlink:label="SID_FinancialIncomeExpensesTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FinancialIncomeExpensesTablesAbstract" xlink:to="SID_FinancialIncomeExpensesTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FinancialIncomeExpensesTablesAbstract_lbl" xml:lang="en-US">Financial Income Expenses Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfFinancialIncomeExpensesTableTextBlock" xlink:label="SID_SummaryOfFinancialIncomeExpensesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfFinancialIncomeExpensesTableTextBlock" xlink:to="SID_SummaryOfFinancialIncomeExpensesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfFinancialIncomeExpensesTableTextBlock_lbl" xml:lang="en-US">Financial income (expenses)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SegmentInformationTablesAbstract" xlink:label="SID_SegmentInformationTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SegmentInformationTablesAbstract" xlink:to="SID_SegmentInformationTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SegmentInformationTablesAbstract_lbl" xml:lang="en-US">Segment Information Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfConsolidatedSegmentResultsTableTextBlock" xlink:label="SID_SummaryOfConsolidatedSegmentResultsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfConsolidatedSegmentResultsTableTextBlock" xlink:to="SID_SummaryOfConsolidatedSegmentResultsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfConsolidatedSegmentResultsTableTextBlock_lbl" xml:lang="en-US">Consolidated results</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfSegmentEbitdaAndAdjustedEbitdaTableTextBlock" xlink:label="SID_SummaryOfSegmentEbitdaAndAdjustedEbitdaTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfSegmentEbitdaAndAdjustedEbitdaTableTextBlock" xlink:to="SID_SummaryOfSegmentEbitdaAndAdjustedEbitdaTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfSegmentEbitdaAndAdjustedEbitdaTableTextBlock_lbl" xml:lang="en-US">EBITDA and Adjusted EBITDA</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EmployeeBenefitsTablesAbstract" xlink:label="SID_EmployeeBenefitsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EmployeeBenefitsTablesAbstract" xlink:to="SID_EmployeeBenefitsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EmployeeBenefitsTablesAbstract_lbl" xml:lang="en-US">Employee Benefits Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfActuarialEmployeeBenefitAssetsAndLiabilitiesTableTextBlock" xlink:label="SID_SummaryOfActuarialEmployeeBenefitAssetsAndLiabilitiesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfActuarialEmployeeBenefitAssetsAndLiabilitiesTableTextBlock" xlink:to="SID_SummaryOfActuarialEmployeeBenefitAssetsAndLiabilitiesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfActuarialEmployeeBenefitAssetsAndLiabilitiesTableTextBlock_lbl" xml:lang="en-US">Actuarial employee benefit assets and liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfReconciliationOfEmployeeBenefitsAssetsAndLiabilitiesTableTextBlock" xlink:label="SID_SummaryOfReconciliationOfEmployeeBenefitsAssetsAndLiabilitiesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfReconciliationOfEmployeeBenefitsAssetsAndLiabilitiesTableTextBlock" xlink:to="SID_SummaryOfReconciliationOfEmployeeBenefitsAssetsAndLiabilitiesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfReconciliationOfEmployeeBenefitsAssetsAndLiabilitiesTableTextBlock_lbl" xml:lang="en-US">Reconciliation of employee benefits' assets and liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfChangesInPresentValueOfDefinedBenefitObligationTableTextBlock" xlink:label="SID_SummaryOfChangesInPresentValueOfDefinedBenefitObligationTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfChangesInPresentValueOfDefinedBenefitObligationTableTextBlock" xlink:to="SID_SummaryOfChangesInPresentValueOfDefinedBenefitObligationTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfChangesInPresentValueOfDefinedBenefitObligationTableTextBlock_lbl" xml:lang="en-US">Changes in present value of the defined benefit obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfChangesInFairValueOfPlanAssetsTableTextBlock" xlink:label="SID_SummaryOfChangesInFairValueOfPlanAssetsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfChangesInFairValueOfPlanAssetsTableTextBlock" xlink:to="SID_SummaryOfChangesInFairValueOfPlanAssetsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfChangesInFairValueOfPlanAssetsTableTextBlock_lbl" xml:lang="en-US">Changes in fair value of the plan assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfEmployeeBenefitsRecognizedInIncomeStatementTableTextBlock" xlink:label="SID_SummaryOfEmployeeBenefitsRecognizedInIncomeStatementTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfEmployeeBenefitsRecognizedInIncomeStatementTableTextBlock" xlink:to="SID_SummaryOfEmployeeBenefitsRecognizedInIncomeStatementTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfEmployeeBenefitsRecognizedInIncomeStatementTableTextBlock_lbl" xml:lang="en-US">Employee benefits recognized in the income statement</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfChangesInActuarialGainsAndLossesTableTextBlock" xlink:label="SID_SummaryOfChangesInActuarialGainsAndLossesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfChangesInActuarialGainsAndLossesTableTextBlock" xlink:to="SID_SummaryOfChangesInActuarialGainsAndLossesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfChangesInActuarialGainsAndLossesTableTextBlock_lbl" xml:lang="en-US">Changes in actuarial gains and losses</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfBreakdownOfActuarialGainsOrLossesTableTextBlock" xlink:label="SID_SummaryOfBreakdownOfActuarialGainsOrLossesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfBreakdownOfActuarialGainsOrLossesTableTextBlock" xlink:to="SID_SummaryOfBreakdownOfActuarialGainsOrLossesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfBreakdownOfActuarialGainsOrLossesTableTextBlock_lbl" xml:lang="en-US">Breakdown of actuarial gains or losses</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfActuarialAssumptionsUsedTableTextBlock" xlink:label="SID_SummaryOfActuarialAssumptionsUsedTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfActuarialAssumptionsUsedTableTextBlock" xlink:to="SID_SummaryOfActuarialAssumptionsUsedTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfActuarialAssumptionsUsedTableTextBlock_lbl" xml:lang="en-US">Actuarial assumptions used</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfAverageLifeExpectancyTableTextBlock" xlink:label="SID_SummaryOfAverageLifeExpectancyTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfAverageLifeExpectancyTableTextBlock" xlink:to="SID_SummaryOfAverageLifeExpectancyTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfAverageLifeExpectancyTableTextBlock_lbl" xml:lang="en-US">Average life expectancy</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfAllocationOfPlanAssetsTableTextBlock" xlink:label="SID_SummaryOfAllocationOfPlanAssetsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfAllocationOfPlanAssetsTableTextBlock" xlink:to="SID_SummaryOfAllocationOfPlanAssetsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfAllocationOfPlanAssetsTableTextBlock_lbl" xml:lang="en-US">Allocation of plan assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfQuantitativeSensitivityAnalysisRegardingSignificantAssumptionsForPensionPlansTableTextBlock" xlink:label="SID_SummaryOfQuantitativeSensitivityAnalysisRegardingSignificantAssumptionsForPensionPlansTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfQuantitativeSensitivityAnalysisRegardingSignificantAssumptionsForPensionPlansTableTextBlock" xlink:to="SID_SummaryOfQuantitativeSensitivityAnalysisRegardingSignificantAssumptionsForPensionPlansTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfQuantitativeSensitivityAnalysisRegardingSignificantAssumptionsForPensionPlansTableTextBlock_lbl" xml:lang="en-US">Quantitative sensitivity analysis regarding the significant assumptions for the pension plans</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfForecastBenefitPaymentsOfDefinedBenefitPlansTableTextBlock" xlink:label="SID_SummaryOfForecastBenefitPaymentsOfDefinedBenefitPlansTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfForecastBenefitPaymentsOfDefinedBenefitPlansTableTextBlock" xlink:to="SID_SummaryOfForecastBenefitPaymentsOfDefinedBenefitPlansTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfForecastBenefitPaymentsOfDefinedBenefitPlansTableTextBlock_lbl" xml:lang="en-US">Forecast benefit payments of the defined benefit plans</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfPostEmploymentHealthCarePlanAmountsTableTextBlock" xlink:label="SID_SummaryOfPostEmploymentHealthCarePlanAmountsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfPostEmploymentHealthCarePlanAmountsTableTextBlock" xlink:to="SID_SummaryOfPostEmploymentHealthCarePlanAmountsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfPostEmploymentHealthCarePlanAmountsTableTextBlock_lbl" xml:lang="en-US">Post-employment health care plan amounts</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfReconciliationOfHealthcareLiabilitiesTableTextBlock" xlink:label="SID_SummaryOfReconciliationOfHealthcareLiabilitiesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfReconciliationOfHealthcareLiabilitiesTableTextBlock" xlink:to="SID_SummaryOfReconciliationOfHealthcareLiabilitiesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfReconciliationOfHealthcareLiabilitiesTableTextBlock_lbl" xml:lang="en-US">Reconciliation of the healthcare liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfActuarialGainsAndLossesRecognizedInShareholdersEquityTableTextBlock" xlink:label="SID_SummaryOfActuarialGainsAndLossesRecognizedInShareholdersEquityTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfActuarialGainsAndLossesRecognizedInShareholdersEquityTableTextBlock" xlink:to="SID_SummaryOfActuarialGainsAndLossesRecognizedInShareholdersEquityTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfActuarialGainsAndLossesRecognizedInShareholdersEquityTableTextBlock_lbl" xml:lang="en-US">Actuarial gains and losses recognized in shareholders' equity</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfWeightedAverageLifeExpectancyTableTextBlock" xlink:label="SID_SummaryOfWeightedAverageLifeExpectancyTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfWeightedAverageLifeExpectancyTableTextBlock" xlink:to="SID_SummaryOfWeightedAverageLifeExpectancyTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfWeightedAverageLifeExpectancyTableTextBlock_lbl" xml:lang="en-US">Weighted average life expectancy</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfActuarialAssumptionsUsedForCalculatingPostEmploymentHealthcareBenefitsTableTextBlock" xlink:label="SID_SummaryOfActuarialAssumptionsUsedForCalculatingPostEmploymentHealthcareBenefitsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfActuarialAssumptionsUsedForCalculatingPostEmploymentHealthcareBenefitsTableTextBlock" xlink:to="SID_SummaryOfActuarialAssumptionsUsedForCalculatingPostEmploymentHealthcareBenefitsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfActuarialAssumptionsUsedForCalculatingPostEmploymentHealthcareBenefitsTableTextBlock_lbl" xml:lang="en-US">Actuarial assumptions used for calculating postemployment healthcare benefits</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfQuantitativeSensitivityAnalysisRegardingSignificantAssumptionsForPostEmploymentHealthcarePlansTableTextBlock" xlink:label="SID_SummaryOfQuantitativeSensitivityAnalysisRegardingSignificantAssumptionsForPostEmploymentHealthcarePlansTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfQuantitativeSensitivityAnalysisRegardingSignificantAssumptionsForPostEmploymentHealthcarePlansTableTextBlock" xlink:to="SID_SummaryOfQuantitativeSensitivityAnalysisRegardingSignificantAssumptionsForPostEmploymentHealthcarePlansTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfQuantitativeSensitivityAnalysisRegardingSignificantAssumptionsForPostEmploymentHealthcarePlansTableTextBlock_lbl" xml:lang="en-US">Quantitative sensitivity analysis regarding the significant assumptions for the postemployment healthcare plans</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfForecastBenefitPaymentsOfPostEmploymentHealthcarePlansTableTextBlock" xlink:label="SID_SummaryOfForecastBenefitPaymentsOfPostEmploymentHealthcarePlansTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfForecastBenefitPaymentsOfPostEmploymentHealthcarePlansTableTextBlock" xlink:to="SID_SummaryOfForecastBenefitPaymentsOfPostEmploymentHealthcarePlansTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfForecastBenefitPaymentsOfPostEmploymentHealthcarePlansTableTextBlock_lbl" xml:lang="en-US">Forecast benefit payments of the postemployment healthcare plans</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CommitmentsTablesAbstract" xlink:label="SID_CommitmentsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CommitmentsTablesAbstract" xlink:to="SID_CommitmentsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CommitmentsTablesAbstract_lbl" xml:lang="en-US">Commitments Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfTakeOrPayContractsTableTextBlock" xlink:label="SID_SummaryOfTakeOrPayContractsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfTakeOrPayContractsTableTextBlock" xlink:to="SID_SummaryOfTakeOrPayContractsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfTakeOrPayContractsTableTextBlock_lbl" xml:lang="en-US">Take-or-pay contracts</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfMinimumFuturePaymentsRelatedToGovernmentConcessionsTableTextBlock" xlink:label="SID_SummaryOfMinimumFuturePaymentsRelatedToGovernmentConcessionsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfMinimumFuturePaymentsRelatedToGovernmentConcessionsTableTextBlock" xlink:to="SID_SummaryOfMinimumFuturePaymentsRelatedToGovernmentConcessionsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfMinimumFuturePaymentsRelatedToGovernmentConcessionsTableTextBlock_lbl" xml:lang="en-US">Minimum future payments related to government concessions</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdditionalInformationToCashFlowsTablesAbstract" xlink:label="SID_AdditionalInformationToCashFlowsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdditionalInformationToCashFlowsTablesAbstract" xlink:to="SID_AdditionalInformationToCashFlowsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AdditionalInformationToCashFlowsTablesAbstract_lbl" xml:lang="en-US">Additional Information To Cash Flows Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SummaryOfAdditionalInformationRelatedToStatementOfCashFlowsTableTextBlock" xlink:label="SID_SummaryOfAdditionalInformationRelatedToStatementOfCashFlowsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SummaryOfAdditionalInformationRelatedToStatementOfCashFlowsTableTextBlock" xlink:to="SID_SummaryOfAdditionalInformationRelatedToStatementOfCashFlowsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SummaryOfAdditionalInformationRelatedToStatementOfCashFlowsTableTextBlock_lbl" xml:lang="en-US">Additional information related to statement of cash flows</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:to="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable_lbl" xml:lang="en-US">Disclosure of subsidiaries [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:to="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems_lbl" xml:lang="en-US">Disclosure of subsidiaries [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangeAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_RangeAxis_2_lbl" xml:lang="en-US">Range [axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:to="ifrs-full_SignificantInvestmentsInSubsidiariesAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis_2_lbl" xml:lang="en-US">Subsidiaries [axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InterestMethodAxis" xlink:to="SID_InterestMethodAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_InterestMethodAxis_2_lbl" xml:lang="en-US">InterestMethodAxis [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NameOfSubsidiary" xlink:label="ifrs-full_NameOfSubsidiary" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NameOfSubsidiary" xlink:to="ifrs-full_NameOfSubsidiary_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NameOfSubsidiary_lbl" xml:lang="en-US">Subsidiary name</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:to="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xml:lang="en-US">Interest in subsidiaries</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NameOfJointOperation" xlink:label="ifrs-full_NameOfJointOperation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NameOfJointOperation" xlink:to="ifrs-full_NameOfJointOperation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NameOfJointOperation_lbl" xml:lang="en-US">Joint operations name</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProportionOfOwnershipInterestInJointOperation" xlink:label="ifrs-full_ProportionOfOwnershipInterestInJointOperation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInJointOperation" xlink:to="ifrs-full_ProportionOfOwnershipInterestInJointOperation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProportionOfOwnershipInterestInJointOperation_lbl" xml:lang="en-US">Interest in joint operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NameOfJointVenture" xlink:label="ifrs-full_NameOfJointVenture" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NameOfJointVenture" xlink:to="ifrs-full_NameOfJointVenture_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NameOfJointVenture_lbl" xml:lang="en-US">Joint ventures name</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProportionOfOwnershipInterestInJointVenture" xlink:label="ifrs-full_ProportionOfOwnershipInterestInJointVenture" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInJointVenture" xlink:to="ifrs-full_ProportionOfOwnershipInterestInJointVenture_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProportionOfOwnershipInterestInJointVenture_lbl" xml:lang="en-US">Interest in joint ventures</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NameOfAssociate" xlink:label="ifrs-full_NameOfAssociate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NameOfAssociate" xlink:to="ifrs-full_NameOfAssociate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NameOfAssociate_lbl" xml:lang="en-US">Associates name</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:label="ifrs-full_ProportionOfOwnershipInterestInAssociate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:to="ifrs-full_ProportionOfOwnershipInterestInAssociate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProportionOfOwnershipInterestInAssociate_lbl" xml:lang="en-US">Interest in associates</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities" xlink:label="ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities" xlink:to="ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_lbl" xml:lang="en-US">Core business</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NameOfExclusiveFund" xlink:label="SID_NameOfExclusiveFund" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NameOfExclusiveFund" xlink:to="SID_NameOfExclusiveFund_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NameOfExclusiveFund_lbl" xml:lang="en-US">Exclusive fund name</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProportionOfOwnershipInterestInExclusiveFund" xlink:label="SID_ProportionOfOwnershipInterestInExclusiveFund" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProportionOfOwnershipInterestInExclusiveFund" xlink:to="SID_ProportionOfOwnershipInterestInExclusiveFund_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProportionOfOwnershipInterestInExclusiveFund_lbl" xml:lang="en-US">Interest in exclusive fund</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfServiceConcessionArrangementsTable" xlink:label="ifrs-full_DisclosureOfServiceConcessionArrangementsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfServiceConcessionArrangementsTable" xlink:to="ifrs-full_DisclosureOfServiceConcessionArrangementsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfServiceConcessionArrangementsTable_lbl" xml:lang="en-US">Disclosure of detailed information about service concession arrangements [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfServiceConcessionArrangementsLineItems" xlink:label="ifrs-full_DisclosureOfServiceConcessionArrangementsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfServiceConcessionArrangementsLineItems" xlink:to="ifrs-full_DisclosureOfServiceConcessionArrangementsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfServiceConcessionArrangementsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about service concession arrangements [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NameOfServiceConcessionArrangement" xlink:label="SID_NameOfServiceConcessionArrangement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NameOfServiceConcessionArrangement" xlink:to="SID_NameOfServiceConcessionArrangement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NameOfServiceConcessionArrangement_lbl" xml:lang="en-US">Concession name</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ConcessionsNet" xlink:label="SID_ConcessionsNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ConcessionsNet" xlink:to="SID_ConcessionsNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ConcessionsNet_lbl" xml:lang="en-US">Net book value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfServiceConcessionArrangement" xlink:label="ifrs-full_DescriptionOfServiceConcessionArrangement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfServiceConcessionArrangement" xlink:to="ifrs-full_DescriptionOfServiceConcessionArrangement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfServiceConcessionArrangement_lbl" xml:lang="en-US">Classification in balance sheet</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable" xlink:label="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable" xlink:to="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable_lbl" xml:lang="en-US">Disclosure of expected impact of initial application of new standards or interpretations [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems" xlink:label="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems" xlink:to="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems_lbl" xml:lang="en-US">Disclosure of expected impact of initial application of new standards or interpretations [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TitleOfNewIFRS" xlink:label="ifrs-full_TitleOfNewIFRS" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TitleOfNewIFRS" xlink:to="ifrs-full_TitleOfNewIFRS_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TitleOfNewIFRS_lbl" xml:lang="en-US">Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfNatureOfImpendingChangeInAccountingPolicy" xlink:label="ifrs-full_DescriptionOfNatureOfImpendingChangeInAccountingPolicy" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfNatureOfImpendingChangeInAccountingPolicy" xlink:to="ifrs-full_DescriptionOfNatureOfImpendingChangeInAccountingPolicy_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfNatureOfImpendingChangeInAccountingPolicy_lbl" xml:lang="en-US">Main items introduced by the standard</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DateByWhichApplicationOfNewIFRSIsRequired" xlink:label="ifrs-full_DateByWhichApplicationOfNewIFRSIsRequired" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DateByWhichApplicationOfNewIFRSIsRequired" xlink:to="ifrs-full_DateByWhichApplicationOfNewIFRSIsRequired_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DateByWhichApplicationOfNewIFRSIsRequired_lbl" xml:lang="en-US">Effective date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsTable_lbl" xml:lang="en-US">Disclosure of fair value measurement of assets [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems_lbl" xml:lang="en-US">Disclosure of fair value measurement of assets [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CurrenciesAxis" xlink:to="SID_CurrenciesAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_CurrenciesAxis_2_lbl" xml:lang="en-US">CurrenciesAxis [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClosingForeignExchangeRate" xlink:label="ifrs-full_ClosingForeignExchangeRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClosingForeignExchangeRate" xlink:to="ifrs-full_ClosingForeignExchangeRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClosingForeignExchangeRate_lbl" xml:lang="en-US">Exchange rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BalancesWithBanks" xlink:label="ifrs-full_BalancesWithBanks" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BalancesWithBanks" xlink:to="ifrs-full_BalancesWithBanks_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BalancesWithBanks_lbl" xml:lang="en-US">Cash and banks</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:label="ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents" xlink:to="ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents_lbl" xml:lang="en-US">Short-term investments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentInvestments" xlink:label="ifrs-full_CurrentInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentInvestments" xlink:to="ifrs-full_CurrentInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentInvestments_lbl" xml:lang="en-US">Financial Investments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeReceivables" xlink:label="ifrs-full_TradeReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeReceivables" xlink:to="ifrs-full_TradeReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TradeReceivables_lbl" xml:lang="en-US">Trade receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherReceivables" xlink:label="ifrs-full_OtherReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherReceivables" xlink:to="ifrs-full_OtherReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherReceivables_lbl" xml:lang="en-US">Other receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherReceivables" xlink:label="ifrs-full_TradeAndOtherReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherReceivables" xlink:to="ifrs-full_TradeAndOtherReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherReceivables_lbl" xml:lang="en-US">Trade and other receivables</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TradeReceivablesAbstract" xlink:to="SID_TradeReceivablesAbstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_TradeReceivablesAbstract_2_lbl" xml:lang="en-US">Trade Receivables Details 2</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherProvisions" xlink:label="ifrs-full_OtherProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherProvisions" xlink:to="ifrs-full_OtherProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_OtherProvisions_lbl" xml:lang="en-US">Allowance for doubtful debts, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ChangesInOtherProvisions" xlink:label="ifrs-full_ChangesInOtherProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ChangesInOtherProvisions" xlink:to="ifrs-full_ChangesInOtherProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ChangesInOtherProvisions_lbl" xml:lang="en-US">Estimated losses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherReversalsOfProvisions" xlink:label="ifrs-full_OtherReversalsOfProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherReversalsOfProvisions" xlink:to="ifrs-full_OtherReversalsOfProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherReversalsOfProvisions_lbl" xml:lang="en-US">Recovery of receivables</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherProvisions" xlink:to="ifrs-full_OtherProvisions_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_OtherProvisions_2_lbl" xml:lang="en-US">Allowance for doubtful debts, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TradeReceivablesDetailsNarrativeAbstract" xlink:label="SID_TradeReceivablesDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TradeReceivablesDetailsNarrativeAbstract" xlink:to="SID_TradeReceivablesDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TradeReceivablesDetailsNarrativeAbstract_lbl" xml:lang="en-US">Trade Receivables Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TradeReceivablesTransactionCosts" xlink:label="SID_TradeReceivablesTransactionCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TradeReceivablesTransactionCosts" xlink:to="SID_TradeReceivablesTransactionCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TradeReceivablesTransactionCosts_lbl" xml:lang="en-US">Trade receivables transaction costs</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_InventoriesDetailsAbstract" xlink:label="SID_InventoriesDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InventoriesDetailsAbstract" xlink:to="SID_InventoriesDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_InventoriesDetailsAbstract_lbl" xml:lang="en-US">Inventories Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinishedGoods" xlink:label="ifrs-full_FinishedGoods" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinishedGoods" xlink:to="ifrs-full_FinishedGoods_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinishedGoods_lbl" xml:lang="en-US">Finished goods</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_WorkInProgress" xlink:label="ifrs-full_WorkInProgress" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WorkInProgress" xlink:to="ifrs-full_WorkInProgress_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WorkInProgress_lbl" xml:lang="en-US">Work in progress</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RawMaterials" xlink:label="ifrs-full_RawMaterials" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RawMaterials" xlink:to="ifrs-full_RawMaterials_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RawMaterials_lbl" xml:lang="en-US">Raw materials</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SpareParts" xlink:label="ifrs-full_SpareParts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SpareParts" xlink:to="ifrs-full_SpareParts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SpareParts_lbl" xml:lang="en-US">Spare parts</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentOreStockpiles" xlink:label="ifrs-full_CurrentOreStockpiles" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentOreStockpiles" xlink:to="ifrs-full_CurrentOreStockpiles_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentOreStockpiles_lbl" xml:lang="en-US">Iron ore</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentAdvancesToSuppliers" xlink:label="ifrs-full_CurrentAdvancesToSuppliers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAdvancesToSuppliers" xlink:to="ifrs-full_CurrentAdvancesToSuppliers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAdvancesToSuppliers_lbl" xml:lang="en-US">Advances to suppliers</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Provisions" xlink:label="ifrs-full_Provisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Provisions" xlink:to="ifrs-full_Provisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_Provisions_lbl" xml:lang="en-US">Provision for losses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Inventories" xlink:to="ifrs-full_Inventories_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Inventories_2_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_InventoriesDetails1Abstract" xlink:label="SID_InventoriesDetails1Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InventoriesDetails1Abstract" xlink:to="SID_InventoriesDetails1Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_InventoriesDetails1Abstract_lbl" xml:lang="en-US">Inventories Details 1</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Provisions" xlink:to="ifrs-full_Provisions_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:label="ifrs-full_Provisions_2_lbl" xml:lang="en-US">Provision for inventory losses, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_WritedownsReversalsOfInventories" xlink:label="ifrs-full_WritedownsReversalsOfInventories" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WritedownsReversalsOfInventories" xlink:to="ifrs-full_WritedownsReversalsOfInventories_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WritedownsReversalsOfInventories_lbl" xml:lang="en-US">Reversal / (losses) for slow-moving and obsolescence</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Provisions" xlink:to="ifrs-full_Provisions_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:label="ifrs-full_Provisions_3_lbl" xml:lang="en-US">Provision for inventory losses, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfBusinessCombinationsTable" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfBusinessCombinationsTable" xlink:to="ifrs-full_DisclosureOfBusinessCombinationsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsTable_lbl" xml:lang="en-US">Disclosure of detailed information about business combination [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfBusinessCombinationsLineItems" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfBusinessCombinationsLineItems" xlink:to="ifrs-full_DisclosureOfBusinessCombinationsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfBusinessCombinationsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about business combination [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ConsiderationPaidReceived" xlink:label="ifrs-full_ConsiderationPaidReceived" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ConsiderationPaidReceived" xlink:to="ifrs-full_ConsiderationPaidReceived_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ConsiderationPaidReceived_lbl" xml:lang="en-US">Consideration paid</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Net assets acquired at book value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:label="ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate_lbl" xml:lang="en-US">Capital distribution</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Subsidiaries22Member" xlink:label="SID_Subsidiaries22Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Subsidiaries22Member" xlink:to="SID_Subsidiaries22Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Subsidiaries22Member_lbl" xml:lang="en-US">Subsidiary 22</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NameOfJointVenture" xlink:to="ifrs-full_NameOfJointVenture_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NameOfJointVenture_2_lbl" xml:lang="en-US">Joint venture and joint operation name</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NameOfAssociate" xlink:to="ifrs-full_NameOfAssociate_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NameOfAssociate_2_lbl" xml:lang="en-US">Associate name</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" xlink:label="ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" xlink:to="ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_lbl" xml:lang="en-US">Number of common shares held by CSN</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PreferredSharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" xlink:label="SID_PreferredSharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PreferredSharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates" xlink:to="SID_PreferredSharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PreferredSharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates_lbl" xml:lang="en-US">Number of preferred shares held by CSN</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:to="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_2_lbl" xml:lang="en-US">Direct equity interest, subsidiary</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInJointVenture" xlink:to="ifrs-full_ProportionOfOwnershipInterestInJointVenture_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProportionOfOwnershipInterestInJointVenture_2_lbl" xml:lang="en-US">Direct equity interest, joint venture and joint operation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:to="ifrs-full_ProportionOfOwnershipInterestInAssociate_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProportionOfOwnershipInterestInAssociate_2_lbl" xml:lang="en-US">Direct equity interest, associate</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_Assets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Assets_2_lbl" xml:lang="en-US">Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Liabilities" xlink:label="ifrs-full_Liabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Liabilities" xlink:to="ifrs-full_Liabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Liabilities_lbl" xml:lang="en-US">Liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Equity_4_lbl" xml:lang="en-US">Shareholders' equity</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProfitLoss_4_lbl" xml:lang="en-US">Profit (loss) for the year</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ClassifiedAsAvailableForSaleAbstract" xlink:label="SID_ClassifiedAsAvailableForSaleAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ClassifiedAsAvailableForSaleAbstract" xlink:to="SID_ClassifiedAsAvailableForSaleAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ClassifiedAsAvailableForSaleAbstract_lbl" xml:lang="en-US">Classified as available for sale</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Usiminas" xlink:label="SID_Usiminas" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Usiminas" xlink:to="SID_Usiminas_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_Usiminas_lbl" xml:lang="en-US">Usiminas</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Panatlantica" xlink:label="SID_Panatlantica" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Panatlantica" xlink:to="SID_Panatlantica_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_Panatlantica_lbl" xml:lang="en-US">Panatlantica</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialAssetsAvailableforsale" xlink:label="ifrs-full_FinancialAssetsAvailableforsale" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAvailableforsale" xlink:to="ifrs-full_FinancialAssetsAvailableforsale_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_FinancialAssetsAvailableforsale_lbl" xml:lang="en-US">Classified as available for sale</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OthersInvestmentsAbstract" xlink:label="SID_OthersInvestmentsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OthersInvestmentsAbstract" xlink:to="SID_OthersInvestmentsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_OthersInvestmentsAbstract_lbl" xml:lang="en-US">Others investments</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RevenueFromSubsidiaresInventoriesInvestment" xlink:label="SID_RevenueFromSubsidiaresInventoriesInvestment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RevenueFromSubsidiaresInventoriesInvestment" xlink:to="SID_RevenueFromSubsidiaresInventoriesInvestment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RevenueFromSubsidiaresInventoriesInvestment_lbl" xml:lang="en-US">Revenue from subsidiares inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_InvestmentOther" xlink:label="SID_InvestmentOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InvestmentOther" xlink:to="SID_InvestmentOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_InvestmentOther_lbl" xml:lang="en-US">Others</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TotalOtherInvestments" xlink:label="SID_TotalOtherInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TotalOtherInvestments" xlink:to="SID_TotalOtherInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_TotalOtherInvestments_lbl" xml:lang="en-US">Others investments</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TotalInvestments" xlink:label="SID_TotalInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TotalInvestments" xlink:to="SID_TotalInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TotalInvestments_lbl" xml:lang="en-US">Total Investments</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ClassificationOfInvestmentsInBalanceSheetAbstract" xlink:label="SID_ClassificationOfInvestmentsInBalanceSheetAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ClassificationOfInvestmentsInBalanceSheetAbstract" xlink:to="SID_ClassificationOfInvestmentsInBalanceSheetAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ClassificationOfInvestmentsInBalanceSheetAbstract_lbl" xml:lang="en-US">Classification of investments in the balance sheet</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_InvestmentsInAssets" xlink:label="SID_InvestmentsInAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InvestmentsInAssets" xlink:to="SID_InvestmentsInAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_InvestmentsInAssets_lbl" xml:lang="en-US">Investments in assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_InvestmentWithShortTermLiabilites" xlink:label="SID_InvestmentWithShortTermLiabilites" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InvestmentWithShortTermLiabilites" xlink:to="SID_InvestmentWithShortTermLiabilites_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_InvestmentWithShortTermLiabilites_lbl" xml:lang="en-US">Investment with short term liabilites</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TotalInvestments" xlink:to="SID_TotalInvestments_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_TotalInvestments_2_lbl" xml:lang="en-US">Investments</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_InvestmentsDetails2Abstract" xlink:label="SID_InvestmentsDetails2Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InvestmentsDetails2Abstract" xlink:to="SID_InvestmentsDetails2Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_InvestmentsDetails2Abstract_lbl" xml:lang="en-US">Investments Details 2</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates_2_lbl" xml:lang="en-US">Investments in associates and joint controlled entities, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CapitalIncreaseAcquisitionOfShares" xlink:label="SID_CapitalIncreaseAcquisitionOfShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CapitalIncreaseAcquisitionOfShares" xlink:to="SID_CapitalIncreaseAcquisitionOfShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CapitalIncreaseAcquisitionOfShares_lbl" xml:lang="en-US">Capital increase/acquisition of shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsReceivedFromInvestmentsAccountedForUsingEquityMethodClassifiedAsInvestingActivities" xlink:label="ifrs-full_DividendsReceivedFromInvestmentsAccountedForUsingEquityMethodClassifiedAsInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsReceivedFromInvestmentsAccountedForUsingEquityMethodClassifiedAsInvestingActivities" xlink:to="ifrs-full_DividendsReceivedFromInvestmentsAccountedForUsingEquityMethodClassifiedAsInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsReceivedFromInvestmentsAccountedForUsingEquityMethodClassifiedAsInvestingActivities_lbl" xml:lang="en-US">Dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments" xlink:label="ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments" xlink:to="ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments_lbl" xml:lang="en-US">Comprehensive income</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EquityPickup" xlink:label="SID_EquityPickup" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EquityPickup" xlink:to="SID_EquityPickup_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_EquityPickup_lbl" xml:lang="en-US">Equity in results of affiliated companies</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AmortizationOfFairValueInvestmentInMrs" xlink:label="SID_AmortizationOfFairValueInvestmentInMrs" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AmortizationOfFairValueInvestmentInMrs" xlink:to="SID_AmortizationOfFairValueInvestmentInMrs_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AmortizationOfFairValueInvestmentInMrs_lbl" xml:lang="en-US">Amortization of fair value - investment in MRS</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AmortizationOfFairValueInvestmentInCgpar" xlink:label="SID_AmortizationOfFairValueInvestmentInCgpar" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AmortizationOfFairValueInvestmentInCgpar" xlink:to="SID_AmortizationOfFairValueInvestmentInCgpar_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AmortizationOfFairValueInvestmentInCgpar_lbl" xml:lang="en-US">Amortization of fair value - investment in CGPAR</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ImpairmentOfFairValueOfInvestment" xlink:label="SID_ImpairmentOfFairValueOfInvestment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ImpairmentOfFairValueOfInvestment" xlink:to="SID_ImpairmentOfFairValueOfInvestment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ImpairmentOfFairValueOfInvestment_lbl" xml:lang="en-US">Impairment of the Fair Value of Transnordestina</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OtherAdjustmentsToInvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:label="SID_OtherAdjustmentsToInvestmentsInSubsidiariesJointVenturesAndAssociates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherAdjustmentsToInvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="SID_OtherAdjustmentsToInvestmentsInSubsidiariesJointVenturesAndAssociates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_OtherAdjustmentsToInvestmentsInSubsidiariesJointVenturesAndAssociates_lbl" xml:lang="en-US">Others</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:to="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates_3_lbl" xml:lang="en-US">Investments in associates and joint controlled entities, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethodGross" xlink:label="SID_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethodGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethodGross" xlink:to="SID_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethodGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethodGross_lbl" xml:lang="en-US">Equity in results of affiliated companies</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EliminationsAbstract" xlink:label="SID_EliminationsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EliminationsAbstract" xlink:to="SID_EliminationsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EliminationsAbstract_lbl" xml:lang="en-US">Eliminations</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EliminationsToCostOfSalesFromSubsidiariesJointlyControlledEntitiesAndAssociates" xlink:label="SID_EliminationsToCostOfSalesFromSubsidiariesJointlyControlledEntitiesAndAssociates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EliminationsToCostOfSalesFromSubsidiariesJointlyControlledEntitiesAndAssociates" xlink:to="SID_EliminationsToCostOfSalesFromSubsidiariesJointlyControlledEntitiesAndAssociates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EliminationsToCostOfSalesFromSubsidiariesJointlyControlledEntitiesAndAssociates_lbl" xml:lang="en-US">To cost of sales</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EliminationsToTaxesFromSubsidiariesJointlyControlledEntitiesAndAssociates" xlink:label="SID_EliminationsToTaxesFromSubsidiariesJointlyControlledEntitiesAndAssociates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EliminationsToTaxesFromSubsidiariesJointlyControlledEntitiesAndAssociates" xlink:to="SID_EliminationsToTaxesFromSubsidiariesJointlyControlledEntitiesAndAssociates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EliminationsToTaxesFromSubsidiariesJointlyControlledEntitiesAndAssociates_lbl" xml:lang="en-US">To taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OthersAbstract" xlink:label="SID_OthersAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OthersAbstract" xlink:to="SID_OthersAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_OthersAbstract_lbl" xml:lang="en-US">Others</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:to="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_2_lbl" xml:lang="en-US">Equity in results</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentAssetsAbstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentAssetsAbstract_2_lbl" xml:lang="en-US">Current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherCurrentAssets" xlink:label="ifrs-full_OtherCurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentAssets" xlink:to="ifrs-full_OtherCurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherCurrentAssets_lbl" xml:lang="en-US">Other current assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssets_2_lbl" xml:lang="en-US">Total current assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssetsAbstract" xlink:to="ifrs-full_NoncurrentAssetsAbstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentAssetsAbstract_2_lbl" xml:lang="en-US">Non-current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherNoncurrentAssets" xlink:label="ifrs-full_OtherNoncurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentAssets" xlink:to="ifrs-full_OtherNoncurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherNoncurrentAssets_lbl" xml:lang="en-US">Other non-current assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_2_lbl" xml:lang="en-US">Investments, PP&amp;E and intangible assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_NoncurrentAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssets_2_lbl" xml:lang="en-US">Tota non-current assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_Assets_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Assets_3_lbl" xml:lang="en-US">Total assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentLiabilitiesAbstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentLiabilitiesAbstract_2_lbl" xml:lang="en-US">Current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherCurrentLiabilities" xlink:label="ifrs-full_OtherCurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentLiabilities" xlink:to="ifrs-full_OtherCurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentLiabilities_lbl" xml:lang="en-US">Other current liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilities_2_lbl" xml:lang="en-US">Total current liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentLiabilitiesAbstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract_2_lbl" xml:lang="en-US">Non-current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherNoncurrentLiabilities" xlink:label="ifrs-full_OtherNoncurrentLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentLiabilities" xlink:to="ifrs-full_OtherNoncurrentLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentLiabilities_lbl" xml:lang="en-US">Other non-current liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilities_2_lbl" xml:lang="en-US">Total non-current liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_EquityAndLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAndLiabilities_2_lbl" xml:lang="en-US">Total liabilities and shareholders' equity</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_Revenue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Revenue_2_lbl" xml:lang="en-US">Net revenues</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CostOfSales" xlink:to="ifrs-full_CostOfSales_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CostOfSales_2_lbl" xml:lang="en-US">Cost of sales and services</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossProfit" xlink:to="ifrs-full_GrossProfit_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GrossProfit_2_lbl" xml:lang="en-US">Gross profit</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherOperatingIncomeExpense" xlink:to="ifrs-full_OtherOperatingIncomeExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherOperatingIncomeExpense_2_lbl" xml:lang="en-US">Operating (expense) income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinanceIncomeCost" xlink:label="ifrs-full_FinanceIncomeCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceIncomeCost" xlink:to="ifrs-full_FinanceIncomeCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinanceIncomeCost_lbl" xml:lang="en-US">Finance income (costs), net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossBeforeTax" xlink:to="ifrs-full_ProfitLossBeforeTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossBeforeTax_2_lbl" xml:lang="en-US">Income before income tax and social contribution</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_2_lbl" xml:lang="en-US">Current and deferred income tax and social contribution</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CashFlowProjectionAxis" xlink:to="SID_CashFlowProjectionAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_CashFlowProjectionAxis_2_lbl" xml:lang="en-US">CashFlowProjectionAxis [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainAssumptions" xlink:label="SID_MainAssumptions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainAssumptions" xlink:to="SID_MainAssumptions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainAssumptions_lbl" xml:lang="en-US">Main assumptions (Until 2057)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PropertyPlantAndEquipments" xlink:label="SID_PropertyPlantAndEquipments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PropertyPlantAndEquipments" xlink:to="SID_PropertyPlantAndEquipments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_PropertyPlantAndEquipments_lbl" xml:lang="en-US">Property, plant and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:to="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xml:lang="en-US">Expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable_lbl" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:to="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GrossPropertyPlantAndEquipment" xlink:label="SID_GrossPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GrossPropertyPlantAndEquipment" xlink:to="SID_GrossPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="SID_GrossPropertyPlantAndEquipment_lbl" xml:lang="en-US">Cost, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AccumulatedDepreciationPropertyPlantAndEquipment" xlink:label="SID_AccumulatedDepreciationPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AccumulatedDepreciationPropertyPlantAndEquipment" xlink:to="SID_AccumulatedDepreciationPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="SID_AccumulatedDepreciationPropertyPlantAndEquipment_lbl" xml:lang="en-US">Accumulated depreciation, beginning</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_3_lbl" xml:lang="en-US">Property, plant and equipment, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:to="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_lbl" xml:lang="en-US">Effect of foreign exchange differences</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdditionsToPropertyPlantAndEquipment" xlink:label="SID_AdditionsToPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdditionsToPropertyPlantAndEquipment" xlink:to="SID_AdditionsToPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AdditionsToPropertyPlantAndEquipment_lbl" xml:lang="en-US">Acquisitions</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PropertyPlantAndEquipmentCapitalizedInterest" xlink:label="SID_PropertyPlantAndEquipmentCapitalizedInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PropertyPlantAndEquipmentCapitalizedInterest" xlink:to="SID_PropertyPlantAndEquipmentCapitalizedInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_PropertyPlantAndEquipmentCapitalizedInterest_lbl" xml:lang="en-US">Capitalized interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:label="ifrs-full_DisposalsPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:to="ifrs-full_DisposalsPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisposalsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Write-offs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:to="ifrs-full_DepreciationPropertyPlantAndEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_2_lbl" xml:lang="en-US">Depreciation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment_lbl" xml:lang="en-US">Transfers to other asset categories</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Transfers to intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Acquisition control - CGPAR</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdditionalRecognitionGoodwill" xlink:label="ifrs-full_AdditionalRecognitionGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionalRecognitionGoodwill" xlink:to="ifrs-full_AdditionalRecognitionGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionalRecognitionGoodwill_lbl" xml:lang="en-US">Goodwill - Acquisition control CGPAR</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment" xlink:label="ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment" xlink:to="ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment_lbl" xml:lang="en-US">Transfers of metalic - Held for sale</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ChangesInPropertyPlantAndEquipment" xlink:label="ifrs-full_ChangesInPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ChangesInPropertyPlantAndEquipment" xlink:to="ifrs-full_ChangesInPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ChangesInPropertyPlantAndEquipment_lbl" xml:lang="en-US">Others</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_4_lbl" xml:lang="en-US">Property, plant and equipment, ending</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GrossPropertyPlantAndEquipment" xlink:to="SID_GrossPropertyPlantAndEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="SID_GrossPropertyPlantAndEquipment_2_lbl" xml:lang="en-US">Cost, ending</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AccumulatedDepreciationPropertyPlantAndEquipment" xlink:to="SID_AccumulatedDepreciationPropertyPlantAndEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="SID_AccumulatedDepreciationPropertyPlantAndEquipment_2_lbl" xml:lang="en-US">Accumulated depreciation, ending</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProjectDescriptionAxis" xlink:to="SID_ProjectDescriptionAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_ProjectDescriptionAxis_2_lbl" xml:lang="en-US">ProjectDescriptionAxis [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ConstructionInProgressStartDate" xlink:label="SID_ConstructionInProgressStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ConstructionInProgressStartDate" xlink:to="SID_ConstructionInProgressStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ConstructionInProgressStartDate_lbl" xml:lang="en-US">Start date</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ConstructionInProgressCompletionDate" xlink:label="SID_ConstructionInProgressCompletionDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ConstructionInProgressCompletionDate" xlink:to="SID_ConstructionInProgressCompletionDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ConstructionInProgressCompletionDate_lbl" xml:lang="en-US">Completion date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ConstructionInProgress" xlink:label="ifrs-full_ConstructionInProgress" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ConstructionInProgress" xlink:to="ifrs-full_ConstructionInProgress_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ConstructionInProgress_lbl" xml:lang="en-US">Construction in progress</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xlink:label="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xlink:to="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment_lbl" xml:lang="en-US">Estimated useful life</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation" xlink:label="ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation" xlink:to="ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation_lbl" xml:lang="en-US">Capitalized borrowing costs rate (in percent)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingCostsCapitalised" xlink:label="ifrs-full_BorrowingCostsCapitalised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingCostsCapitalised" xlink:to="ifrs-full_BorrowingCostsCapitalised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingCostsCapitalised_lbl" xml:lang="en-US">Capitalized borrowing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfIntangibleAssetsTable" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsTable" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsTable_lbl" xml:lang="en-US">Disclosure of detailed information about intangible assets [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfIntangibleAssetsLineItems" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfIntangibleAssetsLineItems" xlink:to="ifrs-full_DisclosureOfIntangibleAssetsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfIntangibleAssetsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about intangible assets [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GrossIntangibleAssetsAndGoodwill" xlink:label="SID_GrossIntangibleAssetsAndGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GrossIntangibleAssetsAndGoodwill" xlink:to="SID_GrossIntangibleAssetsAndGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="SID_GrossIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Cost, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill" xlink:label="SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill" xlink:to="SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Accumulated amortization, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdjustmentForAccumulatedRecoverableValue" xlink:label="SID_AdjustmentForAccumulatedRecoverableValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdjustmentForAccumulatedRecoverableValue" xlink:to="SID_AdjustmentForAccumulatedRecoverableValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="SID_AdjustmentForAccumulatedRecoverableValue_lbl" xml:lang="en-US">Adjustment for accumulated recoverable value, beginning</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsAndGoodwill" xlink:to="ifrs-full_IntangibleAssetsAndGoodwill_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill_2_lbl" xml:lang="en-US">Intangible assets, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:to="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Effect of foreign exchange differences</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Acquisitions and expenditures</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment_lbl" xml:lang="en-US">Transfer of property, plant and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisposalsIntangibleAssetsAndGoodwill" xlink:label="ifrs-full_DisposalsIntangibleAssetsAndGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisposalsIntangibleAssetsAndGoodwill" xlink:to="ifrs-full_DisposalsIntangibleAssetsAndGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisposalsIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Write-offs/disposals</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:to="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Aquisition control - CGPAR</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US">Transfer of Metalic - Held for sale</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsAndGoodwill" xlink:to="ifrs-full_IntangibleAssetsAndGoodwill_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill_3_lbl" xml:lang="en-US">Intangible assets, ending</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GrossIntangibleAssetsAndGoodwill" xlink:to="SID_GrossIntangibleAssetsAndGoodwill_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="SID_GrossIntangibleAssetsAndGoodwill_2_lbl" xml:lang="en-US">Cost, ending</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill" xlink:to="SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill_2_lbl" xml:lang="en-US">Accumulated amortization, ending</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdjustmentForAccumulatedRecoverableValue" xlink:to="SID_AdjustmentForAccumulatedRecoverableValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="SID_AdjustmentForAccumulatedRecoverableValue_2_lbl" xml:lang="en-US">Adjustment for accumulated recoverable value, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US">Estimated useful life</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Goodwill" xlink:label="ifrs-full_Goodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Goodwill" xlink:to="ifrs-full_Goodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Goodwill_lbl" xml:lang="en-US">Goodwill</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BrandNames" xlink:label="ifrs-full_BrandNames" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BrandNames" xlink:to="ifrs-full_BrandNames_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BrandNames_lbl" xml:lang="en-US">Trademarks</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GoodwillAndBrandNames" xlink:label="SID_GoodwillAndBrandNames" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GoodwillAndBrandNames" xlink:to="SID_GoodwillAndBrandNames_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_GoodwillAndBrandNames_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MeasurementOfRecoverableValueAssumption" xlink:label="SID_MeasurementOfRecoverableValueAssumption" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MeasurementOfRecoverableValueAssumption" xlink:to="SID_MeasurementOfRecoverableValueAssumption_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MeasurementOfRecoverableValueAssumption_lbl" xml:lang="en-US">Measurement of recoverable value</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CashFlowProjectionAssumption" xlink:label="SID_CashFlowProjectionAssumption" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CashFlowProjectionAssumption" xlink:to="SID_CashFlowProjectionAssumption_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CashFlowProjectionAssumption_lbl" xml:lang="en-US">Cash flow projection</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GrossMarginAssumption" xlink:label="SID_GrossMarginAssumption" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GrossMarginAssumption" xlink:to="SID_GrossMarginAssumption_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_GrossMarginAssumption_lbl" xml:lang="en-US">Gross Margin</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CostActualizationAssumption" xlink:label="SID_CostActualizationAssumption" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CostActualizationAssumption" xlink:to="SID_CostActualizationAssumption_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CostActualizationAssumption_lbl" xml:lang="en-US">Cost Actualization</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GrowthRateAssumption" xlink:label="SID_GrowthRateAssumption" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GrowthRateAssumption" xlink:to="SID_GrowthRateAssumption_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_GrowthRateAssumption_lbl" xml:lang="en-US">Growth rate</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DiscountRateAssumption" xlink:label="SID_DiscountRateAssumption" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DiscountRateAssumption" xlink:to="SID_DiscountRateAssumption_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_DiscountRateAssumption_lbl" xml:lang="en-US">Discount rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_lbl" xml:lang="en-US">Disclosure of detailed information about borrowings [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about borrowings [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsInterestRateBasis" xlink:label="ifrs-full_BorrowingsInterestRateBasis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsInterestRateBasis" xlink:to="ifrs-full_BorrowingsInterestRateBasis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsInterestRateBasis_lbl" xml:lang="en-US">Rates</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GrossShorttermBorrowings" xlink:label="SID_GrossShorttermBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GrossShorttermBorrowings" xlink:to="SID_GrossShorttermBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_GrossShorttermBorrowings_lbl" xml:lang="en-US">Borrowings and financing, current</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GrossLongtermBorrowings" xlink:label="SID_GrossLongtermBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GrossLongtermBorrowings" xlink:to="SID_GrossLongtermBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_GrossLongtermBorrowings_lbl" xml:lang="en-US">Borrowings and financing, noncurrent</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BorrowingCostsRecognisedAsExpenseCurrent" xlink:label="SID_BorrowingCostsRecognisedAsExpenseCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BorrowingCostsRecognisedAsExpenseCurrent" xlink:to="SID_BorrowingCostsRecognisedAsExpenseCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BorrowingCostsRecognisedAsExpenseCurrent_lbl" xml:lang="en-US">Transaction costs and issue premiums, current</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BorrowingCostsRecognisedAsExpenseNoncurent" xlink:label="SID_BorrowingCostsRecognisedAsExpenseNoncurent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BorrowingCostsRecognisedAsExpenseNoncurent" xlink:to="SID_BorrowingCostsRecognisedAsExpenseNoncurent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BorrowingCostsRecognisedAsExpenseNoncurent_lbl" xml:lang="en-US">Transaction costs and issue premiums, noncurrent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermBorrowings" xlink:to="ifrs-full_ShorttermBorrowings_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShorttermBorrowings_2_lbl" xml:lang="en-US">Borrowings and financing and transaction costs, current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermBorrowings" xlink:to="ifrs-full_LongtermBorrowings_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LongtermBorrowings_2_lbl" xml:lang="en-US">Borrowings and financing and transaction costs, noncurrent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermBorrowings" xlink:to="ifrs-full_LongtermBorrowings_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LongtermBorrowings_3_lbl" xml:lang="en-US">Maturities of borrowings and financing</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BorrowingsMaturityPercent" xlink:label="SID_BorrowingsMaturityPercent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BorrowingsMaturityPercent" xlink:to="SID_BorrowingsMaturityPercent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BorrowingsMaturityPercent_lbl" xml:lang="en-US">Maturity percent</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BorrowingsFinancingAndDebenturesDetails2Abstract" xlink:label="SID_BorrowingsFinancingAndDebenturesDetails2Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BorrowingsFinancingAndDebenturesDetails2Abstract" xlink:to="SID_BorrowingsFinancingAndDebenturesDetails2Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BorrowingsFinancingAndDebenturesDetails2Abstract_lbl" xml:lang="en-US">Borrowings Financing And Debentures Details 2</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherBorrowings" xlink:label="ifrs-full_OtherBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherBorrowings" xlink:to="ifrs-full_OtherBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_OtherBorrowings_lbl" xml:lang="en-US">New funding transactions and amortization, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdditionalFundingTransactions" xlink:label="SID_AdditionalFundingTransactions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdditionalFundingTransactions" xlink:to="SID_AdditionalFundingTransactions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AdditionalFundingTransactions_lbl" xml:lang="en-US">Funding Transactions</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdditionalForfaitingFundingDraweeRisk" xlink:label="SID_AdditionalForfaitingFundingDraweeRisk" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdditionalForfaitingFundingDraweeRisk" xlink:to="SID_AdditionalForfaitingFundingDraweeRisk_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AdditionalForfaitingFundingDraweeRisk_lbl" xml:lang="en-US">Forfaiting funding / Drawee Risk</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RepaymentsOfOtherBorrowings" xlink:label="SID_RepaymentsOfOtherBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RepaymentsOfOtherBorrowings" xlink:to="SID_RepaymentsOfOtherBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RepaymentsOfOtherBorrowings_lbl" xml:lang="en-US">Repayment</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RepaymentsOfOtherForfaitingDraweeBorrowings" xlink:label="SID_RepaymentsOfOtherForfaitingDraweeBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RepaymentsOfOtherForfaitingDraweeBorrowings" xlink:to="SID_RepaymentsOfOtherForfaitingDraweeBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RepaymentsOfOtherForfaitingDraweeBorrowings_lbl" xml:lang="en-US">Payments - Forfaiting / Drawee Risk</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestExpenseOnBorrowings" xlink:label="ifrs-full_InterestExpenseOnBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseOnBorrowings" xlink:to="ifrs-full_InterestExpenseOnBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestExpenseOnBorrowings_lbl" xml:lang="en-US">Payment of interest and other charges</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_InterestExpenseOnForfaitingDraweeBorrowings" xlink:label="SID_InterestExpenseOnForfaitingDraweeBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InterestExpenseOnForfaitingDraweeBorrowings" xlink:to="SID_InterestExpenseOnForfaitingDraweeBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_InterestExpenseOnForfaitingDraweeBorrowings_lbl" xml:lang="en-US">Payment of interest and other charges - Forfaiting / Drawee</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ChangesInOtherBorrowingsProvisions" xlink:label="SID_ChangesInOtherBorrowingsProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ChangesInOtherBorrowingsProvisions" xlink:to="SID_ChangesInOtherBorrowingsProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ChangesInOtherBorrowingsProvisions_lbl" xml:lang="en-US">Provision of interest and other charges</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ChangesInOtherForfaitingDraweeBorrowingsProvisions" xlink:label="SID_ChangesInOtherForfaitingDraweeBorrowingsProvisions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ChangesInOtherForfaitingDraweeBorrowingsProvisions" xlink:to="SID_ChangesInOtherForfaitingDraweeBorrowingsProvisions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ChangesInOtherForfaitingDraweeBorrowingsProvisions_lbl" xml:lang="en-US">Provision of charges - Forfaiting / Drawee Risk</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_OthersChangesInOtherBorrowings" xlink:label="SID_OthersChangesInOtherBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OthersChangesInOtherBorrowings" xlink:to="SID_OthersChangesInOtherBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_OthersChangesInOtherBorrowings_lbl" xml:lang="en-US">Others</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherBorrowings" xlink:to="ifrs-full_OtherBorrowings_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_OtherBorrowings_2_lbl" xml:lang="en-US">New funding transactions and amortization, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_ParentEntityLegalName" xlink:label="dei_ParentEntityLegalName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_ParentEntityLegalName" xlink:to="dei_ParentEntityLegalName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_ParentEntityLegalName_lbl" xml:lang="en-US">Financial institution</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AmortizedLoanDate" xlink:label="SID_AmortizedLoanDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AmortizedLoanDate" xlink:to="SID_AmortizedLoanDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AmortizedLoanDate_lbl" xml:lang="en-US">Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GrossLoanCommitments" xlink:label="ifrs-full_GrossLoanCommitments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossLoanCommitments" xlink:to="ifrs-full_GrossLoanCommitments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GrossLoanCommitments_lbl" xml:lang="en-US">Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AmortizedLoanMaturityDate" xlink:label="SID_AmortizedLoanMaturityDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AmortizedLoanMaturityDate" xlink:to="SID_AmortizedLoanMaturityDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AmortizedLoanMaturityDate_lbl" xml:lang="en-US">Maturity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Borrowings" xlink:label="ifrs-full_Borrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US">Payment of Principal</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:to="ifrs-full_InterestPaidClassifiedAsOperatingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestPaidClassifiedAsOperatingActivities_2_lbl" xml:lang="en-US">Debt charges</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsOriginalCurrency" xlink:label="ifrs-full_BorrowingsOriginalCurrency" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsOriginalCurrency" xlink:to="ifrs-full_BorrowingsOriginalCurrency_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsOriginalCurrency_lbl" xml:lang="en-US">Currency</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsMaturity" xlink:label="ifrs-full_BorrowingsMaturity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsMaturity" xlink:to="ifrs-full_BorrowingsMaturity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsMaturity_lbl" xml:lang="en-US">Maturities</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Borrowing" xlink:label="SID_Borrowing" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Borrowing" xlink:to="SID_Borrowing_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Borrowing_lbl" xml:lang="en-US">Borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BorrowingsTaxForeclosure" xlink:label="SID_BorrowingsTaxForeclosure" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BorrowingsTaxForeclosure" xlink:to="SID_BorrowingsTaxForeclosure_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BorrowingsTaxForeclosure_lbl" xml:lang="en-US">Tax foreclosure</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BorrowingsOther" xlink:label="SID_BorrowingsOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BorrowingsOther" xlink:to="SID_BorrowingsOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_BorrowingsOther_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BorrowingsTotal" xlink:label="SID_BorrowingsTotal" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BorrowingsTotal" xlink:to="SID_BorrowingsTotal_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_BorrowingsTotal_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BorrowingsFinancingAndDebenturesDetailsNarrativeAbstract" xlink:label="SID_BorrowingsFinancingAndDebenturesDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BorrowingsFinancingAndDebenturesDetailsNarrativeAbstract" xlink:to="SID_BorrowingsFinancingAndDebenturesDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BorrowingsFinancingAndDebenturesDetailsNarrativeAbstract_lbl" xml:lang="en-US">Borrowings Financing And Debentures Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AccruedCommisionOnRiskAssumption" xlink:label="SID_AccruedCommisionOnRiskAssumption" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AccruedCommisionOnRiskAssumption" xlink:to="SID_AccruedCommisionOnRiskAssumption_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AccruedCommisionOnRiskAssumption_lbl" xml:lang="en-US">Accrued commision on risk assumption</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFinancialInstrumentsTable" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialInstrumentsTable" xlink:to="ifrs-full_DisclosureOfFinancialInstrumentsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsTable_lbl" xml:lang="en-US">Disclosure of detailed information about financial instruments [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialInstrumentsLineItems" xlink:to="ifrs-full_DisclosureOfFinancialInstrumentsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about financial instruments [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAvailableforsale" xlink:to="ifrs-full_FinancialAssetsAvailableforsale_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsAvailableforsale_2_lbl" xml:lang="en-US">Available for sale assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US">Fair value of assets through profit loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LoansAndReceivables" xlink:label="ifrs-full_LoansAndReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LoansAndReceivables" xlink:to="ifrs-full_LoansAndReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LoansAndReceivables_lbl" xml:lang="en-US">Loans and receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialAssetsAtAmortisedCost" xlink:label="ifrs-full_FinancialAssetsAtAmortisedCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAtAmortisedCost" xlink:to="ifrs-full_FinancialAssetsAtAmortisedCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsAtAmortisedCost_lbl" xml:lang="en-US">Other assets measured at amortized costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialAssets" xlink:label="ifrs-full_FinancialAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssets" xlink:to="ifrs-full_FinancialAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_FinancialAssets_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss_lbl" xml:lang="en-US">Fair value of liabilities through profit loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialLiabilitiesAtAmortisedCost" xlink:label="ifrs-full_FinancialLiabilitiesAtAmortisedCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesAtAmortisedCost" xlink:to="ifrs-full_FinancialLiabilitiesAtAmortisedCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilitiesAtAmortisedCost_lbl" xml:lang="en-US">Other liabilities measured at amortized costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialLiabilities" xlink:label="ifrs-full_FinancialLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilities" xlink:to="ifrs-full_FinancialLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_FinancialLiabilities_lbl" xml:lang="en-US">Total liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FairValueOfAssetsThroughProfitLoss" xlink:label="SID_FairValueOfAssetsThroughProfitLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FairValueOfAssetsThroughProfitLoss" xlink:to="SID_FairValueOfAssetsThroughProfitLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FairValueOfAssetsThroughProfitLoss_lbl" xml:lang="en-US">Fair value of assets through profit or loss</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:to="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss_2_lbl" xml:lang="en-US">Fair value of liabilities through profit or loss</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SharesOfStock" xlink:label="SID_SharesOfStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SharesOfStock" xlink:to="SID_SharesOfStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SharesOfStock_lbl" xml:lang="en-US">Quantity (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_StockPrice" xlink:label="SID_StockPrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_StockPrice" xlink:to="SID_StockPrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_StockPrice_lbl" xml:lang="en-US">Share price</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_StockValue" xlink:label="SID_StockValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_StockValue" xlink:to="SID_StockValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_StockValue_lbl" xml:lang="en-US">Closing Balance</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SharePriceVariation" xlink:label="SID_SharePriceVariation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SharePriceVariation" xlink:to="SID_SharePriceVariation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SharePriceVariation_lbl" xml:lang="en-US">Share price variation in the year</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_VariationInCarryingAmount" xlink:label="SID_VariationInCarryingAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_VariationInCarryingAmount" xlink:to="SID_VariationInCarryingAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_VariationInCarryingAmount_lbl" xml:lang="en-US">Variation in the carrying amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CreditExposure" xlink:label="ifrs-full_CreditExposure" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CreditExposure" xlink:to="ifrs-full_CreditExposure_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CreditExposure_lbl" xml:lang="en-US">Foreign exchange exposure</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CounterpartiesAxis" xlink:label="ifrs-full_CounterpartiesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CounterpartiesAxis" xlink:to="ifrs-full_CounterpartiesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CounterpartiesAxis_lbl" xml:lang="en-US">Counterparties [axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NameOfCounterparty" xlink:label="SID_NameOfCounterparty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NameOfCounterparty" xlink:to="SID_NameOfCounterparty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NameOfCounterparty_lbl" xml:lang="en-US">Counterparty name</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ExpirationOfOperation" xlink:label="SID_ExpirationOfOperation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ExpirationOfOperation" xlink:to="SID_ExpirationOfOperation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ExpirationOfOperation_lbl" xml:lang="en-US">Expiration of operation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd#invest_DerivativeNotionalAmount" xlink:label="invest_DerivativeNotionalAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="invest_DerivativeNotionalAmount" xlink:to="invest_DerivativeNotionalAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="invest_DerivativeNotionalAmount_lbl" xml:lang="en-US">Notional amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DerivativeFinancialAssets" xlink:label="ifrs-full_DerivativeFinancialAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DerivativeFinancialAssets" xlink:to="ifrs-full_DerivativeFinancialAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DerivativeFinancialAssets_lbl" xml:lang="en-US">Asset position</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DerivativeFinancialLiabilities" xlink:label="ifrs-full_DerivativeFinancialLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DerivativeFinancialLiabilities" xlink:to="ifrs-full_DerivativeFinancialLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DerivativeFinancialLiabilities_lbl" xml:lang="en-US">Liability position</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ReceivablesAndPayablesRelatedToDerivativeFinancialInstruments" xlink:label="SID_ReceivablesAndPayablesRelatedToDerivativeFinancialInstruments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ReceivablesAndPayablesRelatedToDerivativeFinancialInstruments" xlink:to="SID_ReceivablesAndPayablesRelatedToDerivativeFinancialInstruments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ReceivablesAndPayablesRelatedToDerivativeFinancialInstruments_lbl" xml:lang="en-US">Fair market value of amounts receivable/(payable)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForFinanceIncomeCost" xlink:label="ifrs-full_AdjustmentsForFinanceIncomeCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForFinanceIncomeCost" xlink:to="ifrs-full_AdjustmentsForFinanceIncomeCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForFinanceIncomeCost_lbl" xml:lang="en-US">Impact on finance income (cost)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentDerivativeFinancialAssets" xlink:label="ifrs-full_CurrentDerivativeFinancialAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentDerivativeFinancialAssets" xlink:to="ifrs-full_CurrentDerivativeFinancialAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentDerivativeFinancialAssets_lbl" xml:lang="en-US">Current assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentDerivativeFinancialAssets" xlink:to="ifrs-full_CurrentDerivativeFinancialAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentDerivativeFinancialAssets_2_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:label="ifrs-full_CurrentDerivativeFinancialLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:to="ifrs-full_CurrentDerivativeFinancialLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentDerivativeFinancialLiabilities_lbl" xml:lang="en-US">Current liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentDerivativeFinancialLiabilities" xlink:to="ifrs-full_CurrentDerivativeFinancialLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentDerivativeFinancialLiabilities_2_lbl" xml:lang="en-US">Total liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForFinanceIncomeCost" xlink:to="ifrs-full_AdjustmentsForFinanceIncomeCost_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AdjustmentsForFinanceIncomeCost_2_lbl" xml:lang="en-US">Net finance income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsTable" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsTable" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsTable_lbl" xml:lang="en-US">Disclosure of detailed information about hedged items [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems_lbl" xml:lang="en-US">Disclosure of detailed information about hedged items [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_HedgingRelationshipDesignationDate" xlink:label="SID_HedgingRelationshipDesignationDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_HedgingRelationshipDesignationDate" xlink:to="SID_HedgingRelationshipDesignationDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_HedgingRelationshipDesignationDate_lbl" xml:lang="en-US">Designation date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument" xlink:label="ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument" xlink:to="ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument_lbl" xml:lang="en-US">Hedging instrument</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfTypeOfHedge" xlink:label="ifrs-full_DescriptionOfTypeOfHedge" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfTypeOfHedge" xlink:to="ifrs-full_DescriptionOfTypeOfHedge_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfTypeOfHedge_lbl" xml:lang="en-US">Hedged item</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfNatureOfRisksBeingHedged" xlink:label="ifrs-full_DescriptionOfNatureOfRisksBeingHedged" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfNatureOfRisksBeingHedged" xlink:to="ifrs-full_DescriptionOfNatureOfRisksBeingHedged_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfNatureOfRisksBeingHedged_lbl" xml:lang="en-US">Type of hedged risk</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur" xlink:label="ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur" xlink:to="ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur_lbl" xml:lang="en-US">Hedged period</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClosingForeignExchangeRate" xlink:to="ifrs-full_ClosingForeignExchangeRate_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ClosingForeignExchangeRate_2_lbl" xml:lang="en-US">Exchange rate on designation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_HedgedItemAssets" xlink:label="ifrs-full_HedgedItemAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_HedgedItemAssets" xlink:to="ifrs-full_HedgedItemAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_HedgedItemAssets_lbl" xml:lang="en-US">Designated amounts</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization" xlink:label="SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization" xlink:to="SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization_lbl" xml:lang="en-US">Amortized part</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments" xlink:label="SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments" xlink:to="SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments_lbl" xml:lang="en-US">Effect on Result</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk" xlink:label="ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk" xlink:to="ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk_lbl" xml:lang="en-US">Impact on Shareholders' equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue" xlink:label="ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue" xlink:to="ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue_lbl" xml:lang="en-US">Fair value of cash flow hedge, net of taxes, beginning</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax" xlink:to="ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax_2_lbl" xml:lang="en-US">Movement</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax" xlink:to="ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax_2_lbl" xml:lang="en-US">Realization</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue" xlink:to="ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue_2_lbl" xml:lang="en-US">Fair value of cash flow hedge, net of taxes, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue" xlink:label="SID_FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue" xlink:to="SID_FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="SID_FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue_lbl" xml:lang="en-US">Fair value of net investment hedge in foreign operations, beginning</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue" xlink:to="SID_FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="SID_FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue_2_lbl" xml:lang="en-US">Fair value of net investment hedge in foreign operations, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsTable" xlink:label="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsTable" xlink:to="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsTable_lbl" xml:lang="en-US">Disclosure of sensitivity analysis for actuarial assumptions [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems" xlink:label="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems" xlink:to="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems_lbl" xml:lang="en-US">Disclosure of sensitivity analysis for actuarial assumptions [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateTable" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateTable" xlink:to="ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateTable_lbl" xml:lang="en-US">Disclosure of financial instruments by type of interest rate [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems" xlink:to="ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems_lbl" xml:lang="en-US">Disclosure of financial instruments by type of interest rate [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SensitivityAnalysisInterestRate" xlink:label="SID_SensitivityAnalysisInterestRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SensitivityAnalysisInterestRate" xlink:to="SID_SensitivityAnalysisInterestRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SensitivityAnalysisInterestRate_lbl" xml:lang="en-US">Interest rate (in percent)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NotionalAmount" xlink:label="ifrs-full_NotionalAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotionalAmount" xlink:to="ifrs-full_NotionalAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NotionalAmount_lbl" xml:lang="en-US">Notional amount</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CurrencyRisk" xlink:label="SID_CurrencyRisk" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CurrencyRisk" xlink:to="SID_CurrencyRisk_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CurrencyRisk_lbl" xml:lang="en-US">Risk</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss" xlink:label="ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss" xlink:to="ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss_lbl" xml:lang="en-US">Effects on income statement</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SensitivityAnalysisYearlyInterestRate" xlink:label="SID_SensitivityAnalysisYearlyInterestRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SensitivityAnalysisYearlyInterestRate" xlink:to="SID_SensitivityAnalysisYearlyInterestRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_SensitivityAnalysisYearlyInterestRate_lbl" xml:lang="en-US">Interest rate (in percent)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DerivativeFinancialAssets" xlink:to="ifrs-full_DerivativeFinancialAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DerivativeFinancialAssets_2_lbl" xml:lang="en-US">Assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DerivativeFinancialLiabilities" xlink:to="ifrs-full_DerivativeFinancialLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DerivativeFinancialLiabilities_2_lbl" xml:lang="en-US">Liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss" xlink:to="ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss_2_lbl" xml:lang="en-US">Impact on profit or loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFinancialLiabilitiesTable" xlink:label="ifrs-full_DisclosureOfFinancialLiabilitiesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialLiabilitiesTable" xlink:to="ifrs-full_DisclosureOfFinancialLiabilitiesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialLiabilitiesTable_lbl" xml:lang="en-US">Disclosure of financial liabilities [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" xlink:label="ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" xlink:to="ifrs-full_DisclosureOfFinancialLiabilitiesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFinancialLiabilitiesLineItems_lbl" xml:lang="en-US">Disclosure of financial liabilities [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ContractualMaturities" xlink:label="SID_ContractualMaturities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ContractualMaturities" xlink:to="SID_ContractualMaturities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ContractualMaturities_lbl" xml:lang="en-US">Contractual maturities</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_LongtermBorrowingsCarryingAmount" xlink:label="SID_LongtermBorrowingsCarryingAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LongtermBorrowingsCarryingAmount" xlink:to="SID_LongtermBorrowingsCarryingAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_LongtermBorrowingsCarryingAmount_lbl" xml:lang="en-US">Carrying amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialLiabilitiesAtFairValue" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesAtFairValue" xlink:to="ifrs-full_FinancialLiabilitiesAtFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValue_lbl" xml:lang="en-US">Fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FinancialInstrumentsDetails16Abstract" xlink:label="SID_FinancialInstrumentsDetails16Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FinancialInstrumentsDetails16Abstract" xlink:to="SID_FinancialInstrumentsDetails16Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FinancialInstrumentsDetails16Abstract_lbl" xml:lang="en-US">Financial Instruments Details 16</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_5_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Equity_5_lbl" xml:lang="en-US">Shareholder's equity (equity)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BorrowingsAndFinancingThirdPartyCapital" xlink:label="SID_BorrowingsAndFinancingThirdPartyCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BorrowingsAndFinancingThirdPartyCapital" xlink:to="SID_BorrowingsAndFinancingThirdPartyCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BorrowingsAndFinancingThirdPartyCapital_lbl" xml:lang="en-US">Borrowings and Financing (Third-party capital)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DebtEquityRatio" xlink:label="SID_DebtEquityRatio" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DebtEquityRatio" xlink:to="SID_DebtEquityRatio_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DebtEquityRatio_lbl" xml:lang="en-US">Gross Debit/Shareholder's equity</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_FinancialInstrumentsDetailsNarrativeAbstract" xlink:label="SID_FinancialInstrumentsDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_FinancialInstrumentsDetailsNarrativeAbstract" xlink:to="SID_FinancialInstrumentsDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_FinancialInstrumentsDetailsNarrativeAbstract_lbl" xml:lang="en-US">Financial Instruments Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxAvailableforsaleFinancialAssets" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxAvailableforsaleFinancialAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeNetOfTaxAvailableforsaleFinancialAssets" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxAvailableforsaleFinancialAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxAvailableforsaleFinancialAssets_lbl" xml:lang="en-US">Investments available for sale, net of taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesTable" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesTable" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesTable_lbl" xml:lang="en-US">Disclosure of fair value measurement of liabilities [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems_lbl" xml:lang="en-US">Disclosure of fair value measurement of liabilities [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentPayables" xlink:to="ifrs-full_OtherCurrentPayables_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentPayables_2_lbl" xml:lang="en-US">Other payables, current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentPayables" xlink:to="ifrs-full_OtherNoncurrentPayables_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentPayables_2_lbl" xml:lang="en-US">Other payables, noncurrent</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IncomeTaxAndSocialContributionDetailsAbstract" xlink:label="SID_IncomeTaxAndSocialContributionDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeTaxAndSocialContributionDetailsAbstract" xlink:to="SID_IncomeTaxAndSocialContributionDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_IncomeTaxAndSocialContributionDetailsAbstract_lbl" xml:lang="en-US">Income Tax And Social Contribution Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTaxExpenseIncome" xlink:label="ifrs-full_CurrentTaxExpenseIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxExpenseIncome" xlink:to="ifrs-full_CurrentTaxExpenseIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CurrentTaxExpenseIncome_lbl" xml:lang="en-US">Income tax and social contribution income (expense), current</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxExpenseIncome" xlink:label="ifrs-full_DeferredTaxExpenseIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxExpenseIncome" xlink:to="ifrs-full_DeferredTaxExpenseIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DeferredTaxExpenseIncome_lbl" xml:lang="en-US">Income tax and social contribution income (expense), deferred</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_3_lbl" xml:lang="en-US">Income tax and social contribution income (expense)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeTaxAndSocialContributionAxis" xlink:to="SID_IncomeTaxAndSocialContributionAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_IncomeTaxAndSocialContributionAxis_2_lbl" xml:lang="en-US">IncomeTaxAndSocialContributionAxis [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AccountingProfit" xlink:label="ifrs-full_AccountingProfit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccountingProfit" xlink:to="ifrs-full_AccountingProfit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccountingProfit_lbl" xml:lang="en-US">(Loss)/Profit before income tax and social contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ApplicableTaxRate" xlink:label="ifrs-full_ApplicableTaxRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ApplicableTaxRate" xlink:to="ifrs-full_ApplicableTaxRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ApplicableTaxRate_lbl" xml:lang="en-US">Tax rate (in percent)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:label="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:to="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxExpenseIncomeAtApplicableTaxRate_lbl" xml:lang="en-US">Income tax and social contribution at combined statutory rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:label="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:to="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_lbl" xml:lang="en-US">Adjustment to reflect the effective rate</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_4_lbl" xml:lang="en-US">Income tax and social contribution in profit for the period</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DeferredTaxAssetLiabilityAxis" xlink:to="SID_DeferredTaxAssetLiabilityAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_DeferredTaxAssetLiabilityAxis_2_lbl" xml:lang="en-US">DeferredTaxAssetLiabilityAxis [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxLiabilityAsset" xlink:label="ifrs-full_DeferredTaxLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilityAsset" xlink:to="ifrs-full_DeferredTaxLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_DeferredTaxLiabilityAsset_lbl" xml:lang="en-US">Deferred tax asset/liability, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity" xlink:label="ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity" xlink:to="ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity_lbl" xml:lang="en-US">Movement in shareholders' equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss" xlink:to="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss_lbl" xml:lang="en-US">Movement in profit or loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset" xlink:label="ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset" xlink:to="ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset_lbl" xml:lang="en-US">Other movement</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilityAsset" xlink:to="ifrs-full_DeferredTaxLiabilityAsset_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_DeferredTaxLiabilityAsset_2_lbl" xml:lang="en-US">Deferred tax asset/liability, ending</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxAssets" xlink:to="ifrs-full_DeferredTaxAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DeferredTaxAssets_2_lbl" xml:lang="en-US">Total deferred assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilities" xlink:to="ifrs-full_DeferredTaxLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DeferredTaxLiabilities_2_lbl" xml:lang="en-US">Total deferred liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilityAsset" xlink:to="ifrs-full_DeferredTaxLiabilityAsset_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxLiabilityAsset_3_lbl" xml:lang="en-US">Total deferred</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DescriptionOfDeferredTaxAssetsOnTaxLossesAndTemporaryDifferences" xlink:label="SID_DescriptionOfDeferredTaxAssetsOnTaxLossesAndTemporaryDifferences" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DescriptionOfDeferredTaxAssetsOnTaxLossesAndTemporaryDifferences" xlink:to="SID_DescriptionOfDeferredTaxAssetsOnTaxLossesAndTemporaryDifferences_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DescriptionOfDeferredTaxAssetsOnTaxLossesAndTemporaryDifferences_lbl" xml:lang="en-US">Description of deferred tax assets on tax losses and temporary differences</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TaxInstallmentsProgramsDetails1Abstract" xlink:label="SID_TaxInstallmentsProgramsDetails1Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TaxInstallmentsProgramsDetails1Abstract" xlink:to="SID_TaxInstallmentsProgramsDetails1Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TaxInstallmentsProgramsDetails1Abstract_lbl" xml:lang="en-US">Income Tax And Social Contribution Details 4</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity" xlink:label="SID_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity" xlink:to="SID_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity_lbl" xml:lang="en-US">Actuarial gains on defined benefit pension plan</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IncomeTaxRelatingToGainsLossesOnRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity" xlink:label="SID_IncomeTaxRelatingToGainsLossesOnRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeTaxRelatingToGainsLossesOnRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity" xlink:to="SID_IncomeTaxRelatingToGainsLossesOnRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_IncomeTaxRelatingToGainsLossesOnRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity_lbl" xml:lang="en-US">Estimated losses for deferred income and social contribution tax credits - actuarial gains</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IncomeTaxRelatingToInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity" xlink:label="SID_IncomeTaxRelatingToInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeTaxRelatingToInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity" xlink:to="SID_IncomeTaxRelatingToInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_IncomeTaxRelatingToInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity_lbl" xml:lang="en-US">Changes in the fair value on available-for-sale financial assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IncomeTaxRelatingToActuarialGainsAndAssetsAvailableForSaleByIncorporationChargedOrCreditedDirectlyToEquity" xlink:label="SID_IncomeTaxRelatingToActuarialGainsAndAssetsAvailableForSaleByIncorporationChargedOrCreditedDirectlyToEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeTaxRelatingToActuarialGainsAndAssetsAvailableForSaleByIncorporationChargedOrCreditedDirectlyToEquity" xlink:to="SID_IncomeTaxRelatingToActuarialGainsAndAssetsAvailableForSaleByIncorporationChargedOrCreditedDirectlyToEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_IncomeTaxRelatingToActuarialGainsAndAssetsAvailableForSaleByIncorporationChargedOrCreditedDirectlyToEquity_lbl" xml:lang="en-US">Actuarial gains and assets available for sale by incorporation</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IncomeTaxRelatingToGainsLossesOnExchangeDifferencesOnTranslationChargedOrCreditedDirectlyToEquity" xlink:label="SID_IncomeTaxRelatingToGainsLossesOnExchangeDifferencesOnTranslationChargedOrCreditedDirectlyToEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeTaxRelatingToGainsLossesOnExchangeDifferencesOnTranslationChargedOrCreditedDirectlyToEquity" xlink:to="SID_IncomeTaxRelatingToGainsLossesOnExchangeDifferencesOnTranslationChargedOrCreditedDirectlyToEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_IncomeTaxRelatingToGainsLossesOnExchangeDifferencesOnTranslationChargedOrCreditedDirectlyToEquity_lbl" xml:lang="en-US">Exchange differences on translating foreign operations</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IncomeTaxRelatingToHedgesOfInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity" xlink:label="SID_IncomeTaxRelatingToHedgesOfInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeTaxRelatingToHedgesOfInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity" xlink:to="SID_IncomeTaxRelatingToHedgesOfInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_IncomeTaxRelatingToHedgesOfInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity_lbl" xml:lang="en-US">Cash flow hedge accounting</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IncomeTaxRelatingToGainsLossesOnCashFlowHedgesNetOfTaxChargedOrCreditedDirectlyToEquity" xlink:label="SID_IncomeTaxRelatingToGainsLossesOnCashFlowHedgesNetOfTaxChargedOrCreditedDirectlyToEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeTaxRelatingToGainsLossesOnCashFlowHedgesNetOfTaxChargedOrCreditedDirectlyToEquity" xlink:to="SID_IncomeTaxRelatingToGainsLossesOnCashFlowHedgesNetOfTaxChargedOrCreditedDirectlyToEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_IncomeTaxRelatingToGainsLossesOnCashFlowHedgesNetOfTaxChargedOrCreditedDirectlyToEquity_lbl" xml:lang="en-US">Estimated losses for deferred income and social contribution tax credits - cash flow hedge</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity" xlink:label="ifrs-full_CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity" xlink:to="ifrs-full_CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity_lbl" xml:lang="en-US">Income tax and social contribution</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TaxInstallmentsProgramsDetailsNarrativeAbstract" xlink:label="SID_TaxInstallmentsProgramsDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TaxInstallmentsProgramsDetailsNarrativeAbstract" xlink:to="SID_TaxInstallmentsProgramsDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TaxInstallmentsProgramsDetailsNarrativeAbstract_lbl" xml:lang="en-US">Income Tax And Social Contribution Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProfitsGeneratedForeignSubsidiaries" xlink:label="SID_ProfitsGeneratedForeignSubsidiaries" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProfitsGeneratedForeignSubsidiaries" xlink:to="SID_ProfitsGeneratedForeignSubsidiaries_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProfitsGeneratedForeignSubsidiaries_lbl" xml:lang="en-US">Profits generated foreign subsidiaries</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdditionalTaxationInBrazilFormProfitsGeneratedForeignSubsidiaries" xlink:label="SID_AdditionalTaxationInBrazilFormProfitsGeneratedForeignSubsidiaries" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdditionalTaxationInBrazilFormProfitsGeneratedForeignSubsidiaries" xlink:to="SID_AdditionalTaxationInBrazilFormProfitsGeneratedForeignSubsidiaries_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AdditionalTaxationInBrazilFormProfitsGeneratedForeignSubsidiaries_lbl" xml:lang="en-US">Additional taxation in Brazil form profits generated foreign subsidiaries</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RefisAndOtherTaxInstallmentPaymentPlansCurrent" xlink:label="SID_RefisAndOtherTaxInstallmentPaymentPlansCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RefisAndOtherTaxInstallmentPaymentPlansCurrent" xlink:to="SID_RefisAndOtherTaxInstallmentPaymentPlansCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RefisAndOtherTaxInstallmentPaymentPlansCurrent_lbl" xml:lang="en-US">REFIS debts and other tax installment payment plans, current</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RefisAndOtherTaxInstallmentPaymentPlansNoncurrent" xlink:label="SID_RefisAndOtherTaxInstallmentPaymentPlansNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RefisAndOtherTaxInstallmentPaymentPlansNoncurrent" xlink:to="SID_RefisAndOtherTaxInstallmentPaymentPlansNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RefisAndOtherTaxInstallmentPaymentPlansNoncurrent_lbl" xml:lang="en-US">REFIS debts and other tax installment payment plans, noncurrent</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Accruals" xlink:label="ifrs-full_Accruals" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Accruals" xlink:to="ifrs-full_Accruals_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Accruals_lbl" xml:lang="en-US">Accrued liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DepositsFromBanks" xlink:label="ifrs-full_DepositsFromBanks" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepositsFromBanks" xlink:to="ifrs-full_DepositsFromBanks_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DepositsFromBanks_lbl" xml:lang="en-US">Judicial deposits</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DepositFromBanksNonCurrent" xlink:label="SID_DepositFromBanksNonCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DepositFromBanksNonCurrent" xlink:to="SID_DepositFromBanksNonCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DepositFromBanksNonCurrent_lbl" xml:lang="en-US">Deposit from banks</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Accruals" xlink:to="ifrs-full_Accruals_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Accruals_2_lbl" xml:lang="en-US">Accrued liabilities, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdditionsToAccruals" xlink:label="SID_AdditionsToAccruals" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdditionsToAccruals" xlink:to="SID_AdditionsToAccruals_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AdditionsToAccruals_lbl" xml:lang="en-US">Additions</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AccruedCharges" xlink:label="SID_AccruedCharges" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AccruedCharges" xlink:to="SID_AccruedCharges_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AccruedCharges_lbl" xml:lang="en-US">Accrued charges</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NetUtilizationOfAccrualReversal" xlink:label="SID_NetUtilizationOfAccrualReversal" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NetUtilizationOfAccrualReversal" xlink:to="SID_NetUtilizationOfAccrualReversal_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NetUtilizationOfAccrualReversal_lbl" xml:lang="en-US">Net utilization of reversal</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Accruals" xlink:to="ifrs-full_Accruals_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Accruals_3_lbl" xml:lang="en-US">Accrued liabilities, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MainLegalMatter9Member" xlink:label="SID_MainLegalMatter9Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MainLegalMatter9Member" xlink:to="SID_MainLegalMatter9Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MainLegalMatter9Member_lbl" xml:lang="en-US">Disallowance of the ICMS credits - ICMS - acquisition of subsidiary</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LegalProceedingsProvision" xlink:label="ifrs-full_LegalProceedingsProvision" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LegalProceedingsProvision" xlink:to="ifrs-full_LegalProceedingsProvision_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_LegalProceedingsProvision_lbl" xml:lang="en-US">Legal matters with possible risk of loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ShorttermLegalProceedingsProvision" xlink:label="ifrs-full_ShorttermLegalProceedingsProvision" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermLegalProceedingsProvision" xlink:to="ifrs-full_ShorttermLegalProceedingsProvision_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShorttermLegalProceedingsProvision_lbl" xml:lang="en-US">Provision for laswuit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:to="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable_lbl" xml:lang="en-US">Disclosure of transactions between related parties [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:to="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_lbl" xml:lang="en-US">Disclosure of transactions between related parties [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CurrentReceivablesDueFromRelatedParties" xlink:label="SID_CurrentReceivablesDueFromRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CurrentReceivablesDueFromRelatedParties" xlink:to="SID_CurrentReceivablesDueFromRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_CurrentReceivablesDueFromRelatedParties_lbl" xml:lang="en-US">Current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentReceivablesDueFromRelatedParties" xlink:label="ifrs-full_NoncurrentReceivablesDueFromRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentReceivablesDueFromRelatedParties" xlink:to="ifrs-full_NoncurrentReceivablesDueFromRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentReceivablesDueFromRelatedParties_lbl" xml:lang="en-US">Noncurrent assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CurrentPayablesToRelatedParties" xlink:label="SID_CurrentPayablesToRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CurrentPayablesToRelatedParties" xlink:to="SID_CurrentPayablesToRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_CurrentPayablesToRelatedParties_lbl" xml:lang="en-US">Current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentPayablesToRelatedParties" xlink:label="ifrs-full_NoncurrentPayablesToRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPayablesToRelatedParties" xlink:to="ifrs-full_NoncurrentPayablesToRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentPayablesToRelatedParties_lbl" xml:lang="en-US">Noncurrent liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:label="ifrs-full_AmountsReceivableRelatedPartyTransactions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:to="ifrs-full_AmountsReceivableRelatedPartyTransactions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AmountsReceivableRelatedPartyTransactions_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AmountsPayableRelatedPartyTransactions" xlink:label="ifrs-full_AmountsPayableRelatedPartyTransactions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmountsPayableRelatedPartyTransactions" xlink:to="ifrs-full_AmountsPayableRelatedPartyTransactions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AmountsPayableRelatedPartyTransactions_lbl" xml:lang="en-US">Total liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RevenueByNatureAxis" xlink:to="SID_RevenueByNatureAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_RevenueByNatureAxis_2_lbl" xml:lang="en-US">RevenueByNatureAxis [Axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ExpenseByNatureAxis" xlink:to="SID_ExpenseByNatureAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_ExpenseByNatureAxis_2_lbl" xml:lang="en-US">ExpenseByNatureAxis [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:label="ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:to="ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions_lbl" xml:lang="en-US">Related party revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PurchasesOfGoodsRelatedPartyTransactions" xlink:label="ifrs-full_PurchasesOfGoodsRelatedPartyTransactions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchasesOfGoodsRelatedPartyTransactions" xlink:to="ifrs-full_PurchasesOfGoodsRelatedPartyTransactions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchasesOfGoodsRelatedPartyTransactions_lbl" xml:lang="en-US">Related party expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IncreaseDecreaseThroughForeignExchangeRelatedPartyTransactions" xlink:label="SID_IncreaseDecreaseThroughForeignExchangeRelatedPartyTransactions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncreaseDecreaseThroughForeignExchangeRelatedPartyTransactions" xlink:to="SID_IncreaseDecreaseThroughForeignExchangeRelatedPartyTransactions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_IncreaseDecreaseThroughForeignExchangeRelatedPartyTransactions_lbl" xml:lang="en-US">Foreign exchange and monetary variation, net</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RelatedPartyTransactions" xlink:label="SID_RelatedPartyTransactions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RelatedPartyTransactions" xlink:to="SID_RelatedPartyTransactions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RelatedPartyTransactions_lbl" xml:lang="en-US">Related party transactions, net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:to="ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions_2_lbl" xml:lang="en-US">Related party sales</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchasesOfGoodsRelatedPartyTransactions" xlink:to="ifrs-full_PurchasesOfGoodsRelatedPartyTransactions_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_PurchasesOfGoodsRelatedPartyTransactions_2_lbl" xml:lang="en-US">Related party purchases</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RelatedPartyFinanceIncomeCost" xlink:label="SID_RelatedPartyFinanceIncomeCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RelatedPartyFinanceIncomeCost" xlink:to="SID_RelatedPartyFinanceIncomeCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RelatedPartyFinanceIncomeCost_lbl" xml:lang="en-US">Relared party finance income and costs, net</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RelatedPartyTransactionsNet" xlink:label="SID_RelatedPartyTransactionsNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RelatedPartyTransactionsNet" xlink:to="SID_RelatedPartyTransactionsNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_RelatedPartyTransactionsNet_lbl" xml:lang="en-US">Related party transactions, net</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RelatedpartyBalancesAndTransactionsDetails4Abstract" xlink:label="SID_RelatedpartyBalancesAndTransactionsDetails4Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RelatedpartyBalancesAndTransactionsDetails4Abstract" xlink:to="SID_RelatedpartyBalancesAndTransactionsDetails4Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RelatedpartyBalancesAndTransactionsDetails4Abstract_lbl" xml:lang="en-US">Related-party Balances And Transactions Details 4</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:label="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:to="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_lbl" xml:lang="en-US">Short-term benefits for employees and officers</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xlink:label="ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xlink:to="ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits_lbl" xml:lang="en-US">Post-employment benefits</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_KeyManagementPersonnelCompensation" xlink:label="ifrs-full_KeyManagementPersonnelCompensation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensation" xlink:to="ifrs-full_KeyManagementPersonnelCompensation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_KeyManagementPersonnelCompensation_lbl" xml:lang="en-US">Key management personnel compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfSharesOutstanding" xlink:label="ifrs-full_NumberOfSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesOutstanding" xlink:to="ifrs-full_NumberOfSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xml:lang="en-US">Number of common shares outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PercentageOfShares" xlink:label="SID_PercentageOfShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PercentageOfShares" xlink:to="SID_PercentageOfShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PercentageOfShares_lbl" xml:lang="en-US">Percent of total shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:label="ifrs-full_PercentageOfVotingEquityInterestsAcquired" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:to="ifrs-full_PercentageOfVotingEquityInterestsAcquired_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PercentageOfVotingEquityInterestsAcquired_lbl" xml:lang="en-US">Percent of voting capital</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BoardsAuthorizationDate" xlink:label="SID_BoardsAuthorizationDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BoardsAuthorizationDate" xlink:to="SID_BoardsAuthorizationDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BoardsAuthorizationDate_lbl" xml:lang="en-US">Board's Authorization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfSharesAuthorised" xlink:label="ifrs-full_NumberOfSharesAuthorised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesAuthorised" xlink:to="ifrs-full_NumberOfSharesAuthorised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesAuthorised_lbl" xml:lang="en-US">Authorized quantity</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_BuybackProgramPeriod" xlink:label="SID_BuybackProgramPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_BuybackProgramPeriod" xlink:to="SID_BuybackProgramPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_BuybackProgramPeriod_lbl" xml:lang="en-US">Program Period</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AverageBuybackPrice" xlink:label="SID_AverageBuybackPrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AverageBuybackPrice" xlink:to="SID_AverageBuybackPrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AverageBuybackPrice_lbl" xml:lang="en-US">Average buyback price</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MinimumAndMaximumBuybackPrice" xlink:label="SID_MinimumAndMaximumBuybackPrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MinimumAndMaximumBuybackPrice" xlink:to="SID_MinimumAndMaximumBuybackPrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MinimumAndMaximumBuybackPrice_lbl" xml:lang="en-US">Minimum and maximum buyback price</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NumberOfSharesRepurchased" xlink:label="SID_NumberOfSharesRepurchased" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NumberOfSharesRepurchased" xlink:to="SID_NumberOfSharesRepurchased_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NumberOfSharesRepurchased_lbl" xml:lang="en-US">Number bought back</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_NumberOfSharesCancelled" xlink:label="SID_NumberOfSharesCancelled" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NumberOfSharesCancelled" xlink:to="SID_NumberOfSharesCancelled_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_NumberOfSharesCancelled_lbl" xml:lang="en-US">Share cancelation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesOutstanding" xlink:to="ifrs-full_NumberOfSharesOutstanding_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NumberOfSharesOutstanding_2_lbl" xml:lang="en-US">Balance in treasury</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ShareholdersEquityDetails2Abstract" xlink:label="SID_ShareholdersEquityDetails2Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ShareholdersEquityDetails2Abstract" xlink:to="SID_ShareholdersEquityDetails2Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ShareholdersEquityDetails2Abstract_lbl" xml:lang="en-US">Shareholders Equity Details 2</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_NumberOfSharesRepurchased" xlink:to="SID_NumberOfSharesRepurchased_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_NumberOfSharesRepurchased_2_lbl" xml:lang="en-US">Treasury share purchased</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TreasuryShares" xlink:to="ifrs-full_TreasuryShares_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TreasuryShares_2_lbl" xml:lang="en-US">Amount paid for treasury share</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MinimumBuybackPrice" xlink:label="SID_MinimumBuybackPrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MinimumBuybackPrice" xlink:to="SID_MinimumBuybackPrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MinimumBuybackPrice_lbl" xml:lang="en-US">Minimum share price</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MaximumBuybackPrice" xlink:label="SID_MaximumBuybackPrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MaximumBuybackPrice" xlink:to="SID_MaximumBuybackPrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MaximumBuybackPrice_lbl" xml:lang="en-US">Maximum share price</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AverageBuybackPrice" xlink:to="SID_AverageBuybackPrice_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_AverageBuybackPrice_2_lbl" xml:lang="en-US">Average share price</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TreasurySharesMarketPrice" xlink:label="SID_TreasurySharesMarketPrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TreasurySharesMarketPrice" xlink:to="SID_TreasurySharesMarketPrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TreasurySharesMarketPrice_lbl" xml:lang="en-US">Treasury share market price</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ShareholdersEquityDetails3Abstract" xlink:label="SID_ShareholdersEquityDetails3Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ShareholdersEquityDetails3Abstract" xlink:to="SID_ShareholdersEquityDetails3Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ShareholdersEquityDetails3Abstract_lbl" xml:lang="en-US">Shareholders Equity Details 3</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProfitLossAttributableToOwnersFromContinuingOperations" xlink:label="SID_ProfitLossAttributableToOwnersFromContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProfitLossAttributableToOwnersFromContinuingOperations" xlink:to="SID_ProfitLossAttributableToOwnersFromContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProfitLossAttributableToOwnersFromContinuingOperations_lbl" xml:lang="en-US">Profit (loss) from continued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProfitLossAttributableToOwnersFromDiscontinuedOperations" xlink:label="SID_ProfitLossAttributableToOwnersFromDiscontinuedOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProfitLossAttributableToOwnersFromDiscontinuedOperations" xlink:to="SID_ProfitLossAttributableToOwnersFromDiscontinuedOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProfitLossAttributableToOwnersFromDiscontinuedOperations_lbl" xml:lang="en-US">Profit (loss) from discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProfitLossAttributableToOwners" xlink:label="SID_ProfitLossAttributableToOwners" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProfitLossAttributableToOwners" xlink:to="SID_ProfitLossAttributableToOwners_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_ProfitLossAttributableToOwners_lbl" xml:lang="en-US">Profit (loss) for the year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_WeightedAverageShares" xlink:label="ifrs-full_WeightedAverageShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageShares" xlink:to="ifrs-full_WeightedAverageShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WeightedAverageShares_lbl" xml:lang="en-US">Weighted average number of shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BasicAndDilutedEarningsLossPerShareFromContinuingOperations" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShareFromContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BasicAndDilutedEarningsLossPerShareFromContinuingOperations" xlink:to="ifrs-full_BasicAndDilutedEarningsLossPerShareFromContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShareFromContinuingOperations_lbl" xml:lang="en-US">Continued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BasicAndDilutedEarningsLossPerShareFromDiscontinuedOperations" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShareFromDiscontinuedOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BasicAndDilutedEarningsLossPerShareFromDiscontinuedOperations" xlink:to="ifrs-full_BasicAndDilutedEarningsLossPerShareFromDiscontinuedOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShareFromDiscontinuedOperations_lbl" xml:lang="en-US">Discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:to="ifrs-full_BasicAndDilutedEarningsLossPerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare_lbl" xml:lang="en-US">Basic and diluted EPS</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ShareholdersEquityDetailsNarrativeAbstract" xlink:label="SID_ShareholdersEquityDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ShareholdersEquityDetailsNarrativeAbstract" xlink:to="SID_ShareholdersEquityDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ShareholdersEquityDetailsNarrativeAbstract_lbl" xml:lang="en-US">Shareholders Equity Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:label="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:to="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable_lbl" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:label="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:to="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems_lbl" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DividendAxis" xlink:to="SID_DividendAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_DividendAxis_2_lbl" xml:lang="en-US">DividendAxis [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DividendApprovalYear" xlink:label="SID_DividendApprovalYear" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DividendApprovalYear" xlink:to="SID_DividendApprovalYear_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DividendApprovalYear_lbl" xml:lang="en-US">Approval year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendPayables" xlink:label="ifrs-full_DividendPayables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendPayables" xlink:to="ifrs-full_DividendPayables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendPayables_lbl" xml:lang="en-US">Approved dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DividendPaymentYear" xlink:label="SID_DividendPaymentYear" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DividendPaymentYear" xlink:to="SID_DividendPaymentYear_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DividendPaymentYear_lbl" xml:lang="en-US">Payment year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DividendsPaid" xlink:label="ifrs-full_DividendsPaid" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DividendsPaid" xlink:to="ifrs-full_DividendsPaid_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DividendsPaid_lbl" xml:lang="en-US">Paid dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" xlink:to="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable_lbl" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" xlink:to="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems_lbl" xml:lang="en-US">Disclosure of disaggregation of revenue from contracts with customers [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GrossRevenue" xlink:label="SID_GrossRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GrossRevenue" xlink:to="SID_GrossRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_GrossRevenue_lbl" xml:lang="en-US">Gross revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SalesReturnsAndDiscounts" xlink:label="SID_SalesReturnsAndDiscounts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SalesReturnsAndDiscounts" xlink:to="SID_SalesReturnsAndDiscounts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SalesReturnsAndDiscounts_lbl" xml:lang="en-US">Sales returns and discounts</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TaxEffectOfRevenues" xlink:label="SID_TaxEffectOfRevenues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TaxEffectOfRevenues" xlink:to="SID_TaxEffectOfRevenues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TaxEffectOfRevenues_lbl" xml:lang="en-US">Taxes on sales</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RevenueDeductions" xlink:label="SID_RevenueDeductions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RevenueDeductions" xlink:to="SID_RevenueDeductions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RevenueDeductions_lbl" xml:lang="en-US">Deductions</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ExpensesByNature" xlink:label="SID_ExpensesByNature" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ExpensesByNature" xlink:to="SID_ExpensesByNature_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ExpensesByNature_lbl" xml:lang="en-US">Expenses by Nature</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProductionCost" xlink:label="SID_ProductionCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProductionCost" xlink:to="SID_ProductionCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProductionCost_lbl" xml:lang="en-US">Production costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SellingExpense" xlink:label="ifrs-full_SellingExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SellingExpense" xlink:to="ifrs-full_SellingExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SellingExpense_lbl" xml:lang="en-US">Sales expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GeneralAndAdministrativeExpense" xlink:label="ifrs-full_GeneralAndAdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GeneralAndAdministrativeExpense" xlink:to="ifrs-full_GeneralAndAdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GeneralAndAdministrativeExpense_lbl" xml:lang="en-US">General and Administrative Expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OperatingExpense" xlink:label="ifrs-full_OperatingExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OperatingExpense" xlink:to="ifrs-full_OperatingExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OperatingExpense_lbl" xml:lang="en-US">Depreciation, amortization and depletion</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ExpenseByNature" xlink:label="ifrs-full_ExpenseByNature" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpenseByNature" xlink:to="ifrs-full_ExpenseByNature_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ExpenseByNature_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_MiscellaneousOtherOperatingIncomeExpense" xlink:label="SID_MiscellaneousOtherOperatingIncomeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MiscellaneousOtherOperatingIncomeExpense" xlink:to="SID_MiscellaneousOtherOperatingIncomeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_MiscellaneousOtherOperatingIncomeExpense_lbl" xml:lang="en-US">Other operating income (expenses), net</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RefisEffectNerLawMember" xlink:label="SID_RefisEffectNerLawMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RefisEffectNerLawMember" xlink:to="SID_RefisEffectNerLawMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RefisEffectNerLawMember_lbl" xml:lang="en-US">REFIS effect net- Law 11,941/09</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DerivativeTransactionsAxis" xlink:to="SID_DerivativeTransactionsAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_DerivativeTransactionsAxis_2_lbl" xml:lang="en-US">DerivativeTransactionsAxis [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SwapLiborXCDIMember" xlink:label="SID_SwapLiborXCDIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SwapLiborXCDIMember" xlink:to="SID_SwapLiborXCDIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SwapLiborXCDIMember_lbl" xml:lang="en-US">Swap libor x CDI</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceIncomeCost" xlink:to="ifrs-full_FinanceIncomeCost_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_FinanceIncomeCost_2_lbl" xml:lang="en-US">Financial income (expense), net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:label="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:to="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_lbl" xml:lang="en-US">Statement of gains and (losses) on derivative transactions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:to="ifrs-full_DisclosureOfOperatingSegmentsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsTable_lbl" xml:lang="en-US">Disclosure of operating segments [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfOperatingSegmentsLineItems" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfOperatingSegmentsLineItems" xlink:to="ifrs-full_DisclosureOfOperatingSegmentsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfOperatingSegmentsLineItems_lbl" xml:lang="en-US">Disclosure of operating segments [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_VolumeOfMiningAsset" xlink:label="SID_VolumeOfMiningAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_VolumeOfMiningAsset" xlink:to="SID_VolumeOfMiningAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_VolumeOfMiningAsset_lbl" xml:lang="en-US">Metric tons (Thou.)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CostOfSales" xlink:to="ifrs-full_CostOfSales_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_CostOfSales_3_lbl" xml:lang="en-US">Cost of sales and services</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GeneralAndAdministrativeExpenses" xlink:label="SID_GeneralAndAdministrativeExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GeneralAndAdministrativeExpenses" xlink:to="SID_GeneralAndAdministrativeExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_GeneralAndAdministrativeExpenses_lbl" xml:lang="en-US">General and administrative expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DepreciationExpense" xlink:label="ifrs-full_DepreciationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationExpense" xlink:to="ifrs-full_DepreciationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationExpense_lbl" xml:lang="en-US">Depreciation</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ProportionateEbitdaOfJointVentures" xlink:label="SID_ProportionateEbitdaOfJointVentures" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProportionateEbitdaOfJointVentures" xlink:to="SID_ProportionateEbitdaOfJointVentures_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ProportionateEbitdaOfJointVentures_lbl" xml:lang="en-US">Proportionate EBITDA of joint ventures</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdjustedEbitda" xlink:label="SID_AdjustedEbitda" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdjustedEbitda" xlink:to="SID_AdjustedEbitda_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AdjustedEbitda_lbl" xml:lang="en-US">Adjusted EBITDA</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SegmentInformationDetails2Abstract" xlink:label="SID_SegmentInformationDetails2Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SegmentInformationDetails2Abstract" xlink:to="SID_SegmentInformationDetails2Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SegmentInformationDetails2Abstract_lbl" xml:lang="en-US">Segment Information Details 2</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossFromDiscontinuedOperations" xlink:to="ifrs-full_ProfitLossFromDiscontinuedOperations_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProfitLossFromDiscontinuedOperations_2_lbl" xml:lang="en-US">Profit (loss) from discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DepreciationAndAmortisationExpense" xlink:label="ifrs-full_DepreciationAndAmortisationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationAndAmortisationExpense" xlink:to="ifrs-full_DepreciationAndAmortisationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationAndAmortisationExpense_lbl" xml:lang="en-US">Depreciation/Amortization/Depletion</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations_5_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_5_lbl" xml:lang="en-US">Income tax and social contribution</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceIncomeCost" xlink:to="ifrs-full_FinanceIncomeCost_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_FinanceIncomeCost_3_lbl" xml:lang="en-US">Finance income (costs), net</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_Ebitda" xlink:label="SID_Ebitda" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_Ebitda" xlink:to="SID_Ebitda_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_Ebitda_lbl" xml:lang="en-US">EBITDA</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_MiscellaneousOtherOperatingIncomeExpense" xlink:to="SID_MiscellaneousOtherOperatingIncomeExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="SID_MiscellaneousOtherOperatingIncomeExpense_2_lbl" xml:lang="en-US">Other operating (income) expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFairValueOfPlanAssetsTable" xlink:label="ifrs-full_DisclosureOfFairValueOfPlanAssetsTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFairValueOfPlanAssetsTable" xlink:to="ifrs-full_DisclosureOfFairValueOfPlanAssetsTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFairValueOfPlanAssetsTable_lbl" xml:lang="en-US">Disclosure of fair value of plan assets [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFairValueOfPlanAssetsLineItems" xlink:label="ifrs-full_DisclosureOfFairValueOfPlanAssetsLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFairValueOfPlanAssetsLineItems" xlink:to="ifrs-full_DisclosureOfFairValueOfPlanAssetsLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFairValueOfPlanAssetsLineItems_lbl" xml:lang="en-US">Disclosure of fair value of plan assets [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AssetsOfBenefitPlan" xlink:label="ifrs-full_AssetsOfBenefitPlan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsOfBenefitPlan" xlink:to="ifrs-full_AssetsOfBenefitPlan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AssetsOfBenefitPlan_lbl" xml:lang="en-US">Actuarial assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_LiabilitiesOfBenefitPlan" xlink:label="SID_LiabilitiesOfBenefitPlan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LiabilitiesOfBenefitPlan" xlink:to="SID_LiabilitiesOfBenefitPlan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_LiabilitiesOfBenefitPlan_lbl" xml:lang="en-US">Actuarial liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EmployeeBenefitsDetails1Abstract" xlink:label="SID_EmployeeBenefitsDetails1Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EmployeeBenefitsDetails1Abstract" xlink:to="SID_EmployeeBenefitsDetails1Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EmployeeBenefitsDetails1Abstract_lbl" xml:lang="en-US">Employee Benefits Details 1</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:to="ifrs-full_DefinedBenefitObligationAtPresentValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue_lbl" xml:lang="en-US">Present value of defined benefit obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PlanAssetsAtFairValue" xlink:label="ifrs-full_PlanAssetsAtFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PlanAssetsAtFairValue" xlink:to="ifrs-full_PlanAssetsAtFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PlanAssetsAtFairValue_lbl" xml:lang="en-US">Fair value of plan assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SurplusDeficitInPlan" xlink:label="ifrs-full_SurplusDeficitInPlan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SurplusDeficitInPlan" xlink:to="ifrs-full_SurplusDeficitInPlan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SurplusDeficitInPlan_lbl" xml:lang="en-US">Deficit (Surplus)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RestrictionToActuarialAssetsDueToRecoveryLimitation" xlink:label="SID_RestrictionToActuarialAssetsDueToRecoveryLimitation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RestrictionToActuarialAssetsDueToRecoveryLimitation" xlink:to="SID_RestrictionToActuarialAssetsDueToRecoveryLimitation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RestrictionToActuarialAssetsDueToRecoveryLimitation_lbl" xml:lang="en-US">Restriction to actuarial assets due to recovery limitation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:to="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xml:lang="en-US">Liabilities (Assets), net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan" xlink:label="ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan" xlink:to="ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan_lbl" xml:lang="en-US">Liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentRecognisedAssetsDefinedBenefitPlan" xlink:label="ifrs-full_CurrentRecognisedAssetsDefinedBenefitPlan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentRecognisedAssetsDefinedBenefitPlan" xlink:to="ifrs-full_CurrentRecognisedAssetsDefinedBenefitPlan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentRecognisedAssetsDefinedBenefitPlan_lbl" xml:lang="en-US">Assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:to="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_2_lbl" xml:lang="en-US">(Assets) liabilities recognized in the balance sheet</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EmployeeBenefitsDetails2Abstract" xlink:label="SID_EmployeeBenefitsDetails2Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EmployeeBenefitsDetails2Abstract" xlink:to="SID_EmployeeBenefitsDetails2Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EmployeeBenefitsDetails2Abstract_lbl" xml:lang="en-US">Employee Benefits Details 2</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:to="ifrs-full_DefinedBenefitObligationAtPresentValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue_2_lbl" xml:lang="en-US">Present value of defined benefit obligation, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Cost of service</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Interest cost</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BenefitsPaidOrPayable" xlink:label="ifrs-full_BenefitsPaidOrPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BenefitsPaidOrPayable" xlink:to="ifrs-full_BenefitsPaidOrPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BenefitsPaidOrPayable_lbl" xml:lang="en-US">Benefits paid</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Actuarial loss/(gain)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:to="ifrs-full_DefinedBenefitObligationAtPresentValue_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue_3_lbl" xml:lang="en-US">Present value of defined benefit obligation, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EmployeeBenefitsDetails3Abstract" xlink:label="SID_EmployeeBenefitsDetails3Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EmployeeBenefitsDetails3Abstract" xlink:to="SID_EmployeeBenefitsDetails3Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EmployeeBenefitsDetails3Abstract_lbl" xml:lang="en-US">Employee Benefits Details 3</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PlanAssetsAtFairValue" xlink:to="ifrs-full_PlanAssetsAtFairValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_PlanAssetsAtFairValue_2_lbl" xml:lang="en-US">Fair value of plan assets, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_InterestIncomeNetDefinedBenefitLiabilityAsset" xlink:label="SID_InterestIncomeNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InterestIncomeNetDefinedBenefitLiabilityAsset" xlink:to="SID_InterestIncomeNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_InterestIncomeNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Interest income</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BenefitsPaidOrPayable" xlink:to="ifrs-full_BenefitsPaidOrPayable_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_BenefitsPaidOrPayable_2_lbl" xml:lang="en-US">Benefits paid</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Expected return on plan assets (less interest income)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PlanAssetsAtFairValue" xlink:to="ifrs-full_PlanAssetsAtFairValue_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_PlanAssetsAtFairValue_3_lbl" xml:lang="en-US">Fair value of plan assets, ending</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EmployeeBenefitsDetails4Abstract" xlink:label="SID_EmployeeBenefitsDetails4Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EmployeeBenefitsDetails4Abstract" xlink:to="SID_EmployeeBenefitsDetails4Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EmployeeBenefitsDetails4Abstract_lbl" xml:lang="en-US">Employee Benefits Details 4</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_2_lbl" xml:lang="en-US">Cost of current service</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ExpectedReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:label="SID_ExpectedReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ExpectedReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:to="SID_ExpectedReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ExpectedReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Expected return on plan assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainLossOnChangesInEffectOfLimitingNetDefinedBenefitAssetToAssetCeiling" xlink:label="ifrs-full_GainLossOnChangesInEffectOfLimitingNetDefinedBenefitAssetToAssetCeiling" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainLossOnChangesInEffectOfLimitingNetDefinedBenefitAssetToAssetCeiling" xlink:to="ifrs-full_GainLossOnChangesInEffectOfLimitingNetDefinedBenefitAssetToAssetCeiling_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainLossOnChangesInEffectOfLimitingNetDefinedBenefitAssetToAssetCeiling_lbl" xml:lang="en-US">Interest on the asset ceiling effect</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_IncomeExpenseFromDefinedBenefitObligation" xlink:label="SID_IncomeExpenseFromDefinedBenefitObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeExpenseFromDefinedBenefitObligation" xlink:to="SID_IncomeExpenseFromDefinedBenefitObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_IncomeExpenseFromDefinedBenefitObligation_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_UnrecognisedIncomeExpenseFromDefinedBenefitObligation" xlink:label="SID_UnrecognisedIncomeExpenseFromDefinedBenefitObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_UnrecognisedIncomeExpenseFromDefinedBenefitObligation" xlink:to="SID_UnrecognisedIncomeExpenseFromDefinedBenefitObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_UnrecognisedIncomeExpenseFromDefinedBenefitObligation_lbl" xml:lang="en-US">Total unrecognized costs (income)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RecognisedIncomeExpenseFromDefinedBenefitObligation" xlink:label="SID_RecognisedIncomeExpenseFromDefinedBenefitObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RecognisedIncomeExpenseFromDefinedBenefitObligation" xlink:to="SID_RecognisedIncomeExpenseFromDefinedBenefitObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RecognisedIncomeExpenseFromDefinedBenefitObligation_lbl" xml:lang="en-US">Total (income) recognized in the income statement</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeExpenseFromDefinedBenefitObligation" xlink:to="SID_IncomeExpenseFromDefinedBenefitObligation_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_IncomeExpenseFromDefinedBenefitObligation_2_lbl" xml:lang="en-US">Total (income), net</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EmployeeBenefitsDetails5Abstract" xlink:label="SID_EmployeeBenefitsDetails5Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EmployeeBenefitsDetails5Abstract" xlink:to="SID_EmployeeBenefitsDetails5Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EmployeeBenefitsDetails5Abstract_lbl" xml:lang="en-US">Employee Benefits Details 5</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ActuarialGainsLossesDefinedBenefitLiabilityAsset" xlink:label="SID_ActuarialGainsLossesDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ActuarialGainsLossesDefinedBenefitLiabilityAsset" xlink:to="SID_ActuarialGainsLossesDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ActuarialGainsLossesDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Actuarial losses and (gains)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_2_lbl" xml:lang="en-US">Return on plan assets (less interest income)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GainLossOnChangesInEffectOfLimitsNetDefinedBenefitAsset" xlink:label="SID_GainLossOnChangesInEffectOfLimitsNetDefinedBenefitAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GainLossOnChangesInEffectOfLimitsNetDefinedBenefitAsset" xlink:to="SID_GainLossOnChangesInEffectOfLimitsNetDefinedBenefitAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_GainLossOnChangesInEffectOfLimitsNetDefinedBenefitAsset_lbl" xml:lang="en-US">Change in the asset's limit (excluding the interest revenue)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:label="SID_RecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:to="SID_RecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Actuarial losses and (gains) recognized in other comprehensive income</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_UnrecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:label="SID_UnrecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_UnrecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:to="SID_UnrecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_UnrecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Unrecognized actuarial (gains)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_2_lbl" xml:lang="en-US">Total cost of actuarial losses and (gains)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EmployeeBenefitsDetails6Abstract" xlink:label="SID_EmployeeBenefitsDetails6Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EmployeeBenefitsDetails6Abstract" xlink:to="SID_EmployeeBenefitsDetails6Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EmployeeBenefitsDetails6Abstract_lbl" xml:lang="en-US">Employee Benefits Details 6</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Loss due to change in demographic assumptions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Loss due to change in financial assumptions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Loss due to experience adjustments</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_3_lbl" xml:lang="en-US">Actuarial losses and (gains)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_EmployeeBenefitsDetails7Abstract" xlink:label="SID_EmployeeBenefitsDetails7Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_EmployeeBenefitsDetails7Abstract" xlink:to="SID_EmployeeBenefitsDetails7Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_EmployeeBenefitsDetails7Abstract_lbl" xml:lang="en-US">Employee Benefits Details 7</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DescriptionOfActuarialFinancingMethod" xlink:label="SID_DescriptionOfActuarialFinancingMethod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DescriptionOfActuarialFinancingMethod" xlink:to="SID_DescriptionOfActuarialFinancingMethod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DescriptionOfActuarialFinancingMethod_lbl" xml:lang="en-US">Actuarial financing method</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfFunctionalCurrency" xlink:label="ifrs-full_DescriptionOfFunctionalCurrency" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfFunctionalCurrency" xlink:to="ifrs-full_DescriptionOfFunctionalCurrency_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfFunctionalCurrency_lbl" xml:lang="en-US">Functional currency</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DescriptionOfRecognitionOfPlanAssets" xlink:label="SID_DescriptionOfRecognitionOfPlanAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DescriptionOfRecognitionOfPlanAssets" xlink:to="SID_DescriptionOfRecognitionOfPlanAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DescriptionOfRecognitionOfPlanAssets_lbl" xml:lang="en-US">Recognition of plan assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ActuarialAssumptionOfNominalDiscountRates" xlink:label="SID_ActuarialAssumptionOfNominalDiscountRates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ActuarialAssumptionOfNominalDiscountRates" xlink:to="SID_ActuarialAssumptionOfNominalDiscountRates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ActuarialAssumptionOfNominalDiscountRates_lbl" xml:lang="en-US">Nominal discount rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation" xlink:to="ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation_lbl" xml:lang="en-US">Inflation rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:to="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases_lbl" xml:lang="en-US">Nominal salary increase rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfPensionIncreases" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfPensionIncreases" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfExpectedRatesOfPensionIncreases" xlink:to="ifrs-full_ActuarialAssumptionOfExpectedRatesOfPensionIncreases_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfPensionIncreases_lbl" xml:lang="en-US">Nominal benefit increase rate</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ActuarialAssumptionOfRateOfReturnsOnInvestments" xlink:label="SID_ActuarialAssumptionOfRateOfReturnsOnInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ActuarialAssumptionOfRateOfReturnsOnInvestments" xlink:to="SID_ActuarialAssumptionOfRateOfReturnsOnInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ActuarialAssumptionOfRateOfReturnsOnInvestments_lbl" xml:lang="en-US">Rate of return on investments</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_GeneralMortalityTableDescription" xlink:label="SID_GeneralMortalityTableDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_GeneralMortalityTableDescription" xlink:to="SID_GeneralMortalityTableDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_GeneralMortalityTableDescription_lbl" xml:lang="en-US">General mortality table</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DisabilityTableDescription" xlink:label="SID_DisabilityTableDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DisabilityTableDescription" xlink:to="SID_DisabilityTableDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DisabilityTableDescription_lbl" xml:lang="en-US">Disability table</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DisabilityMortalityTableDescription" xlink:label="SID_DisabilityMortalityTableDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DisabilityMortalityTableDescription" xlink:to="SID_DisabilityMortalityTableDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DisabilityMortalityTableDescription_lbl" xml:lang="en-US">Disability mortality table</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_TurnoverTableDescription" xlink:label="SID_TurnoverTableDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_TurnoverTableDescription" xlink:to="SID_TurnoverTableDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_TurnoverTableDescription_lbl" xml:lang="en-US">Turnover table</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DescriptionOfRetirementAge" xlink:label="SID_DescriptionOfRetirementAge" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DescriptionOfRetirementAge" xlink:to="SID_DescriptionOfRetirementAge_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DescriptionOfRetirementAge_lbl" xml:lang="en-US">Retirement age</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DescriptionOfHouseholdOfActiveParticipants" xlink:label="SID_DescriptionOfHouseholdOfActiveParticipants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DescriptionOfHouseholdOfActiveParticipants" xlink:to="SID_DescriptionOfHouseholdOfActiveParticipants_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DescriptionOfHouseholdOfActiveParticipants_lbl" xml:lang="en-US">Household of active participants</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDefinedBenefitPlansTable" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDefinedBenefitPlansTable" xlink:to="ifrs-full_DisclosureOfDefinedBenefitPlansTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansTable_lbl" xml:lang="en-US">Disclosure of defined benefit plans [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDefinedBenefitPlansLineItems" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDefinedBenefitPlansLineItems" xlink:to="ifrs-full_DisclosureOfDefinedBenefitPlansLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansLineItems_lbl" xml:lang="en-US">Disclosure of defined benefit plans [line items]</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AverageLifeExpectancyOfEmployees" xlink:label="SID_AverageLifeExpectancyOfEmployees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AverageLifeExpectancyOfEmployees" xlink:to="SID_AverageLifeExpectancyOfEmployees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AverageLifeExpectancyOfEmployees_lbl" xml:lang="en-US">Average life expectancy of employees (in years)</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AverageLifeExpectancyOfEmployeesThatAreForty" xlink:label="SID_AverageLifeExpectancyOfEmployeesThatAreForty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AverageLifeExpectancyOfEmployeesThatAreForty" xlink:to="SID_AverageLifeExpectancyOfEmployeesThatAreForty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AverageLifeExpectancyOfEmployeesThatAreForty_lbl" xml:lang="en-US">Average life expectancy in years of employees who are 40 (in years)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PlanAssetsAtFairValue" xlink:to="ifrs-full_PlanAssetsAtFairValue_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PlanAssetsAtFairValue_4_lbl" xml:lang="en-US">Allocation of plan assets</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PlanAssetsPercentage" xlink:label="SID_PlanAssetsPercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PlanAssetsPercentage" xlink:to="SID_PlanAssetsPercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PlanAssetsPercentage_lbl" xml:lang="en-US">Allocation of plan assets percent</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SensitivityLevel" xlink:label="SID_SensitivityLevel" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SensitivityLevel" xlink:to="SID_SensitivityLevel_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SensitivityLevel_lbl" xml:lang="en-US">Sensitivity level</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Effect on current service cost and on interest on actuarial obligations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_3_lbl" xml:lang="en-US">Effect on present value of obligations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US">Benefit payments of the defined benefit plans</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable" xlink:label="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable" xlink:to="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetTable_lbl" xml:lang="en-US">Disclosure of net defined benefit liability (asset) [table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems" xlink:label="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems" xlink:to="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems_lbl" xml:lang="en-US">Disclosure of net defined benefit liability (asset) [line items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:to="ifrs-full_DefinedBenefitObligationAtPresentValue_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_DefinedBenefitObligationAtPresentValue_4_lbl" xml:lang="en-US">Present value of obligations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LiabilitiesOfBenefitPlan" xlink:to="SID_LiabilitiesOfBenefitPlan_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="SID_LiabilitiesOfBenefitPlan_2_lbl" xml:lang="en-US">Actuarial liabilities, beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ExpensesRecognizedInIncomeNetDefinedBenefitLiability" xlink:label="SID_ExpensesRecognizedInIncomeNetDefinedBenefitLiability" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ExpensesRecognizedInIncomeNetDefinedBenefitLiability" xlink:to="SID_ExpensesRecognizedInIncomeNetDefinedBenefitLiability_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ExpensesRecognizedInIncomeNetDefinedBenefitLiability_lbl" xml:lang="en-US">Expenses recognized in income for the year</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_SponsorsContributionsTransferredInPriorYearNetDefinedBenefitLiability" xlink:label="SID_SponsorsContributionsTransferredInPriorYearNetDefinedBenefitLiability" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_SponsorsContributionsTransferredInPriorYearNetDefinedBenefitLiability" xlink:to="SID_SponsorsContributionsTransferredInPriorYearNetDefinedBenefitLiability_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_SponsorsContributionsTransferredInPriorYearNetDefinedBenefitLiability_lbl" xml:lang="en-US">Sponsor's contributions transferred in prior year</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_RecognitionOfLossGainNetDefinedBenefitLiability" xlink:label="SID_RecognitionOfLossGainNetDefinedBenefitLiability" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_RecognitionOfLossGainNetDefinedBenefitLiability" xlink:to="SID_RecognitionOfLossGainNetDefinedBenefitLiability_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_RecognitionOfLossGainNetDefinedBenefitLiability_lbl" xml:lang="en-US">Recognition of loss/(gain) for the year</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_LiabilitiesOfBenefitPlan" xlink:to="SID_LiabilitiesOfBenefitPlan_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="SID_LiabilitiesOfBenefitPlan_3_lbl" xml:lang="en-US">Actuarial liabilities, ending</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ActuarialGainsLossesDefinedBenefitLiabilityAsset" xlink:to="SID_ActuarialGainsLossesDefinedBenefitLiabilityAsset_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="SID_ActuarialGainsLossesDefinedBenefitLiabilityAsset_2_lbl" xml:lang="en-US">Actuarial gain (loss) on obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:to="ifrs-full_ActuarialAssumptionOfDiscountRates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRates_lbl" xml:lang="en-US">Actuarial nominal discount rate</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation" xlink:to="ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation_2_lbl" xml:lang="en-US">Inflation</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_ActuarialAssumptionOfMedicalCostTrendRatesBasedOnAge" xlink:label="SID_ActuarialAssumptionOfMedicalCostTrendRatesBasedOnAge" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ActuarialAssumptionOfMedicalCostTrendRatesBasedOnAge" xlink:to="SID_ActuarialAssumptionOfMedicalCostTrendRatesBasedOnAge_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_ActuarialAssumptionOfMedicalCostTrendRatesBasedOnAge_lbl" xml:lang="en-US">Nominal increase in medical cost based on age</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates" xlink:label="ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates" xlink:to="ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates_lbl" xml:lang="en-US">Nominal medical costs growth rate</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AverageMedicalCost" xlink:label="SID_AverageMedicalCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AverageMedicalCost" xlink:to="SID_AverageMedicalCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AverageMedicalCost_lbl" xml:lang="en-US">Average medical cost</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits" xlink:label="ifrs-full_NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits" xlink:to="ifrs-full_NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits_lbl" xml:lang="en-US">Total participants</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PensionPlanExpense" xlink:label="SID_PensionPlanExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PensionPlanExpense" xlink:to="SID_PensionPlanExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PensionPlanExpense_lbl" xml:lang="en-US">Pension plan expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CapitalCommitments" xlink:label="ifrs-full_CapitalCommitments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CapitalCommitments" xlink:to="ifrs-full_CapitalCommitments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CapitalCommitments_lbl" xml:lang="en-US">Take-or-pay contracts</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_DescriptionOfTypesOfService" xlink:label="SID_DescriptionOfTypesOfService" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_DescriptionOfTypesOfService" xlink:to="SID_DescriptionOfTypesOfService_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_DescriptionOfTypesOfService_lbl" xml:lang="en-US">Type of service</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:label="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:to="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_lbl" xml:lang="en-US">Minimum future payments related to government concessions</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdditionalInformationToCashFlowsDetailsAbstract" xlink:label="SID_AdditionalInformationToCashFlowsDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdditionalInformationToCashFlowsDetailsAbstract" xlink:to="SID_AdditionalInformationToCashFlowsDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AdditionalInformationToCashFlowsDetailsAbstract_lbl" xml:lang="en-US">Additional Information To Cash Flows Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncomeTaxesPaidRefund" xlink:label="ifrs-full_IncomeTaxesPaidRefund" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxesPaidRefund" xlink:to="ifrs-full_IncomeTaxesPaidRefund_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxesPaidRefund_lbl" xml:lang="en-US">Income tax and social contribution paid</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:to="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Addition to PP&amp;E with interest capitalization</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_PurchaseOfPropertyPlantAndEquipmentThroughLoans" xlink:label="SID_PurchaseOfPropertyPlantAndEquipmentThroughLoans" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PurchaseOfPropertyPlantAndEquipmentThroughLoans" xlink:to="SID_PurchaseOfPropertyPlantAndEquipmentThroughLoans_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_PurchaseOfPropertyPlantAndEquipmentThroughLoans_lbl" xml:lang="en-US">Acquisition of fixed assets through loans</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_CapitalizationWithAdvanceToFutureCapitalIncrease" xlink:label="SID_CapitalizationWithAdvanceToFutureCapitalIncrease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_CapitalizationWithAdvanceToFutureCapitalIncrease" xlink:to="SID_CapitalizationWithAdvanceToFutureCapitalIncrease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_CapitalizationWithAdvanceToFutureCapitalIncrease_lbl" xml:lang="en-US">Acquisition in subsidiaries without cash</link:label>
      <link:loc xlink:type="locator" xlink:href="sid-20171231.xsd#SID_AdditionalCashFlows" xlink:label="SID_AdditionalCashFlows" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdditionalCashFlows" xlink:to="SID_AdditionalCashFlows_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_AdditionalCashFlows_lbl" xml:lang="en-US">Total additional information to cash flows</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProductionCost" xlink:to="SID_ProductionCost_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SID_ProductionCost_doc" xml:lang="en-US">The amount of production costs.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity" xlink:to="SID_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SID_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity_doc" xml:lang="en-US">The amount of income tax relating to remeasurements of define benefit plans charged or credited directly to equity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeTaxRelatingToGainsLossesOnRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity" xlink:to="SID_IncomeTaxRelatingToGainsLossesOnRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SID_IncomeTaxRelatingToGainsLossesOnRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity_doc" xml:lang="en-US">The amount of income tax relating to gains losses on remeasurements of defined benefit plans charged or credited directly to equity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeTaxRelatingToInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity" xlink:to="SID_IncomeTaxRelatingToInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SID_IncomeTaxRelatingToInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity_doc" xml:lang="en-US">The amount of income tax relating to investment in equity instrument charged or credited directly to equity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeTaxRelatingToActuarialGainsAndAssetsAvailableForSaleByIncorporationChargedOrCreditedDirectlyToEquity" xlink:to="SID_IncomeTaxRelatingToActuarialGainsAndAssetsAvailableForSaleByIncorporationChargedOrCreditedDirectlyToEquity_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SID_IncomeTaxRelatingToActuarialGainsAndAssetsAvailableForSaleByIncorporationChargedOrCreditedDirectlyToEquity_doc" xml:lang="en-US">The amount of income tax relating to actuarial Gains and assets available for sale by incorporation charged or credited directly to equity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeTaxRelatingToGainsLossesOnExchangeDifferencesOnTranslationChargedOrCreditedDirectlyToEquity" xlink:to="SID_IncomeTaxRelatingToGainsLossesOnExchangeDifferencesOnTranslationChargedOrCreditedDirectlyToEquity_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SID_IncomeTaxRelatingToGainsLossesOnExchangeDifferencesOnTranslationChargedOrCreditedDirectlyToEquity_doc" xml:lang="en-US">The amount of income tax relating to gains losses on exchange differences on translation charged or credited directly to equity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeTaxRelatingToHedgesOfInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity" xlink:to="SID_IncomeTaxRelatingToHedgesOfInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SID_IncomeTaxRelatingToHedgesOfInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity_doc" xml:lang="en-US">The amount of income tax relating to hedges of investment in equity instrument charged or credited directly to equity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_IncomeTaxRelatingToGainsLossesOnCashFlowHedgesNetOfTaxChargedOrCreditedDirectlyToEquity" xlink:to="SID_IncomeTaxRelatingToGainsLossesOnCashFlowHedgesNetOfTaxChargedOrCreditedDirectlyToEquity_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SID_IncomeTaxRelatingToGainsLossesOnCashFlowHedgesNetOfTaxChargedOrCreditedDirectlyToEquity_doc" xml:lang="en-US">The amount of income tax relating to gains losses on cash flow hedges net of tax charged directly to equity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_ProfitsGeneratedForeignSubsidiaries" xlink:to="SID_ProfitsGeneratedForeignSubsidiaries_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SID_ProfitsGeneratedForeignSubsidiaries_doc" xml:lang="en-US">The amount of profit generated foreign subsidiaries.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_AdditionalTaxationInBrazilFormProfitsGeneratedForeignSubsidiaries" xlink:to="SID_AdditionalTaxationInBrazilFormProfitsGeneratedForeignSubsidiaries_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SID_AdditionalTaxationInBrazilFormProfitsGeneratedForeignSubsidiaries_doc" xml:lang="en-US">The amount of additional taxation in brazil form profit generated foreign subsidiaries.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_PropertyPlantAndEquipments" xlink:to="SID_PropertyPlantAndEquipments_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="SID_PropertyPlantAndEquipments_doc" xml:lang="en-US">Property, Plant and equipment less depreciation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_InterestExpensesMember" xlink:to="SID_InterestExpensesMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="SID_InterestExpensesMember_2_lbl" xml:lang="en-US">InterestExpensesMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SID_OtherAreasMember" xlink:to="SID_OtherAreasMember_2_lbl" xlink:type="arc" />
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</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>12
<FILENAME>sid-20171231_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
<XBRL>
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<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6789581840">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2017 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DocumentAndEntityInformationAbstract', window );"><strong>Document And Entity Information</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">NATIONAL STEEL CO<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001049659<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2017<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity a Well-known Seasoned Issuer</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity a Voluntary Filer</a></td>
<td class="text">No<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity's Reporting Status Current</a></td>
<td class="text">Yes<span></span>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Large Accelerated Filer<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">1,387,524,047<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2017<span></span>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DocumentAndEntityInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DocumentAndEntityInformationAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>14
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6808815648">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheet - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>CURRENT ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">R$ 3,411,572<span></span>
</td>
<td class="nump">R$ 4,871,162<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Financial Investments</a></td>
<td class="nump">735,712<span></span>
</td>
<td class="nump">760,391<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTradeReceivables', window );">Trade receivables</a></td>
<td class="nump">2,276,215<span></span>
</td>
<td class="nump">1,997,216<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">4,464,419<span></span>
</td>
<td class="nump">3,964,136<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentNonfinancialAssets', window );">Other current assets</a></td>
<td class="nump">993,578<span></span>
</td>
<td class="nump">852,013<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Total current assets</a></td>
<td class="nump">11,881,496<span></span>
</td>
<td class="nump">12,444,918<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>NON-CURRENT ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred income taxes</a></td>
<td class="nump">63,119<span></span>
</td>
<td class="nump">70,151<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentNonfinancialAssets', window );">Other non-current assets</a></td>
<td class="nump">2,528,475<span></span>
</td>
<td class="nump">1,675,820<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NoncurrentAssetsSubtotal', window );">Total</a></td>
<td class="nump">2,591,594<span></span>
</td>
<td class="nump">1,745,971<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Investments in associates and joint controlled entities</a></td>
<td class="nump">5,499,995<span></span>
</td>
<td class="nump">4,568,451<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">17,964,839<span></span>
</td>
<td class="nump">18,135,879<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets</a></td>
<td class="nump">7,272,046<span></span>
</td>
<td class="nump">7,258,404<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Total non-current assets</a></td>
<td class="nump">33,328,474<span></span>
</td>
<td class="nump">31,708,705<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">TOTAL ASSETS</a></td>
<td class="nump">45,209,970<span></span>
</td>
<td class="nump">44,153,623<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities', window );">Payroll and related taxes</a></td>
<td class="nump">252,418<span></span>
</td>
<td class="nump">253,837<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherCurrentPayables', window );">Trade payables</a></td>
<td class="nump">2,460,774<span></span>
</td>
<td class="nump">1,763,206<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilities', window );">Taxes payable</a></td>
<td class="nump">264,097<span></span>
</td>
<td class="nump">231,861<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermBorrowings', window );">Borrowings and financing</a></td>
<td class="nump">6,526,902<span></span>
</td>
<td class="nump">2,117,448<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Other payables</a></td>
<td class="nump">1,059,901<span></span>
</td>
<td class="nump">1,021,724<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentProvisions', window );">Provisions for tax, social security, labor and civil risks</a></td>
<td class="nump">105,958<span></span>
</td>
<td class="nump">108,607<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Total current liabilities</a></td>
<td class="nump">10,670,050<span></span>
</td>
<td class="nump">5,496,683<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>NON-CURRENT LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings and financing</a></td>
<td class="nump">22,983,942<span></span>
</td>
<td class="nump">28,323,570<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentPayables', window );">Other payables</a></td>
<td class="nump">129,323<span></span>
</td>
<td class="nump">131,137<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred income taxes</a></td>
<td class="nump">1,173,559<span></span>
</td>
<td class="nump">1,046,897<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentProvisions', window );">Provisions for tax, social security, labor and civil risks</a></td>
<td class="nump">719,133<span></span>
</td>
<td class="nump">704,485<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentProvisionsForEmployeeBenefits', window );">Pension and healthcare plan</a></td>
<td class="nump">908,721<span></span>
</td>
<td class="nump">719,266<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Provision for environmental liabilities and decommissioning of assets</a></td>
<td class="nump">337,013<span></span>
</td>
<td class="nump">347,064<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Total non-current liabilities</a></td>
<td class="nump">26,251,691<span></span>
</td>
<td class="nump">31,272,419<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAbstract', window );"><strong>Shareholders' Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Issued capital</a></td>
<td class="nump">4,540,000<span></span>
</td>
<td class="nump">4,540,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalReserve', window );">Capital reserves</a></td>
<td class="nump">30<span></span>
</td>
<td class="nump">30<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReserves', window );">Earnings reserves</a></td>
<td class="nump">238,976<span></span>
</td>
<td class="nump">238,976<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TreasuryShares', window );">Treasury Shares</a></td>
<td class="num">(238,976)<span></span>
</td>
<td class="num">(238,976)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RetainedEarnings', window );">Accumulated Profit / (Loss)</a></td>
<td class="num">(1,291,689)<span></span>
</td>
<td class="num">(1,301,961)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccumulatedOtherComprehensiveIncome', window );">Other comprehensive income</a></td>
<td class="nump">3,779,032<span></span>
</td>
<td class="nump">2,956,459<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAttributableToOwnersOfParent', window );">Total equity attributable to owners of the Company</a></td>
<td class="nump">7,027,373<span></span>
</td>
<td class="nump">6,194,528<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="nump">1,260,856<span></span>
</td>
<td class="nump">1,189,993<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Total equity</a></td>
<td class="nump">8,288,229<span></span>
</td>
<td class="nump">7,384,521<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</a></td>
<td class="nump">R$ 45,209,970<span></span>
</td>
<td class="nump">R$ 44,153,623<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_NoncurrentAssetsSubtotal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_NoncurrentAssetsSubtotal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AccumulatedOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of accumulated items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other IFRSs. [Refer: IFRSs [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AccumulatedOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CapitalReserve">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the capital reserves.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CapitalReserve</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current accrued expenses and other current liabilities. [Refer: Accruals; Other current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current tax for current and prior periods to the extent unpaid. Current tax is the amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade receivables. [Refer: Trade receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity attributable to the owners of the parent. This specifically excludes non-controlling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph r<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_r&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of intangible assets and goodwill held by the entity. [Refer: Goodwill; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments accounted for using the equity method. The equity method is a method of accounting whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the investor's share of net assets of the investee. The investor's profit or loss includes its share of the profit or loss of the investee. The investor's other comprehensive income includes its share of the other comprehensive income of the investee. [Refer: At cost [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B16&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments in subsidiaries, joint ventures and associates in an entity's separate financial statements. [Refer: Associates [member]; Joint ventures [member]; Subsidiaries [member]; Investments in subsidiaries]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of equity in a subsidiary not attributable, directly or indirectly, to a parent. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 12<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_12_f&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph q<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_q&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 10<br> -IssueDate 2017-01-01<br> -Paragraph 22<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=10&amp;date=2017-03-01&amp;anchor=para_22&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentProvisionsForEmployeeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provisions for employee benefits. [Refer: Provisions for employee benefits]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentProvisionsForEmployeeBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentNonfinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current non-financial assets that the entity does not separately disclose in the same statement or note. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentNonfinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherLongtermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provisions other than provisions for employee benefits. [Refer: Non-current provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherLongtermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentNonfinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current non-financial assets that the entity does not separately disclose in the same statement or note. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentNonfinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current payables that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherReserves">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing reserves within equity, not including retained earnings. [Refer: Retained earnings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherReserves</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RetainedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A component of equity representing the entity's cumulative undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph IG6<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RetainedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current trade payables and current other payables. [Refer: Current trade payables; Other current payables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph k<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_k&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>An entity&#8217;s own equity instruments, held by the entity or other members of the consolidated group.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2017-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=32&amp;date=2017-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6808667984">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Income - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeStatementAbstract', window );"><strong>Profit or loss [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net Revenue from sales and/or services</a></td>
<td class="nump">R$ 18,524,601<span></span>
</td>
<td class="nump">R$ 17,148,949<span></span>
</td>
<td class="nump">R$ 15,261,697<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales and/or services</a></td>
<td class="num">(13,596,141)<span></span>
</td>
<td class="num">(12,640,042)<span></span>
</td>
<td class="num">(11,740,101)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="nump">4,928,460<span></span>
</td>
<td class="nump">4,508,907<span></span>
</td>
<td class="nump">3,521,596<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Operating income (expenses)</a></td>
<td class="num">(1,944,495)<span></span>
</td>
<td class="num">(2,563,431)<span></span>
</td>
<td class="nump">1,528,907<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="num">(1,815,107)<span></span>
</td>
<td class="num">(1,696,896)<span></span>
</td>
<td class="num">(1,430,189)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="num">(415,841)<span></span>
</td>
<td class="num">(518,232)<span></span>
</td>
<td class="num">(470,332)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingIncome', window );">Other operating income</a></td>
<td class="nump">824,286<span></span>
</td>
<td class="nump">663,509<span></span>
</td>
<td class="nump">3,610,347<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="num">(646,944)<span></span>
</td>
<td class="num">(1,076,730)<span></span>
</td>
<td class="num">(1,341,191)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Equity in results of affiliated companies</a></td>
<td class="nump">109,111<span></span>
</td>
<td class="nump">64,918<span></span>
</td>
<td class="nump">1,160,272<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">Profit before financial income (expenses) and taxes</a></td>
<td class="nump">2,983,965<span></span>
</td>
<td class="nump">1,945,476<span></span>
</td>
<td class="nump">5,050,503<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income</a></td>
<td class="nump">295,074<span></span>
</td>
<td class="nump">643,590<span></span>
</td>
<td class="nump">487,720<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="num">(2,758,701)<span></span>
</td>
<td class="num">(3,166,017)<span></span>
</td>
<td class="num">(3,852,882)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Profit (Loss) before income taxes</a></td>
<td class="nump">520,338<span></span>
</td>
<td class="num">(576,951)<span></span>
</td>
<td class="nump">1,685,341<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax and social contribution</a></td>
<td class="num">(409,109)<span></span>
</td>
<td class="num">(266,546)<span></span>
</td>
<td class="num">(2,903,216)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromContinuingOperations', window );">Profit (Loss) from continued operations</a></td>
<td class="nump">111,229<span></span>
</td>
<td class="num">(843,497)<span></span>
</td>
<td class="num">(1,217,875)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromDiscontinuedOperations', window );">Profit (Loss) from discontinued operations</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(9,561)<span></span>
</td>
<td class="nump">1,911<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Net income (loss) for the year</a></td>
<td class="nump">111,229<span></span>
</td>
<td class="num">(853,058)<span></span>
</td>
<td class="num">(1,215,964)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAbstract', window );"><strong>Profit (Loss) for the year attributed to:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Controlling interests</a></td>
<td class="nump">10,272<span></span>
</td>
<td class="num">(934,747)<span></span>
</td>
<td class="num">(1,214,122)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="nump">R$ 100,957<span></span>
</td>
<td class="nump">R$ 81,689<span></span>
</td>
<td class="num">R$ (1,842)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EarningsPerShareAbstract', window );"><strong>Earnings (loss) per common share - (reais/share)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicEarningsLossPerShare', window );">Basic</a></td>
<td class="nump">R$ .00757<span></span>
</td>
<td class="num">R$ (.68876)<span></span>
</td>
<td class="num">R$ (.89461)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DilutedEarningsLossPerShare', window );">Diluted</a></td>
<td class="nump">R$ 0.00757<span></span>
</td>
<td class="num">R$ (0.68876)<span></span>
</td>
<td class="num">R$ (0.89461)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity classifies as being administrative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_vi&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator) divided by the weighted average number of ordinary shares outstanding during the period (the denominator).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2017-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2017-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs relating to expenses directly or indirectly attributed to the goods or services sold, which may include, but are not limited to, costs previously included in the measurement of inventory that has now been sold, unallocated production overheads and abnormal amounts of production costs of inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator), divided by the weighted average number of ordinary shares outstanding during the period (the denominator), both adjusted for the effects of all dilutive potential ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2017-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2017-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue less cost of sales. [Refer: Cost of sales; Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeStatementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeStatementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MiscellaneousOtherOperatingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of miscellaneous other operating expenses. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MiscellaneousOtherOperatingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MiscellaneousOtherOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of miscellaneous other operating income. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MiscellaneousOtherOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherOperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income (expense) that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherOperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) attributable to non-controlling interests. [Refer: Profit (loss); Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 12<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_12_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81B_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) attributable to owners of the parent. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81B_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations. [Refer: Continuing operations [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_vi&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromDiscontinuedOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from discontinued operations. [Refer: Discontinued operations [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2017-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=5&amp;date=2017-03-01&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_vii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph ea<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_ea&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromDiscontinuedOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2017-01-01<br> -Paragraph IE33<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=32&amp;date=2017-03-01&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SalesAndMarketingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to the marketing and selling of goods or services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SalesAndMarketingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of associates and joint ventures accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Joint ventures [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39M<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39M_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6789811056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Comprehensive Income - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StatementOfComprehensiveIncomeAbstract', window );"><strong>Statement of comprehensive income [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Consolidated profit (loss) for the year</a></td>
<td class="nump">R$ 111,229<span></span>
</td>
<td class="num">R$ (853,058)<span></span>
</td>
<td class="num">R$ (1,215,964)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income</a></td>
<td class="nump">822,573<span></span>
</td>
<td class="nump">1,165,766<span></span>
</td>
<td class="num">(1,190,803)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract', window );"><strong>Items that will not be subsequently reclassified to the statement of income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments', window );">Actuarial (losses)/gains on defined benefit plan from investments in subsidiaries</a></td>
<td class="num">(12)<span></span>
</td>
<td class="nump">87<span></span>
</td>
<td class="nump">230<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Actuarial (losses)/gains on defined benefit pension plan</a></td>
<td class="num">(203,022)<span></span>
</td>
<td class="num">(219,417)<span></span>
</td>
<td class="nump">92,221<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome', window );">Income tax and social contribution on actuarial (losses) gains on defined benefit pension plan</a></td>
<td class="num">(1,073)<span></span>
</td>
<td class="num">(2,619)<span></span>
</td>
<td class="num">(64,756)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax', window );">Items that will not be subsequently reclassified to the statement of income</a></td>
<td class="num">(204,107)<span></span>
</td>
<td class="num">(221,949)<span></span>
</td>
<td class="nump">27,695<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract', window );"><strong>Items that could be subsequently reclassified to the statement of income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax', window );">Cumulative translation adjustments for the year</a></td>
<td class="nump">170,342<span></span>
</td>
<td class="num">(486,890)<span></span>
</td>
<td class="nump">513,685<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax', window );">Change in fair value of available-for-sale assets financial assets</a></td>
<td class="nump">847,849<span></span>
</td>
<td class="nump">711,942<span></span>
</td>
<td class="num">(969,701)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToInvestmentsInEquityInstrumentsOfOtherComprehensiveIncome', window );">Income tax and social contribution on available-for-sale financial assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">174,128<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReclassificationAdjustmentsOnAvailableforsaleFinancialAssetsNetOfTax', window );">Impairment of available-for-sale assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">555,298<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxRelatingToImpairmentOfInvestmentsInEquityInstrumentsOfOtherComprehensiveIncome', window );">Income tax and social contribution on impairment of available-for-sale assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(33,269)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInValueOfTimeValueOfOptionsNetOfTax', window );">Gain on change in percentage of ownership</a></td>
<td class="nump">2,814<span></span>
</td>
<td class="nump">1,299<span></span>
</td>
<td class="nump">1,980<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax', window );">(Loss) gain on cash flow hedge accounting</a></td>
<td class="num">(50,987)<span></span>
</td>
<td class="nump">1,005,968<span></span>
</td>
<td class="num">(1,410,896)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToHedgesOfInvestmentsInEquityInstrumentsOfOtherComprehensiveIncome', window );">Income tax and social contribution on (loss) gain on cash flow hedge accounting</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(41,014)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax', window );">Cash Flow hedge reclassified to income statement</a></td>
<td class="nump">92,140<span></span>
</td>
<td class="nump">77,444<span></span>
</td>
<td class="nump">11,439<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsNetOfTax', window );">(Loss) /gain on hedge of net investments in foreign subsidiaries</a></td>
<td class="num">(39,893)<span></span>
</td>
<td class="nump">77,952<span></span>
</td>
<td class="num">(20,148)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_LossGainOnBusinessCombination', window );">(Loss) / gain on business combination</a></td>
<td class="nump">4,415<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax', window );">Items that could be subsequently reclassified to the statement of income</a></td>
<td class="nump">1,026,680<span></span>
</td>
<td class="nump">1,387,715<span></span>
</td>
<td class="num">(1,218,498)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Comprehensive income (loss) for the year</a></td>
<td class="nump">933,802<span></span>
</td>
<td class="nump">312,708<span></span>
</td>
<td class="num">(2,406,767)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToAbstract', window );"><strong>Attributable to:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent', window );">Attributed to owners of the Company</a></td>
<td class="nump">832,845<span></span>
</td>
<td class="nump">231,019<span></span>
</td>
<td class="num">(2,404,925)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests', window );">Attributed to non-controlling interests</a></td>
<td class="nump">R$ 100,957<span></span>
</td>
<td class="nump">R$ 81,689<span></span>
</td>
<td class="num">R$ (1,842)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxRelatingToImpairmentOfInvestmentsInEquityInstrumentsOfOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxRelatingToImpairmentOfInvestmentsInEquityInstrumentsOfOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_LossGainOnBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_LossGainOnBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of comprehensive income attributable to non-controlling interests. [Refer: Comprehensive income; Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81B<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81B_b_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of comprehensive income attributable to owners of the parent. [Refer: Comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81B<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81B_b_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on cash flow hedges, net of tax. [Refer: Cash flow hedges [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_23_c&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24C<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_24C_b_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24E<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_24E_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnChangeInValueOfTimeValueOfOptionsNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on change in value of time value of options, net of tax. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnChangeInValueOfTimeValueOfOptionsNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on exchange differences on the translation of financial statements of foreign operations, net of tax. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on hedges of net investments in foreign operations, net of tax. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 39<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=39&amp;date=2017-03-01&amp;anchor=para_102_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24C<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_24C_b_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24E<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_24E_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 9<br> -IssueDate 2017-01-01<br> -Paragraph 6.5.13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=9&amp;date=2017-03-01&amp;anchor=para_6.5.13_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on remeasuring available-for-sale financial assets, net of tax. [Refer: Financial assets available-for-sale]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_20_a_ii&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-02&amp;anchor=para_91_a&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnRemeasuringAvailableforsaleFinancialAssetsNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToHedgesOfInvestmentsInEquityInstrumentsOfOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income in relation to hedges of investments in equity instruments that the entity has designated at fair value through other comprehensive income. [Refer: Other comprehensive income; Reserve of gains and losses on hedging instruments that hedge investments in equity instruments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 90<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToHedgesOfInvestmentsInEquityInstrumentsOfOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToInvestmentsInEquityInstrumentsOfOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income in relation to investments in equity instruments that the entity has designated at fair value through other comprehensive income. [Refer: Other comprehensive income; Reserve of gains and losses from investments in equity instruments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 90<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToInvestmentsInEquityInstrumentsOfOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income in relation to remeasurements of defined benefit plans. [Refer: Other comprehensive income; Reserve of remeasurements of defined benefit plans; Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 90<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, related to gains (losses) from changes in the fair value of investments in equity instruments that the entity has designated at fair value through other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesFromInvestmentsInEquityInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, related to gains (losses) on remeasurements of defined benefit plans, which comprise actuarial gains and losses; the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). [Refer: Other comprehensive income; Defined benefit plans [member]; Plan assets [member]; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income that will be reclassified to profit or loss, net of tax. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph IG6<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82A<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82A&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income that will not be reclassified to profit or loss, net of tax. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph IG6<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82A<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82A&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReclassificationAdjustmentsOnAvailableforsaleFinancialAssetsNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of reclassification adjustments related to available-for-sale financial assets, net of tax. Reclassification adjustments are amounts reclassified to profit (loss) in the current period that were recognised in other comprehensive income in the current or previous periods. [Refer: Financial assets available-for-sale; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_20_a_ii&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 92<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-02&amp;anchor=para_92&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReclassificationAdjustmentsOnAvailableforsaleFinancialAssetsNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of reclassification adjustments related to cash flow hedges, net of tax. Reclassification adjustments are amounts reclassified to profit (loss) in the current period that were recognised in other comprehensive income in the current or previous periods. [Refer: Cash flow hedges [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 92<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_92&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_23_d&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24C<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_24C_b_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24E<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_24E_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatementOfComprehensiveIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementOfComprehensiveIncomeAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6809132080">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Cash Flows - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_StatementOfCashFlowsAbstract', window );"><strong>Statement of cash flows [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="nump">R$ 111,229<span></span>
</td>
<td class="num">R$ (853,058)<span></span>
</td>
<td class="num">R$ (1,215,964)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract', window );"><strong>Adjustments to reconcile net income (loss) to net cash provided by operations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceCosts', window );">Accrued charges on borrowings and financing</a></td>
<td class="nump">2,346,598<span></span>
</td>
<td class="nump">2,944,558<span></span>
</td>
<td class="nump">2,889,163<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherAdjustmentsToReconcileProfitLoss', window );">Charges on loans and financing granted</a></td>
<td class="num">(54,777)<span></span>
</td>
<td class="num">(58,731)<span></span>
</td>
<td class="num">(65,084)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense', window );">Depreciation/ depletion / amortization</a></td>
<td class="nump">1,453,335<span></span>
</td>
<td class="nump">1,322,497<span></span>
</td>
<td class="nump">1,176,840<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod', window );">Equity in results of affiliated companies</a></td>
<td class="num">(109,111)<span></span>
</td>
<td class="num">(64,918)<span></span>
</td>
<td class="num">(1,160,348)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDeferredTaxExpense', window );">Deferred income tax and social contribution</a></td>
<td class="nump">50,128<span></span>
</td>
<td class="nump">60,368<span></span>
</td>
<td class="nump">2,767,545<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForProvisions', window );">Provision for tax, social security, labor and civil risks</a></td>
<td class="nump">10,166<span></span>
</td>
<td class="num">(25,642)<span></span>
</td>
<td class="nump">85,965<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains', window );">Monetary variations and exchange differences</a></td>
<td class="nump">250,660<span></span>
</td>
<td class="num">(1,038,018)<span></span>
</td>
<td class="nump">3,389,448<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentsForProvisionsOfSwapsForwardsTransactions', window );">Gain/(Loss) of derivative financial instruments</a></td>
<td class="num">(28,503)<span></span>
</td>
<td class="num">(5,467)<span></span>
</td>
<td class="nump">4,086<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MonetaryAdjustmentRelatedToEletrobrssCompulsoryLoan', window );">Monetary adjustment related to the Eletrobras's compulsory loan</a></td>
<td class="num">(755,151)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossInventories', window );">Impairment of available-for-sale assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">555,298<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets', window );">Proceeds from disposal of assets</a></td>
<td class="nump">28,127<span></span>
</td>
<td class="nump">88,339<span></span>
</td>
<td class="nump">6,466<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentsForGainsLossesOnRepurchaseOfDebtSecurities', window );">Gain on repurchase of debt securities</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(146,214)<span></span>
</td>
<td class="num">(166,642)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentsForProvisionsForActuarialLiabilities', window );">Provision for actuarial liabilities</a></td>
<td class="num">(36,953)<span></span>
</td>
<td class="num">(18,803)<span></span>
</td>
<td class="nump">1,193<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainLossThatRelatesToIdentifiableAssetsAcquiredOrLiabilitiesAssumedInBusinessCombination', window );">Gain on business combination</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(66,496)<span></span>
</td>
<td class="num">(3,297,499)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromDisposalOrMaturityOfAvailableforsaleFinancialAssets', window );">Gain on disposal of available for sale assets</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(252,023)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentsForProvisionsForEnvironmentalLiabilitiesAndDecommissioningOfAssets', window );">Provision for environmental liabilities and decommissioning of assets</a></td>
<td class="num">(10,051)<span></span>
</td>
<td class="nump">18,133<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment', window );">Impairment of Transnordestina</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">387,989<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInExistingProvisionsOtherProvisions', window );">Other provisions</a></td>
<td class="nump">82,682<span></span>
</td>
<td class="num">(993)<span></span>
</td>
<td class="nump">101,855<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForReconcileProfitLoss', window );">Total</a></td>
<td class="nump">3,338,379<span></span>
</td>
<td class="nump">2,291,521<span></span>
</td>
<td class="nump">5,072,322<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentsForChangesInAssetsAndLiabilitiesAbstract', window );"><strong>Changes in assets and liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable', window );">Trade receivables - third parties</a></td>
<td class="num">(300,449)<span></span>
</td>
<td class="num">(388,469)<span></span>
</td>
<td class="nump">208,488<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentsForDecreaseIncreaseInRelatedPartyTradeAccountReceivable', window );">Trade receivables - related parties</a></td>
<td class="nump">14,449<span></span>
</td>
<td class="num">(3,956)<span></span>
</td>
<td class="nump">217,439<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories', window );">Inventories</a></td>
<td class="num">(442,109)<span></span>
</td>
<td class="nump">947,834<span></span>
</td>
<td class="num">(726,800)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables', window );">Receivables from related parties</a></td>
<td class="nump">68,224<span></span>
</td>
<td class="nump">34,082<span></span>
</td>
<td class="nump">3,545,142<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxesRefundClassifiedAsOperatingActivities', window );">Recoverable taxes</a></td>
<td class="num">(100,470)<span></span>
</td>
<td class="nump">275,018<span></span>
</td>
<td class="num">(537,669)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInDepositsFromBanks', window );">Judicial deposits</a></td>
<td class="num">(6,720)<span></span>
</td>
<td class="nump">38,910<span></span>
</td>
<td class="num">(35,415)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable', window );">Trade payables</a></td>
<td class="nump">667,032<span></span>
</td>
<td class="nump">482,009<span></span>
</td>
<td class="nump">301,118<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities', window );">Payroll and related taxes</a></td>
<td class="num">(3,658)<span></span>
</td>
<td class="num">(5,691)<span></span>
</td>
<td class="nump">188,734<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentsForIncreaseDecreaseInTaxesInInstallmentsRefis', window );">Taxes in installments - REFIS</a></td>
<td class="nump">23,775<span></span>
</td>
<td class="num">(253,374)<span></span>
</td>
<td class="num">(176,737)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables', window );">Payables to related parties</a></td>
<td class="nump">46,081<span></span>
</td>
<td class="num">(9,726)<span></span>
</td>
<td class="num">(69,412)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities', window );">Interest paid</a></td>
<td class="num">(2,634,931)<span></span>
</td>
<td class="num">(3,050,036)<span></span>
</td>
<td class="num">(2,964,826)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestReceivedClassifiedAsOperatingActivities', window );">Interest received</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">19,636<span></span>
</td>
<td class="nump">8,402<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_InterestOnSwapsPaidClassifiedAsOperatingActivities', window );">Interest on swaps paid</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(3,999)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets', window );">Other</a></td>
<td class="num">(97,752)<span></span>
</td>
<td class="num">(97,841)<span></span>
</td>
<td class="nump">38,377<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentsForIncreaseDecreaseInAssetsAndLiabilities', window );">Increase (Decrease) in assets and liabilities</a></td>
<td class="num">(2,766,528)<span></span>
</td>
<td class="num">(2,015,603)<span></span>
</td>
<td class="num">(3,159)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivities', window );">Net cash generated by operating activities</a></td>
<td class="nump">571,851<span></span>
</td>
<td class="nump">275,918<span></span>
</td>
<td class="nump">5,069,163<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities', window );">Investments / acquisition of shares</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(190,435)<span></span>
</td>
<td class="num">(2,727,036)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities', window );">Purchase of property, plant and equipment</a></td>
<td class="num">(1,059,481)<span></span>
</td>
<td class="num">(1,628,694)<span></span>
</td>
<td class="num">(1,616,173)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Capital reduction on joint venture</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">466,758<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CashPaymentsForDerivativeTransactions', window );">Payment in derivative transactions</a></td>
<td class="nump">30,453<span></span>
</td>
<td class="num">(722,443)<span></span>
</td>
<td class="nump">903,153<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities', window );">Purchase of intangible assets</a></td>
<td class="num">(622)<span></span>
</td>
<td class="num">(3,119)<span></span>
</td>
<td class="num">(1,462)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CashReceiptsFromConsolidation', window );">Cash and cash equivalents in Namisa consolidation</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">456,364<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAdvancesAndLoansMadeToRelatedParties', window );">Loans granted to related parties</a></td>
<td class="num">(49,072)<span></span>
</td>
<td class="num">(96,461)<span></span>
</td>
<td class="num">(61,217)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities', window );">Financial investment, net of redeemed amount</a></td>
<td class="nump">24,679<span></span>
</td>
<td class="nump">3,208<span></span>
</td>
<td class="num">(728,725)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties', window );">Receipt loans - related party</a></td>
<td class="nump">4,819<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">443,345<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CashReceiptsFromDiscontinuedOperations', window );">Cash and Cash equivalents from discontinued operations</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">331,835<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CashReceiptsFromAcquisitionOfControl', window );">Cash and Cash equivalents on acquisition of control</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">941<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivities', window );">Net cash used in investing activities</a></td>
<td class="num">(1,049,224)<span></span>
</td>
<td class="num">(2,305,168)<span></span>
</td>
<td class="num">(2,864,993)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Borrowings and financing raised</a></td>
<td class="nump">534,506<span></span>
</td>
<td class="nump">22,597<span></span>
</td>
<td class="nump">411,793<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsIncurred', window );">Cost of borrowing</a></td>
<td class="num">(238)<span></span>
</td>
<td class="num">(26,844)<span></span>
</td>
<td class="num">(38,302)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Payment of borrowings</a></td>
<td class="num">(1,528,023)<span></span>
</td>
<td class="num">(398,699)<span></span>
</td>
<td class="num">(2,380,968)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RepaymentsOfRelatedPartyBorrowingsClassifiedAsFinancingActivities', window );">Payment of borrowings - related parties</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(52,839)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities', window );">Payment of dividends and interests on shareholder's equity</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(53)<span></span>
</td>
<td class="num">(549,835)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProceedsFromSaleOrIssueOfTreasuryShares', window );">Treasury shares</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="num">(9,390)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ProceedsFromForfaitingTransactions', window );">Forfaiting funding / drawee risk</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">78,240<span></span>
</td>
<td class="nump">924,706<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ForfaitingAmortization', window );">Forfaiting amortization / drawee risk</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(407,155)<span></span>
</td>
<td class="num">(1,146,306)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities', window );">Buyback of debt securities</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(151,098)<span></span>
</td>
<td class="num">(249,627)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivities', window );">Net cash used in financing activities</a></td>
<td class="num">(993,755)<span></span>
</td>
<td class="num">(883,012)<span></span>
</td>
<td class="num">(3,090,768)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents', window );">Exchange rate changes on cash and cash equivalents of foreign subsidiaries</a></td>
<td class="nump">11,538<span></span>
</td>
<td class="num">(77,628)<span></span>
</td>
<td class="nump">61,629<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents', window );">Increase (Decrease) in cash and cash equivalents</a></td>
<td class="num">(1,459,590)<span></span>
</td>
<td class="num">(2,989,890)<span></span>
</td>
<td class="num">(824,969)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents at the beginning of the year</a></td>
<td class="nump">4,871,162<span></span>
</td>
<td class="nump">7,861,052<span></span>
</td>
<td class="nump">8,686,021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents at the end of the year</a></td>
<td class="nump">R$ 3,411,572<span></span>
</td>
<td class="nump">R$ 4,871,162<span></span>
</td>
<td class="nump">R$ 7,861,052<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AdjustmentsForChangesInAssetsAndLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AdjustmentsForChangesInAssetsAndLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AdjustmentsForDecreaseIncreaseInRelatedPartyTradeAccountReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AdjustmentsForDecreaseIncreaseInRelatedPartyTradeAccountReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AdjustmentsForGainsLossesOnRepurchaseOfDebtSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AdjustmentsForGainsLossesOnRepurchaseOfDebtSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AdjustmentsForIncreaseDecreaseInAssetsAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AdjustmentsForIncreaseDecreaseInAssetsAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AdjustmentsForIncreaseDecreaseInTaxesInInstallmentsRefis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AdjustmentsForIncreaseDecreaseInTaxesInInstallmentsRefis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AdjustmentsForProvisionsForActuarialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AdjustmentsForProvisionsForActuarialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AdjustmentsForProvisionsForEnvironmentalLiabilitiesAndDecommissioningOfAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AdjustmentsForProvisionsForEnvironmentalLiabilitiesAndDecommissioningOfAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AdjustmentsForProvisionsOfSwapsForwardsTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AdjustmentsForProvisionsOfSwapsForwardsTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CashPaymentsForDerivativeTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CashPaymentsForDerivativeTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CashReceiptsFromAcquisitionOfControl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CashReceiptsFromAcquisitionOfControl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CashReceiptsFromConsolidation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CashReceiptsFromConsolidation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CashReceiptsFromDiscontinuedOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CashReceiptsFromDiscontinuedOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ForfaitingAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ForfaitingAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_InterestOnSwapsPaidClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_InterestOnSwapsPaidClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_MonetaryAdjustmentRelatedToEletrobrssCompulsoryLoan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_MonetaryAdjustmentRelatedToEletrobrssCompulsoryLoan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ProceedsFromForfaitingTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ProceedsFromForfaitingTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RepaymentsOfRelatedPartyBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RepaymentsOfRelatedPartyBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in inventories to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Inventories; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in other assets to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Other assets; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in other operating receivables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for decrease (increase) in trade accounts receivable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDeferredTaxExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for deferred tax expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Deferred tax expense (income); Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDeferredTaxExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for depreciation and amortisation expense to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Depreciation and amortisation expense; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForDepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForFinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for finance costs to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance costs; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForFinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for impairment loss (reversal of impairment loss) on inventories recognised in profit or loss to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Inventories; Impairment loss; Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss; Impairment loss (reversal of impairment loss) recognised in profit or loss]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for impairment loss (reversal of impairment loss) on property, plant and equipment recognised in profit or loss to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInDepositsFromBanks">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in deposits from banks to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Deposits from banks; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInDepositsFromBanks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in employee benefit liabilities to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in other operating payables to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInOtherOperatingPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for increase (decrease) in trade accounts payable to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForIncreaseDecreaseInTradeAccountPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for provisions to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Provisions; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForReconcileProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForReconcileProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForReconcileProfitLossAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForReconcileProfitLossAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for unrealised foreign exchange losses (gains) to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingCostsIncurred">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest and other costs that an entity incurs in connection with the borrowing of funds.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingCostsIncurred</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAdvancesAndLoansMadeToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for loans and advances made to related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAdvancesAndLoansMadeToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate cash flows arising from losing control of subsidiaries or other businesses, classified as investing activities. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 39<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_39&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from repayment to the entity of loans and advances made to related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid by the entity, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_28&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainLossThatRelatesToIdentifiableAssetsAcquiredOrLiabilitiesAssumedInBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gain (loss) that both: (a) relates to identifiable assets acquired or liabilities assumed in a business combination; and (b) is of such size, nature or incidence that disclosure is relevant to understanding the combined entity's financial statements. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B67<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B67_e&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainLossThatRelatesToIdentifiableAssetsAcquiredOrLiabilitiesAssumedInBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxesRefundClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from income taxes refunded, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxesRefundClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash and cash equivalents. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInExistingProvisionsOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in existing other provisions. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2017-01-01<br> -Paragraph 84<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2017-03-01&amp;anchor=para_84_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInExistingProvisionsOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest paid, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPaidClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestReceivedClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from interest received, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestReceivedClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherAdjustmentsToReconcileProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments to reconcile profit (loss) to net cash flow from (used in) operating activities that the entity does not separately disclose in the same statement or note. [Refer: Adjustments to reconcile profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherAdjustmentsToReconcileProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire equity or debt instruments of other entities (other than payments for those instruments considered to be cash equivalents or those held for dealing or trading purposes), classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCashPaymentsToAcquireEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Inflows (outflows) of cash, classified as financing activities, that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_21&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Inflows (outflows) of cash, classified as investing activities, that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_21&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromDisposalOrMaturityOfAvailableforsaleFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the disposal or maturity of available-for-sale financial assets. [Refer: Financial assets available-for-sale]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromDisposalOrMaturityOfAvailableforsaleFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the disposal of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets. [Refer: Intangible assets other than goodwill; Investment property; Other non-current assets; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromSaleOrIssueOfTreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the sale or issuing of treasury shares. [Refer: Sale or issue of treasury shares; Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromSaleOrIssueOfTreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of intangible assets, classified as investing activities. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchases of property, plant and equipment, classified as investing activities. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of associates accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementOfCashFlowsAbstract</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6809591072">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statement of Changes in Shareholders' Equity - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Paid-in Capital</div></th>
<th class="th"><div>Capital Reserve [Member]</div></th>
<th class="th"><div>Earnings Reserve [Member]</div></th>
<th class="th"><div>Retained Earnings [Member]</div></th>
<th class="th"><div>Other Comprehensive Income [Member]</div></th>
<th class="th"><div>Shareholders' Equity [Member]</div></th>
<th class="th"><div>Non-Controlling Interests [Member]</div></th>
<th class="th"><div>Total</div></th>
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<td class="nump">R$ 4,540,000<span></span>
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<td class="nump">R$ 30<span></span>
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<td class="nump">R$ 1,131,298<span></span>
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<td class="nump">R$ 0<span></span>
</td>
<td class="nump">R$ 25,140<span></span>
</td>
<td class="nump">R$ 5,696,468<span></span>
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<td class="nump">R$ 38,507<span></span>
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<td class="nump">R$ 5,734,975<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssueOfEquity', window );">Capital transactions with shareholders</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(284,390)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(284,390)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(284,390)<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchaseOfTreasuryShares', window );">Treasury shares acquired</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(9,390)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(9,390)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(9,390)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaidOrdinaryShares', window );">Declared dividends</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(275,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(275,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(275,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ComprehensiveIncomeLoss', window );">Total comprehensive income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,214,122)<span></span>
</td>
<td class="nump">1,765,553<span></span>
</td>
<td class="nump">551,431<span></span>
</td>
<td class="num">(1,842)<span></span>
</td>
<td class="nump">549,589<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,214,122)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,214,122)<span></span>
</td>
<td class="num">(1,842)<span></span>
</td>
<td class="num">(1,215,964)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_OtherComprehensiveIncomeLoss', window );">Other comprehensive income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,765,553<span></span>
</td>
<td class="nump">1,765,553<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,765,553<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax', window );">Cumulative translation adjustments for the period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">513,685<span></span>
</td>
<td class="nump">513,685<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">513,685<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ActuarialGainsLossesNetDefinedBenefitLiabilityAsset', window );">Actuarial gain/(loss) on defined benefit pension plan, net of taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">27,695<span></span>
</td>
<td class="nump">27,695<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">27,695<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnAvailableforsaleFinancialAssets', window );">Gain/(Loss) on available-for-sale assets, net of taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(273,544)<span></span>
</td>
<td class="num">(273,544)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(273,544)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInValueOfTimeValueOfOptionsNetOfTax', window );">Gain/(loss) on percentage change in investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,980<span></span>
</td>
<td class="nump">1,980<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,980<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgingInstrument', window );">Gain/(loss) on cash flow hedge accounting, net of taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,440,471)<span></span>
</td>
<td class="num">(1,440,471)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,440,471)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsNetOfTax', window );">Gain/(loss) on hedge of net investments in foreign subsidiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(20,148)<span></span>
</td>
<td class="num">(20,148)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(20,148)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GainLossOnBusinessCombination', window );">Gain/(loss) on business combination</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,956,356<span></span>
</td>
<td class="nump">2,956,356<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,956,356<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInEquity', window );">Internal changes in shareholders' equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(846,908)<span></span>
</td>
<td class="nump">846,908<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,091,114<span></span>
</td>
<td class="nump">1,091,114<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncreaseDecreaseThroughTransferToMiscellaneousOtherReserves', window );">Earnings reserve</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(846,908)<span></span>
</td>
<td class="nump">846,908<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NoncontrollingInterestsInSubsidiaries', window );">Non-controlling interests in subsidiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,091,114<span></span>
</td>
<td class="nump">1,091,114<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Ending balance at Dec. 31, 2015</a></td>
<td class="nump">4,540,000<span></span>
</td>
<td class="nump">30<span></span>
</td>
<td class="nump">R$ 0<span></span>
</td>
<td class="num">(367,214)<span></span>
</td>
<td class="nump">1,790,693<span></span>
</td>
<td class="nump">5,963,509<span></span>
</td>
<td class="nump">1,127,779<span></span>
</td>
<td class="nump">7,091,288<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ComprehensiveIncomeLoss', window );">Total comprehensive income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(934,747)<span></span>
</td>
<td class="nump">1,165,766<span></span>
</td>
<td class="nump">231,019<span></span>
</td>
<td class="nump">81,689<span></span>
</td>
<td class="nump">312,708<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(934,747)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(934,747)<span></span>
</td>
<td class="nump">81,689<span></span>
</td>
<td class="num">(853,058)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_OtherComprehensiveIncomeLoss', window );">Other comprehensive income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,165,766<span></span>
</td>
<td class="nump">1,165,766<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,165,766<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax', window );">Cumulative translation adjustments for the period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(486,890)<span></span>
</td>
<td class="num">(486,890)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(486,890)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ActuarialGainsLossesNetDefinedBenefitLiabilityAsset', window );">Actuarial gain/(loss) on defined benefit pension plan, net of taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(221,949)<span></span>
</td>
<td class="num">(221,949)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(221,949)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnAvailableforsaleFinancialAssets', window );">Gain/(Loss) on available-for-sale assets, net of taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">711,942<span></span>
</td>
<td class="nump">711,942<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">711,942<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInValueOfTimeValueOfOptionsNetOfTax', window );">Gain/(loss) on percentage change in investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,299<span></span>
</td>
<td class="nump">1,299<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,299<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgingInstrument', window );">Gain/(loss) on cash flow hedge accounting, net of taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,083,412<span></span>
</td>
<td class="nump">1,083,412<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,083,412<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsNetOfTax', window );">Gain/(loss) on hedge of net investments in foreign subsidiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">77,952<span></span>
</td>
<td class="nump">77,952<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">77,952<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInEquity', window );">Internal changes in shareholders' equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(19,475)<span></span>
</td>
<td class="num">(19,475)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NoncontrollingInterestsInSubsidiaries', window );">Non-controlling interests in subsidiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(19,475)<span></span>
</td>
<td class="num">(19,475)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Ending balance at Dec. 31, 2016</a></td>
<td class="nump">4,540,000<span></span>
</td>
<td class="nump">30<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,301,961)<span></span>
</td>
<td class="nump">2,956,459<span></span>
</td>
<td class="nump">6,194,528<span></span>
</td>
<td class="nump">1,189,993<span></span>
</td>
<td class="nump">7,384,521<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ComprehensiveIncomeLoss', window );">Total comprehensive income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,272<span></span>
</td>
<td class="nump">822,573<span></span>
</td>
<td class="nump">832,845<span></span>
</td>
<td class="nump">100,957<span></span>
</td>
<td class="nump">933,802<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,272<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,272<span></span>
</td>
<td class="nump">100,957<span></span>
</td>
<td class="nump">111,229<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_OtherComprehensiveIncomeLoss', window );">Other comprehensive income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">822,573<span></span>
</td>
<td class="nump">822,573<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">822,573<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationNetOfTax', window );">Cumulative translation adjustments for the period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">170,342<span></span>
</td>
<td class="nump">170,342<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">170,342<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ActuarialGainsLossesNetDefinedBenefitLiabilityAsset', window );">Actuarial gain/(loss) on defined benefit pension plan, net of taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(204,107)<span></span>
</td>
<td class="num">(204,107)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(204,107)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnAvailableforsaleFinancialAssets', window );">Gain/(Loss) on available-for-sale assets, net of taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">847,849<span></span>
</td>
<td class="nump">847,849<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">847,849<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInValueOfTimeValueOfOptionsNetOfTax', window );">Gain/(loss) on percentage change in investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,814<span></span>
</td>
<td class="nump">2,814<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,814<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgingInstrument', window );">Gain/(loss) on cash flow hedge accounting, net of taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">41,153<span></span>
</td>
<td class="nump">41,153<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">41,153<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgesOfNetInvestmentsInForeignOperationsNetOfTax', window );">Gain/(loss) on hedge of net investments in foreign subsidiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(39,893)<span></span>
</td>
<td class="num">(39,893)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(39,893)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GainLossOnBusinessCombination', window );">Gain/(loss) on business combination</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,415<span></span>
</td>
<td class="nump">4,415<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,415<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInEquity', window );">Internal changes in shareholders' equity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(30,094)<span></span>
</td>
<td class="num">(30,094)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NoncontrollingInterestsInSubsidiaries', window );">Non-controlling interests in subsidiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(30,094)<span></span>
</td>
<td class="num">(30,094)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Ending balance at Dec. 31, 2017</a></td>
<td class="nump">R$ 4,540,000<span></span>
</td>
<td class="nump">R$ 30<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">R$ (1,291,689)<span></span>
</td>
<td class="nump">R$ 3,779,032<span></span>
</td>
<td class="nump">R$ 7,027,373<span></span>
</td>
<td class="nump">R$ 1,260,856<span></span>
</td>
<td class="nump">R$ 8,288,229<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ActuarialGainsLossesNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ActuarialGainsLossesNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ComprehensiveIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ComprehensiveIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_GainLossOnBusinessCombination">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_GainLossOnBusinessCombination</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncreaseDecreaseThroughTransferToMiscellaneousOtherReserves">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncreaseDecreaseThroughTransferToMiscellaneousOtherReserves</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_NoncontrollingInterestsInSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_NoncontrollingInterestsInSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_OtherComprehensiveIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_OtherComprehensiveIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ChangesInEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity. [Refer: Equity]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ChangesInEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidOrdinaryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends paid by the entity on ordinary shares. [Refer: Ordinary shares [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 34<br> -IssueDate 2017-01-01<br> -Paragraph 16A<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=34&amp;date=2017-03-01&amp;anchor=para_16A_f&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidOrdinaryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnAvailableforsaleFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on available-for-sale financial assets. [Refer: Financial assets available-for-sale]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_20_a_ii&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnAvailableforsaleFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on change in value of time value of options, net of tax. [Refer: Other comprehensive income]</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on exchange differences on the translation of financial statements of foreign operations, net of tax. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on hedges of net investments in foreign operations, net of tax. [Refer: Other comprehensive income]</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on hedging instruments in fair value hedges. [Refer: Fair value hedges [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_24_a_i&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in equity through the issue of equity instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6807011120">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>1. DESCRIPTION OF BUSINESS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DescriptionOfBusinessAbstract', window );"><strong>Description Of Business</strong></a></td>
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<td style="width: 0"></td><td style="width: 0.25in"><font style="font: 10pt Times New Roman, Times, Serif"><b>1.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>DESCRIPTION
                                         OF BUSINESS</b></font></td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt/116% Times New Roman, Times, Serif">Companhia
Sider&#250;rgica Nacional &#8220;CSN&#8221;, also referred to as the Company, is a publicly-held company incorporated on April
9, 1941, under the laws of the Federative Republic of Brazil (Companhia Sider&#250;rgica Nacional, its subsidiaries, joint ventures,
joint operations and associates are collectively referred to herein as the &#34;Group&#8221;). The Company&#8217;s registered
office is located at Av. Brigadeiro Faria Lima, 3.400, 19</font> <font style="font: 10pt Times New Roman, Times, Serif"><b><sup>th
</sup></b><font style="line-height: 116%">and 20</font> <b><sup>th</sup></b> <font style="line-height: 116%">floors, Itaim Bibi,
S&#227;o Paulo, Brazil, CEP 04538-132.</font></font></p>

<p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 9pt/116% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">CSN
has shares listed on the S&#227;o Paulo Stock Exchange (B3 S.A.- Brasil, Bolsa, Balc&#227;o) and on the New York Stock Exchange
(NYSE), under the code SID. Accordingly, the Company reports its information to the Brazilian Securities Commission (CVM) and
the U.S. Securities and Exchange Commission (SEC). </font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Group's main operating activities are divided into five (5) operating segments as follows:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

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<td style="width: 0"></td><td style="width: 14.2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Steel:</b></font></td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company&#8217;s main industrial facility is the Presidente Vargas steelworks (&#8220;UPV&#8221;), located in the city of Volta
Redonda, State of Rio de Janeiro. This segment consolidates the operations related to the production, distribution and sale of
flat steel, long steel, metallic containers and galvanized steel. In addition to the facilities in Brazil, CSN has operations
in the United States, Portugal and Germany, all of them are in line with the plan to achieve new markets and perform excellent
services for final consumers. Its steel has been used in home appliances, civil construction and automobile industries.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
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<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
production of iron ore is developed in the city of Congonhas, State of Minas Gerais.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Iron
ore is sold basically in the international market, especially in Europe and Asia. The prices charged in these markets are historically
cyclical and subject to significant fluctuations over short periods of time, driven by several factors related to global demand,
strategies adopted by the major steel producers and the foreign exchange rate. All these factors are beyond the Company&#8217;s
control. The ore transportation is accomplished by Terminal de Carv&#227;o e Min&#233;rios do Porto de Itaguai ( &#8220;TECAR&#8221;),
a solid bulk terminal, one of the four terminals that compose the Port of Itaguai, located in the State of Rio de Janeiro. Imports
of coal and coke are held through this terminal and directed to the steel industry of CSN.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company&#180;s mining activities also comprises tin exploitation, which is based in the State of Rond&#244;nia, this facility
is engaged to supply the needs of UPV, with the excess of raw materials being sold to subsidiaries and third parties.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 14.2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Cement:</b></font></td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">CSN
entered in the cement market boosted by the synergy between this new activity and its existing businesses. Next to UPV in Volta
Redonda (RJ), is installed the new business unit: CSN Cimentos, which produces CP-III type of cement by using slag produced by
the UPV blast furnaces in Volta Redonda. It also explores limestone and dolomite at the Arcos unit, located in the State of Minas
Gerais, to satisfy the needs of UPV as of the cement plant.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
the fourth quarter of 2016, the Company started the operation of its second clinker production line in Arcos/MG. As a result,
the Company is self-sufficient in the production of cement, with an installed capacity of 4.7 million tons per year.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 14.2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Logistics</b></font></td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Railroads:</i></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">CSN
has interests in three railroad companies: MRS Log&#237;stica S.A., which manages the former Southeast Railway System of Rede
Ferrovi&#225;ria Federal S.A (&#8220;RFFSA&#8221;)., Transnordestina Log&#237;stica S.A. (&#8220;TLSA&#8221;) and FTL - Ferrovia
Transnordestina Log&#237;stica S.A. (&#8220;FTL&#8221;), which has the concession to operate the former Northeast Railway System
of RFFSA, in the States of Maranh&#227;o, Piau&#237;, Cear&#225;, Rio Grande do Norte, Para&#237;ba, Pernambuco and Alagoas, with
TLSA being responsible for the rail links of Miss&#227;o Velha-Salgueiro, Salgueiro-Trindade, Trindade-Eliseu Martins, Salgueiro-Porto
de Suape and Miss&#227;o Velha-Porto de Pec&#233;m (Railway System II), still under construction, and FTL being responsible for
the rail links of S&#227;o Luiz-Mucuripe, Arrojado-Recife, Itabaiana-Cabedelo, Paula Cavalcante-Macau and Propri&#225;-Jorge Lins
(Railway System I).</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Ports<b>:
</b></i></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
the State of Rio de Janeiro, by means of its subsidiaries Sepetiba Tecon S.A. and CSN Minera&#231;&#227;o S.A. (&#8220;CSN Minera&#231;&#227;o&#8221;),
the Company operates the Container Terminal (&#8220;Tecon&#8221;) and the solid bulk terminal (Tecar), respectively, both located
at the Itagua&#237; Port. Established in the harbor of Sepetiba, the mentioned port has a privileged highway, railroad and maritime
access.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(&#8220;Tecon&#8221;)
is responsible for the shipments of CSN&#180;s steel products, movement and storage of containers, consolidation and deconsolidation
of cargo; The Tecar&#180;s port terminal is engaged to the iron ore shipment overseas and to the landing of coal, petroleum, coke,
sulfur and zinc concentrate for our own operation and for third parties.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 14.2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Energy:</b></font></td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Since
the energy supply is fundamental in CSN&#180;s production process, the Company owns and operates facilities to generate electric
power for guaranteeing its self-sufficiency. See further details in Note 8.d.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
note 25 - &#8220;Segment Information&#8221; details the financial information per each of CSN&#180;s business segment.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Going
Concern</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
2017, the Company amortized principal and interest in the approximate amount of R$4.2 billion of its loans and financing. Until
March 2019, loans and interest to be incurred next year, are expected to be paid in the approximate amount of R$8.9 billion, after
the local debt reprofiling.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
financial leverage may adversely affect the businesses, financial conditions and operating results and may require the
following considerations:</font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 14.2pt"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Allocation
                                         of a substantial part of the cash generated from operations for repayment of the borrowings.</font></td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 14.2pt"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Exposure
                                         (i) to fluctuations in interest rates due to the renegotiation of debts and new borrowings
                                         taken, and fluctuations in exchange rates since a significant part of the borrowings
                                         is denominated in foreign currency.</font></td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 14.2pt"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Increase
                                         in the economic and financial vulnerability due to adverse conditions of the industry
                                         and segment, limiting the funds available in the short term, considering the high financial
                                         leverage and the expected cash disbursements;</font></td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 14.2pt"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Limitation
                                         of the Company&#8217;s ability to enter into new businesses (acquisitions) until the
                                         financial leverage is reduced;</font></td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 14.2pt"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Limitation
                                         of the Company&#8217;s ability to obtain new credit lines under more favorable interest
                                         conditions due to the risks associated to the current financial leverage.</font></td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company&#8217;s ability to continue operating depends on the achievement of operating targets defined by Management, in addition
to refinancing of contracted debts, and/or actions related to financial deleveraging.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
addition to the continuous focus on improvement in operating income, Management has various actions in progress to increase the
Company&#8217;s liquidity through an extension of borrowing payment terms.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
plan was started in 2015, with the renegotiation of R$ 2.5 billion with Caixa Econ&#244;mica Federal and R$ 2.2 billion with Banco
do Brasil S.A, postponing the maturities from 2016 and 2017 to 2018 through 2022. In 2016, the Company extended the installments
of certain NCE contracts amounting to R$ 100 million and prepayments of US$ 66 million with Bradesco, postponing the maturities
from 2016 to 2019. In 2017, Management remained committed to the plan to extend it debt payment term, mainly those of short term,
working on the renegotiation of borrowings at R$ 1.5 billion.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
February 2018 we concluded the renegotiation of R$4,98 billion of our outstanding debt with Banco do Brasil, postponing the maturities
of 2018 through 2022 up to 2024. In February 2018 we issued debt instruments (&#8220;Notes&#8221;) in the amount of US$350 million
through our wholly-owned subsidiary CSN Resources S.A., with maturity date in 2023 and, in conjunction, we made a repurchase offer
(&#8220;Tender Offer&#8221;) of the Notes previously issued by CSN Islands XI Corp and CSN Resources S.A, having been repurchased
US$350 million in Notes with maturities scheduled for 2019 and 2020.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Additionally,
Management studies alternatives to financial deleverage from the disposal of non-strategic assets. However, it is not possible
to affirm that the sale of assets will occur within a 12-month period. Thus, the Company did not segregate and did not reclassify
any assets in the financial statements as discontinued operations in accordance with IFRS 5.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Based
on Management&#8217;s cash flow projections that covered the period until December 2018 as of the date of these financial statements,
which depend on factors such as the achievement of production targets, sales volumes and prices, as well as on renegotiations
of borrowings, Management believes that the Company has appropriate resources to continue as a going concern in a reasonably estimable
period of time. Accordingly, the Company&#8217;s financial statements for the year ended December 31, 2017 have been prepared
on the assumption that the Company will continue as a going concern.</font></p><span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory', window );">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.</b></font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>SUMMARY
                                         OF SIGNIFICANT ACCOUNTING POLICIES</b></font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.a)
Basis of preparation </b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
consolidated financial statements have been prepared and are being presented in accordance with International Financial Reporting
Standards &#8220;IFRS&#8221; issued by the International Accounting Standards Board (IASB). All the relevant information of the
financial statements, and only this information, are being highlighted and correspond to those used by the Company's management.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also
requires management to exercise its judgment in the process of applying the Company&#8217;s accounting policies. It is disclosed
in the notes to this report all subjects involving a high degree of judgment or complexity or when assumptions and estimates are
significant to the consolidated financial statements, those subjects are related to the allowance for doubtful debts, provision
for inventory losses, provision for labor, civil, tax, environmental and social security contingences, depreciation, amortization,
depletion, provision for impairment, deferred taxes, financial instruments and employee benefits. Actual results may differ from
these estimates.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
financial statements are presented in thousands of Brazilian Reais (R$). Depending on the applicable IFRS standard, the measurement
criteria used in preparing the financial statements considers the historical cost, net realizable value, fair value or recoverable
amount. When the IFRS allows us to option between acquisition cost and other measurement criteria, the acquisition cost was the
criteria used.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 8pt Times New Roman, Times, Serif">The
consolidated financial statements were approved by the Board of Directors on April 30, 2018.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.b)
Consolidated financial statements </b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
accounting policies have been consistently applied to all consolidated companies. The consolidated financial statements for the
years ended December 31, 2017 and 2016 include the following direct and indirect subsidiaries, joint ventures and joint operations,
as well as the exclusive funds, as follows:</font></p>




<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: middle; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Financial
    transactions</font></td></tr>
<tr style="vertical-align: middle; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    Islands XI Corp.</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;100.00</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Financial
    transactions</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">CSN
    Islands XII Corp.</font></td>
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;100.00</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;100.00</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Financial
    transactions</font></td></tr>
<tr style="vertical-align: middle; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">CSN
    Minerals S.L.U. (1)</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;100.00</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;100.00</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Equity
    interests</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">CSN
    Export Europe, S.L.U. (1)</font></td>
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;100.00</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;100.00</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Financial
    transactions and Equity interests</font></td></tr>
<tr style="vertical-align: middle; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">CSN
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;100.00</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;100.00</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Equity
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<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">CSN
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    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;100.00</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;100.00</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Equity
    interests and Financial transactions&#160;</font></td></tr>
<tr style="vertical-align: middle; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">CSN
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;100.00</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;100.00</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Equity
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<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">TdBB
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Equity
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<tr style="vertical-align: middle; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Sepetiba
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<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Min&#233;rios
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: middle; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: middle; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: middle; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: middle; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;31.82</font></td>
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Dormant
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<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">CBSI
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<tr style="vertical-align: middle; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Transnordestina
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<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: middle; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">MRS
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    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16.30</font></td>
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: middle; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Arvedi
    Metalfer do Brasil S.A.&#160;</font></td>
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20.00</font></td>
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20.00</font></td>
    <td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Metallurgy
    and Equity interests</font></td></tr>
</table>


<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(*)
They are Dormant Companies, therefore they do not appear in the note 8.a, where is disclosed business information under the equity
method and classified as available for sale.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 7.1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Events
                                         in 2017:</b></font></td></tr></table>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(1)
On February 6, 2018, the Spanish commercial registry recognized the merger by absorption of the companies by CSN Steel, S.L.U.,
date from which the companies were considered legally extinct. In addition, before third parties and for the purposes of commercial
law, the merger is retroactive to the date of December 28, 2017;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(2)
Transfer of 1 share in August 2017;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(3)
Company sold to the CSN Minera&#231;&#227;o and in August 2017 was incorporated by the same subsidiary;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(4)
Companies liquidated in July 2017;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(5)
New corporate name of Namisa International Min&#233;rios SLU, amended in September 2017;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(6)
Companies constituted in 2017;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#8226;
Exclusive funds</b>&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    Interests (%)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="width: 48%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Exclusive
    funds</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 14%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 19%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Core
    business</b></font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Direct
    interest: full consolidation</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Diplic
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;100.00
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Investment
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<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Caixa
    V&#233;rtice - Private credit balanced mutual fund</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;100.00
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;100.00
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Investment
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">VR1
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;100.00
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;100.00
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Investment
    fund</font></td></tr>
</table>


<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
preparing the consolidated financial statements, we have adopted the following consolidation procedures:</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Transactions between subsidiaries, associates, joint ventures and joint operations </b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Unrealized
gains on transactions with subsidiaries, joint ventures and associates are eliminated to the extent of CSN&#8217;s equity interests
in the related entity by the consolidation process. Unrealized losses are eliminated in the same manner as unrealized gains, although
only to the extent that there are not indications of impairment. The Company eliminates the effect on profit or loss of transactions
carried out with joint ventures and, as a result, reclassifies part of the equity in results of joint ventures to financial costs,
cost of sales and income tax and social contribution.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
base date to the financial statements of the subsidiaries and joint ventures is the same as of the Company, and their accounting
policies are also in line with the policies adopted by the CSN.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Subsidiaries</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Subsidiaries
are all entities (including special purpose entities) which financial and operating policies can be conducted by the Company and
when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to use its
power to affect its returns. The existence and effect of potential voting rights that are actually exercisable or convertible
are taken into consideration when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from
the date when the control is transferred to the Company and are deconsolidated from the date when such control ceases. &#9;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Joint
ventures and joint operations</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Joint
arrangements are all entities over which the Company has joint control with one or more other parties. The investments in joint
arrangements are classified as joint operations or joint ventures depending on the contractual rights and obligations of each
investor.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Joint
operations are accounted for in the financial statements in order to represent the Company's contractual rights and obligations.
Therefore, the assets, liabilities, revenues and expenses related to its interests in joint operations are accounted for individually
in the financial statements.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Joint
ventures are accounted for under the equity method and are not consolidated.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company eliminates the effect on profit or loss of transactions carried out with joint ventures and, as a result, eliminates part
of the equity in results of joint ventures to financial costs, cost of sales, net sales and income tax and social contribution.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Associates</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Associates
are all entities over which the Company has significant influence but not control, generally through a shareholding percentage
from 20% up to 50% of the voting rights. Investments in associates are accounted for under the equity method and are initially
recognized at cost.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Transactions and non-controlling interests</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company treats transactions with non-controlling interests as transactions with owners of the Company. For purchases from non-controlling
interests, the difference between any consideration paid and the relevant share acquired of the carrying value of subsidiary net
assets is recorded in shareholders' equity. Gains and losses on disposals to non-controlling interests are also recognized directly
in shareholders' equity.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">When
the Company no longer holds control, any retained interest in the entity is remeasured to its fair value, with the change in the
carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting
for the retained interest in an associate, joint venture or financial asset. In addition, any amounts previously recognized in
other comprehensive income in respect of that entity are accounted for as if the Company had disposed of the related assets or
liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.c)
Foreign currencies </b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 8pt Times New Roman, Times, Serif"><b>i.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Functional and presentation currency</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Items
included in the financial statements are related to each one of the Company's subsidiaries are measured using the currency of
the primary economic environment in which the subsidiary operates (&#8220;functional currency&#8221;). The consolidated financial
statements are presented in Brazilian Reais (R$), which is the Company&#8217;s functional currency and the Group&#8217;s presentation
currency.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 8pt Times New Roman, Times, Serif"><b>ii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Transactions and balances</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Transactions
in foreign currencies are translated into the functional currency using the exchange rates in effect at the dates of the transactions
or valuations when their values are remeasured. Foreign exchange gains and losses resulting from the settlement of those transactions
and from the translation at exchange rates in effect as of December 31, 2017 related to monetary assets and liabilities denominated
in foreign currencies are recognized in the income statement, except when they are recognized in shareholders' equity as a result
of foreign operation characterized as foreign investment.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
balances of assets and liabilities are translated by exchange rates prevailing at the end of the reporting period. As of December
31, 2017, US$1 is equal to R$3.3080 (R$3.2591 at December 31, 2016) and &#8364;1 is equal to R$3.9693 (R$3.4384 at December 31,
2016).</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">All
other foreign exchange gains and losses, including foreign exchange gains and losses related to borrowings and cash and cash equivalents,
are presented in the income statement as financial income or costs.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Changes
in the fair value of monetary securities denominated in foreign currency, classified as available-for-sale, are segregated into
exchange differences related to the amortized cost of the security and other changes in the carrying amount of the security. Exchange
differences related to amortized cost are recognized in profit or loss, and other changes in the carrying amount are recognized
in shareholders' equity.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Exchange
differences on non-monetary financial assets and liabilities classified as measured at fair value through profit or loss are recognized
in profit or loss as part of the gain or loss on the fair value. Exchange differences on investments classified as available-for-sale
are included in comprehensive income in shareholders' equity.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 8pt Times New Roman, Times, Serif"><b>iii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Group companies</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
results and financial position of all the Group&#8217;s entities (none of which has the currency of a hyper-inflationary economy)
that have a functional currency different from the presentation currency are translated into the presentation currency as follows:</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
The assets and liabilities of each balance sheet presented are translated by exchange rate at the end of the reporting period;
</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
The income and expenses of each income statement are translated at average exchange rates (unless this average is not a reasonable
approximation of the cumulative effect of the rates at the transaction dates, in which case income and expenses are translated
at the rate in effect at the transaction dates); </font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
All resulting exchange differences are recognized as a separate component in other comprehensive income; and</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Gains and losses accumulated in shareholders' equity are included in the income statement when the foreign operation is partially
disposed or sold.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
consolidation, exchange differences resulting from the translation of monetary items with characteristics of net investment in
foreign operations are recognized in shareholders' equity. When a foreign operation is partly disposed of or sold, exchange differences
previously recorded into other comprehensive income are recognized in the income statement as part of the gain or loss on sale.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.d)
Cash and cash equivalents</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Cash
and cash equivalents include cash on hand, in bank accounts and other short-term highly liquid investments redeemable within 90
days from the end of the reporting period, readily convertible into a known amount of cash and subject to an insignificant risk
of change in value. Bank certificates of deposit and government securities that do not meet the above criteria are not considered
cash equivalents and are classified as financial investments, according to note 4.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.e)
Trade receivables</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Trade
receivables are initially recognized at fair value, including the related taxes and expenses. Foreign currency-denominated trade
receivables are adjusted at the exchange rate in effect at the end of the reporting period. The allowance for estimated losses
on doubtful debts were recognized in an amount considered sufficient to cover any losses. Management&#8217;s assessment takes
into consideration the customer&#8217;s history and financial position, as well as the opinion of their legal counsel regarding
the collection of these receivables for recognizing the allowance for estimated losses.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.f)
Inventories</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Inventories
are carried at the lower of cost and net realizable value. Cost is determined using the weighted average cost method on the acquisition
of raw materials. The costs of finished goods and work in process comprise raw materials, labor and other direct costs (based
on the normal production capacity). Net realizable value represents the estimated selling price in the normal course of business,
less estimated costs of completion and costs necessary to make the sale. The allowance for estimated losses on slow-moving or
obsolete inventories are recognized when considered necessary.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Stockpiled
ore inventories are accounted for as processed when removed from the mine. The cost of finished goods comprises all direct costs
necessary to transform stockpiled inventories into finished goods.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.g)
Investments</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Investments
in subsidiaries, joint ventures and associates are accounted for under the equity method of accounting and are initially recognized
at cost. The gains or losses are recognized in profit or loss as operating income (or expenses). In the case of foreign exchange
differences arising on translating foreign investments that have a functional currency different from the Company&#8217;s, changes
in investments due exclusively to foreign exchange differences, as well as adjustments to pension plans and available-for-sale
investments that impact the subsidiaries&#8217; shareholders' equity, are recognized in line item &#8220;Cumulative translation
adjustments&#8221;, in the Company&#8217;s shareholders' equity, and are only recognized in profit or loss when the investment
is disposed or written off due to impairment loss. Other investments are recognized at cost or fair value.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">When
necessary, the accounting policies of subsidiaries, joint ventures and associates are changed to ensure consistency with the policies
adopted by the Company.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2h)
Business combination</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
acquisition method is used to account for on each business combination conducted by the Company. The payment obligation transferred
by acquiring an entity is measured by the fair value of the assets transferred, liabilities incurred and equity instruments issued
by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration
arrangement, where applicable. Acquisition-related costs are recognized in profit or loss for the year, as incurred. Identifiable
assets acquired and liabilities assumed in a business combination are initially measured at their fair values at the acquisition
date.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.i)
Property, plant and equipment</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Property,
plant and equipment are carried at cost of acquisition, formation or construction, less accumulated depreciation or depletion
and any impairment loss. Depreciation is calculated under the straight-line method based on the remaining economic useful economic
lives of assets, as mentioned in note 9. The depletion of mines is calculated based on the quantity of ore mined. Land is not
depreciated since their useful life is considered indefinite. However, if the tangible assets are mine-specific, that is, used
in the mining activity, they are depreciated over the shorter between the normal useful lives of such assets and the useful life
of the mine. The Company recognizes in the carrying amount of property, plant and equipment the cost of replacement and consequently
reducing the carrying amount of the part that is replaced if it is probable that future economic benefits embodied therein will
revert to the Company, and if the cost of the asset can be reliably measured. All other disbursements are expensed as incurred.
Borrowing costs related to funds obtained for construction in progress are capitalized until these projects are completed.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">If
some components of property, plant and equipment have different useful lives, these components are accounted for in separate line
items of property, plant and equipment.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Gains
and losses on disposal are determined by comparing the sale value less the residual value and are recognized in &#8216;Other operating
income (expenses)&#8217;.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Exploration
expenditures are recognized as expenses until the viability of mining activities is established, after this period the subsequent
development costs are capitalized. Exploration and valuation expenditures include:</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 3.3pt; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Research
                                         and analysis of historical data related to area exploration;</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 3.3pt; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Topographic,
                                         geological, geochemical and geophysical studies;</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 3.3pt; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Determine
                                         the mineral asset&#8217;s volume and quality/grade;</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 3.3pt; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Examine
                                         and test the extraction processes and methods;</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 3.3pt; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Topographic
                                         surveys of transportation and infrastructure needs;</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 3.3pt; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Market
                                         and financial studies;</font></td></tr></table>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
development costs from new mineral deposits or from capacity expansion in mine operations are capitalized and amortized using
the produced (extracted) units method based on the probable and proven ore quantities. The development stage includes:</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 3.3pt; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Drillings
                                         to define the ore body;</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 3.3pt; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Access
                                         and draining plans;</font></td></tr></table>

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<td style="width: 3.3pt; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Advance
                                         removal of overburden (top soil and waste material removed prior to initial mining of
                                         the ore body) and waste material (non-economic material that is intermingled with the
                                         ore body).</font></td></tr></table>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Stripping
costs (the costs associated with the removal of overburden and other waste materials) incurred during the development of a mine,
before production commences, they are capitalized as part of the depreciable cost of developing the property. Such costs are subsequently
amortized over the useful life of the mine based on proven and probable reserves.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Stripping
costs in the production phase are included in the cost of the inventory produced, except when a specific extraction campaign is
made to access deeper deposits of where ore body is located. In these cases, costs are capitalized and taken to noncurrent assets
when the mineral ore deposit is extracted and are amortized over the useful life of the ore body.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company holds spare parts that will be used to replace parts of property, plant and equipment and that used to increase the asset&#8217;s
useful life when it exceeds 12 months. These spare parts are classified in property, plant and equipment and not in inventories.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.j)
Intangible assets</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Intangible
assets comprise assets acquired from third parties, including through business combinations.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">These
assets are recognized at cost of acquisition or formation, less amortization calculated on a straight-line basis method based
on the estimated periods of exploration or recovery</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Mineral
rights acquired are classified in line item &#8220;other assets&#8221; in intangible assets.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Intangible
assets with indefinite useful lives and goodwill based on expected future profitability are not amortized.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Goodwill</b></font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Goodwill
represents the positive difference between the amount paid and/or payable for the acquisition of a business and the net fair values
of the acquiree&#180;s assets and liabilities. Goodwill on acquisitions from business combination is recognized as intangible
assets in the consolidated financial statements. The gain from a bargain purchase is recognized directly in the statement of income
at the acquisition date. Goodwill is annually tested for impairment. Impairment losses on goodwill are not reversed. Gains and
losses on the disposal of a Cash-Generating Unit (CGU) include the carrying amount of goodwill related to the CGU sold.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Goodwill
is allocated to CGUs for impairment testing purposes. The allocation is made to CGUs of CGUs that are expected to benefit from
the business combination in which the goodwill arose, and recalling that unit is not greater than the operating segment.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Software</b></font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Software
licenses purchased are capitalized based on the costs incurred to purchase the software and make it ready for use. These costs
are amortized on a straight-line basis over the estimated useful lives from one to five years.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.k)
Impairment of non-financial assets </b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Assets
with infinite useful lives, such as goodwill, are not subject to amortization and are annually tested for impairment. Assets subject
to amortization and/or depreciation, such as property, plant and equipment, are tested for impairment whenever events or changes
in circumstances indicate that their carrying amounts may not be recoverable. An impairment loss is recognized by determining
an asset&#180;s recoverable amount. The recoverable amount is the higher of the fair value of an asset less costs to sell and
its value in use. For impairment testing purposes, assets are grouped at their lowest levels for which there are separately identifiable
cash flows (Cash Generating Units, or CGUs). Non-financial assets, except for goodwill, are subsequently reviewed for possible
reversal of the impairment at the reporting date.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.l)
Employee benefits</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>i.</b></font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Employee
                                         benefits </b></font></td></tr></table>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Defined
contribution plans </b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">A
defined contribution plan is as a post-employment benefit plan whereby an entity pays fixed contributions to a separate entity
(pension fund) and will not have any legal or constructive obligation to pay additional amounts. Obligations for contributions
to defined contribution pension plans are recognized as employee benefit expenses in the periods during which services are provided
by employees. Contributions paid in advance are recognized for an asset since it is agreed that either cash reimbursement or future
reduction on payables will flow back to CSN. Contributions to a defined contribution plan that is expected to mature twelve (12)
months after the end of the period in which the employee provides services are discounted to their present values.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Defined
benefit plans</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">A
defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company&#8217;s net obligation
regarding defined pension benefit plans is calculated individually for each plan by estimating the value of the future benefit
that the employees accrue as return for services provided in the current period and in prior periods; such benefit is discounted
to its present value. The discount rate is the yield presented at the end of the reporting period for top line debt securities
whose maturity dates approximate the terms and conditions of the Company&#8217;s obligations and which are denominated in the
same currency as the one in which it is expected that the benefits will be paid. The calculation is made annually by a qualified
actuary using the projected unit credit method. When the calculation results in a benefit for the Company, the asset to be recognized
is limited to the total amount of any unrecognized costs of past services and the present value of the economic benefits available
in the form of future plan reimbursements or reduction in future contributions to the plan. The present value of economic benefits
is calculated taking into account the funding requirements applicable to the Company&#8217;s plans. An economic benefit is available
to the Company if it is realizable during the life of the plan or upon settlement of the plan&#8217;s liabilities.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company and some of its subsidiaries offered a postretirement healthcare benefit to its employees. The right to these benefits
is usually contingent to their remaining in employment until the retirement age and the completion of the minimum length of service.
The expected costs of these benefits are accumulated during the employment period, and are calculated using the same accounting
method used for defined benefit pension plans. These obligations are annually valued by qualified independent actuaries.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">When
the benefits of a plan are increased, the portion of the increased benefit related to past services of employees is recognized
in profit or loss until the benefits become vested. When benefits became vesting rights, all actuarial gains or losses are immediately
recognized in profit or loss.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company recognizes all actuarial gains and losses resulting from defined benefit plans immediately in other comprehensive income.
If the plan is extinguished, actuarial gains and losses are recognized in profit or loss.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>ii.</b></font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Profit
                                         sharing and bonus</b></font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Employee
profit sharing and executives&#8217; variable compensation are linked to the achievement of operating and financial targets. The
Company recognizes a liability and an expense substantially allocated to production cost and, where applicable, to general and
administrative expenses when such goals are met.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.m)
Provisions</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Provisions
are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that
the Company will be required to settle the obligation and it has reliable cost estimation.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
amount recognized as a provision is the best value estimation required to settle the present obligation at the end of the reporting
period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash
flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect
of the time value of money is material). Success fees are accrued to the extent that they make it probable that disbursements
will occur. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third
party, a receivable is recognized as an asset if it is probable that reimbursement will be received and that the amount of the
receivable can be measured reliably.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.n)
Concessions</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company has governmental concessions to provide the following types of services: railway and port transportation managed by Company&#180;s
subsidiaries and joint-ventures. The concessions included in the consolidated financial statements are related to the rail network
in the Northeast area, managed by the subsidiary FTL, the container terminal in Itagua&#237;, managed by the subsidiary Sepetiba
Tecon and the port terminal TECAR for exporting ore and importing coal, which is managed by the subsidiary CSN Minera&#231;&#227;o.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company&#180;s concession contracts are not within the scope of the international interpretative standard IFRIC 12, considering
that the grantor (refers to the government) has effectively no control over what, to whom and at what price the services will
be provided by the dealer (refers to the private part) to the customers. In essence, all concession contracts has operating leasing
characteristics. Therefore, the accounting should follow the accounting rules applicable to leases. Our concession agreements
provide for the use of a specific asset for an agreed period of time, but without any transfer of ownership to the Company or
option to buy these assets after the completion of these contracts.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Payments
made under operating leases are recognized in the income statement on a straight line basis over the period of the contracts.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">There
are assets related to our concessions which are subject to reversion to the grantor at the end of the concession agreement.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
residual carrying amounts of these assets on December 31, 2017 are listed below with an indication of their classification in
our financial statements:</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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</table>
<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
amount of fixed and intangible assets is recognized in TLSA&#8217;s financial statements. We recognize our interest in the net
assets of TLSA under the equity method and our investment balance in TLSA as of December 31, 2017 was R$1,473,298.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
amount of fixed and intangible assets is recognized in MRS&#8217;s financial statements. We recognize our interest in the net
assets of MRS by the equity method and our investment balance consolidated in MRS as of December 31, 2017 was R$ 1,325,032.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.o)
Share capital </b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Common
shares are classified in shareholders' equity.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Incremental
costs directly attributable to the issue of new shares or options are shown in shareholders' equity as a deduction to the amount
received, net of taxes.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">When
any Company of the Group buys Company shares (treasury shares), the amount paid, including any directly additional costs (net
of income tax), is deducted from shareholders' equity attributable to owners of the Company until the shares are canceled or sold.
When these shares are subsequently sold, any amount received, net of any directly attributable additional transaction costs and
the related income tax and social contribution effects, is included in shareholders' equity attributable to owners of the Company.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.p)
Revenue recognition</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Operating
revenue from the sale of goods in the normal course of business is measured at the fair value of the receivables. Revenue is recognized
when there is convincing evidence that the most significant risks and rewards of ownership of goods have been transferred to the
buyer, it is probable that future economic benefits will flow to the entity, the associated costs and possible return of goods
can be reliably estimated, there is no continued involvement with the goods sold, and the amount of the operating revenue can
be reliably measured. If it is probable that discounts will be granted and the value thereof can be reliably measured, then the
discount is recognized as a reduction of the operating revenue as sales are recognized. Revenue from services provided is recognized
as it is realized.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
appropriate timing for transfer of risks and rewards varies depending on the individual terms and conditions of the sales contract.
For international sales, this timing depends on the type of term of the contract term.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.q)
Financial income and financial expenses </b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial
income includes interest income from funds invested (except available-for-sale financial assets), dividend income not accounted
for under the equity method, gains on disposal of available-for-sale financial assets, changes in the fair value of financial
assets measured at fair value through profit or loss, and gains on derivative instruments that are recognized in profit or loss.
Interest income is recognized in profit or loss under the effective interest method. Dividend income is recognized in profit or
loss when the Company&#8217;s right to receive payment has been established. Distributions received from investees accounted for
under the equity method reduce the investment value.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial
expenses comprise interest expenses on borrowings, losses on the fair value of financial instruments measured at fair value through
profit or loss, impairment losses recognized in financial assets, and losses on derivative instruments that are recognized in
profit or loss. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying
asset are measured through profit or loss under the effective interest method.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
exchange gains and losses are reported on a net basis.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.r)
Income tax and social contribution</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Current
income tax and social contribution are calculated based on the tax laws enacted by the end of the reporting period, including
in the countries where the Group entities operate and generate taxable profit. Management periodically assesses the positions
taken in the tax calculations with respect to situations where applicable tax regulations are open to interpretations. The Group
recognizes provisions where appropriate, based on the estimated payments to tax authorities. The income tax and social contribution
expense comprises current and deferred taxes. Current and deferred taxes are recognized in profit or loss unless they are related
to business combinations or items recognized directly in shareholders' equity.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Current
tax is the expected tax payable or receivable on taxable profit or loss for the year at tax rates that have been enacted by the
end of the reporting period and any adjustment to taxes payable in relation to prior years.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Deferred
tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements
and the corresponding tax bases used in the computation of taxable profit. Deferred tax is not recognized for the following temporary
differences: initial recognition of assets and liabilities in a transaction that is not a business combination and does not affect
either the accounting or taxable profit or loss, and differences associated with investments in subsidiaries and joint ventures
when it is probable that they will not reverse in the foreseeable future.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Moreover,
a deferred tax liability is not recognized for taxable temporary differences resulting from the initial recognition of goodwill.
The deferred tax is measured at the rates that are expected to be applied on temporary differences when they reverse, based on
the laws enacted by the end of the reporting period.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Current
income tax and social contribution are carried at their net amounts by the taxpayer, in liabilities when there are amounts payable
or in assets when prepaid amounts exceed the total amount due at the end of the reporting period.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Deferred
tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current
tax liabilities and when they relate to income taxes levied by the same taxation authority on the same entity subject to taxation.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">A
deferred income tax and social contribution asset is recognized for all tax losses, tax credits, and deductible temporary differences
to the extent that it is probable that taxable profits will be available against which those tax losses, tax credits, and deductible
temporary differences can be utilized. Annually, the Company reviews and verifies the existence of future taxable income and a
provision for loss is recognized when the realization of these credits is not likely.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.s)
Earnings/(Loss) per share </b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Basic
earnings/loss per share are calculated by means of the profit/loss for the year attributable to owners of the Group and the weighted
average number of common shares outstanding in the related period. Diluted earnings/loss per share are calculated by means of
the average number of shares outstanding, adjusted by instruments potentially convertible into shares, with diluting effect, in
the reported periods. The Group does not have any instruments potentially convertible into shares and, accordingly, diluted earnings/loss
per share are equal to basic earnings/loss per share.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.t)
Environmental and restoration costs </b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company recognizes a provision for the recovery costs and fines when a loss is probable and the amounts of the related costs can
be reliably measured. Generally, the period when the provision for recovery is recognized coincides with the end of a feasibility
study or the commitment to adopt a formal action plan.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Expenses
related to compliance with environmental regulations are charged to profit or loss or capitalized, as appropriate. Capitalization
is considered appropriate when the expenses refer to items that will continue to benefit the Group and that are basically related
to the acquisition and installation of equipment to control and/or prevent pollution.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company make the provisions for asset retirement obligations which refer to estimated costs for decommissioning, retirement or
restoration of areas upon the termination of activities of our mining resources. The initial measurement is recognized as a liability
discounted to present value and subsequently through increase in expenses over time. The asset retirement cost equivalent to the
initial liability is capitalized as part of the carrying amount of the asset and is depreciated over the useful life of the asset.</font></p>



<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.u)
Research and development</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Research
expenditures are recognized as expenses when incurred. Expenditures on project developments (related to the design and testing
stages of new or improved products) are recognized as intangible assets when it is probable that projects will be successful,
based on their commercial and technological feasibility, and only when the cost can be reliably measured. When capitalized, development
expenditures are amortized from the start of a product commercial production, on a straight-line basis and over the period of
the expected benefit.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.v)
Financial instruments </b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 8pt Times New Roman, Times, Serif"><b>i)&#160;&#160;&#160;&#160;
Financial assets </b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial
assets are classified into the following categories: measured at fair value through profit or loss, loans and receivables, held-to-maturity
and available-for-sale. The classification depends on the purpose for which the financial assets were acquired. Management determines
the classification of its financial assets at the time of initial recognition.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Recognition
                                         and measurement</b></font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company classifies, at initial recognition, its financial assets into four categories: i) fair value through profit or loss, ii)
loans and receivables, iii) held-to-maturity assets, and iv) available-for-sale financial assets. Assets are recognized at fair
value, plus (with the exception of assets recognized at fair value through profit or loss) transaction costs that are directly
attributable to the acquisition or issuance of financial asset.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
the subsequent measurement, loans and receivables are carried at amortized cost using the effective interest method.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Gains
or losses resulting from changes in the fair value of financial assets measured at fair value through profit or loss are presented
in the income statement under &#8220;financial income&#8221; in the period in which they arise. Dividend income from financial
assets at fair value through profit or loss is recognized in the income statement as part of other financial income when the Company&#8217;s
right to receive the dividends has been established.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
changes in the fair value of available-for-sale financial assets are recognized as follows: (i) the effects of foreign exchange
differences and the changes in the fair value of the investment in the investee&#8217;s capital are recognized directly in the
Company&#8217;s shareholders&#8217; equity, in &#8220;Other comprehensive income&#8221; and; (ii) the effects of foreign exchange
differences and the changes in the option&#8217;s fair value are recognized in the income statement for the year.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Interest
on available-for-sale securities, calculated under the effective interest method, is recognized in the income statement as part
of other income. Dividends from available-for-sale equity instruments, such as shares, are recognized in the income statement
as part of other financial income when the Company&#8217;s right to receive payments has been established.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
fair values of publicly quoted investments are based on current purchase prices. If the market for a financial asset (and for
instruments not listed on a stock exchange) is not active, the Company establishes the fair value by using valuation techniques.
These techniques include the use of recent transactions contracted with third parties, reference to other instruments that are
substantially similar, analysis of discounted cash flows, and option pricing models that make maximum use of market inputs and
relies as little as possible on entity-specific inputs.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Regular
purchases and sales of financial assets are recognized at the trading date on which the Company undertakes to buy or sell the
asset.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Derecognized</b></font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial
assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred, in the
latter case, provided that the Company has transferred significantly all risks and rewards of ownership.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Financial
                                         assets measured at fair value through profit or loss</b></font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial
assets at fair value through profit or loss are financial assets held for active and frequent trading. Derivatives are also categorized
as held for trading and, accordingly, are classified in this category unless they have been designed as cash flow hedging instruments.
Assets in this category are classified in current assets.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Loans
                                         and receivables</b></font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">This
category includes loans and receivables that are non-derivative financial assets with fixed or determinable payments not quoted
in an active market. They are included in current assets, except those with maturity of more than 12 months after the end of the
reporting period (which are classified as non-current assets). Loans and receivables include loans to associates, trade receivables,
other receivables and cash and cash equivalents, except short-term investments. Cash and cash equivalents are recognized at fair
value. Loans and receivables are carried at amortized cost using the effective interest method.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Held-to-maturity
                                         assets</b></font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">These
are basically financial assets acquired with the positive intent and ability to hold to maturity. Held-to-maturity investments
are initially recognized at their value plus any directly attributable transaction costs. Subsequent to initial recognition, they
are measured at amortized cost using the effective interest method, less any impairment loss.</font></p>




<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Available-for-sale
                                         financial assets</b></font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">These
are non-derivative financial assets, designated as available-for-sale, that are not classified in any other category established.
They are included in non-current assets when they are strategic investments for the Company, unless Management intends to dispose
of the investment within 12 months from the end of the reporting period. Available-for-sale financial assets are recognized at
fair value.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 8pt Times New Roman, Times, Serif"><b>ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Impairment of financial assets</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company evaluates at each reporting period whether there is an evidence of impairment in a financial asset or a group of financial
assets. This evaluation should consider objective evidence of the occurrence of events that may impact the estimated cash flows
of an individual financial asset or group of financial assets.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Assets
                                         measured at amortized cost</b></font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">A
financial asset or a group of financial assets is impaired and impairment losses are incurred only if there are evidences of impairment
as a result of one or more events that occurred after the initial recognition of the asset (a &#8220;loss event&#8221;), such
loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets and
the future cash flow estimation can be reliably calculated.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
criteria used by CSN to determine whether there are evidences of impairment loss includes:</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">significant
                                         financial weakness related to the issuer or counterparty;</font></td></tr></table>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">a
                                         breach of contract, such as default or delinquency at interest or principal payments;</font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">the
                                         issuer, for economic or legal reasons relating to the borrower&#8217;s financial weakness,
                                         grants to the borrower a concession that the lender would not otherwise consider;</font></td></tr></table>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">it
                                         becomes probable that the borrower will incur in bankruptcy or other financial reorganization;</font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">the
                                         disappearance of an active market for the related financial asset because of financial
                                         weakness; or</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">observable
                                         data indicating that there is a measurable decrease in the estimated future cash flows
                                         from a portfolio of financial assets since the initial recognition of such assets, although
                                         the decrease cannot yet be identified with the individual financial assets in the portfolio,
                                         including:</font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">-
Adverse changes in the payment status of borrowers in the portfolio;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">-
National or local economic conditions that correlate with defaults on the assets in the portfolio.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
amount of the loss is measured by the difference between the carrying amount of the asset and the present value of estimated future
cash flows (excluding future credit losses that have not been incurred) discounted at the original effective interest rate of
the financial asset. The carrying amount of the asset is reduced and the amount of the loss is recognized in the income statement.
If a loan or held-to-maturity investment has a variable interest rate, the discount rate to measure an impairment loss is the
current effective interest rate determined pursuant to the contract. As a practical expedient, the Company may measure impairment
on the basis of an instrument&#8217;s fair value using an observable market price.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">If,
in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring
after the impairment was recognized (such as an improvement in the debtor&#8217;s credit rating), the previously recognized impairment
loss is reversed and recognized in the consolidated income statement.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Assets
                                         classified as available-for-sale</b></font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
the case of equity securities classified as available-for-sale, a significant or prolonged decline at the fair value of an investment
in an equity instrument below of its cost is also an evidence of impairment. Determining what is considered a &#8220;significant&#8221;
or &#8220;prolonged&#8221; decline requires judgment. For this judgment we assess, among other factors, the historical changes
in the equity prices, the duration and proportion in which the fair value of the investment is lower than its cost as well as
the financial health and short-term business prospects for the investee, including factors such as: industry and segment performance,
changes in technology and operating/financial cash flows. If any of the impairment evidences is observed for available-for-sale
financial assets, the cumulative loss&#8212;measured as the difference between the acquisition cost and the current fair value,
less any impairment loss on the financial asset previously recorded in profit or loss&#8212;is reclassified from equity to profit
or loss. Impairment losses recognized in the income statement as available-for-sale instruments are not reversed.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">CSN
tested for impairment its available-for-sale investment in Usiminas shares, see note 12 &#8211; Financial Instruments.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 8pt Times New Roman, Times, Serif"><b>iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Financial liabilities</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial
liabilities are classified under the following categories &#8216;&#8217;measured at fair value through profit or loss&#8217;&#8217;
and &#8216;&#8217;other financial liabilities&#8217;&#8217;. Management determines the classification of its financial liabilities
at the time of initial recognition.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Financial
                                         liabilities measured at fair value through profit or loss</b></font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial
liabilities classified in category fair value through profit or loss are financial liabilities held for trading or those designated
at the time of initial recognition.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Derivatives
are also classified as trading securities, and thereby are classified so, unless they have been designated as effective hedging
instruments.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Gains
and losses on financial liabilities classified at fair value through profit or loss are recognized in profit or loss</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 14.2pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Other
                                         financial liabilities</b></font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other
financial liabilities are measured at amortized cost using the effective interest method. The Company holds the following non-derivative
financial liabilities: borrowings, financing and debentures as well as trade payables.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Write-off
of financial liabilities</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial
liabilities are written off only when the obligations are terminated and canceled or when they mature. The difference between
the carrying amount of the financial liability written off and the consideration paid and payable is recognized in profit or loss.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Offsetting
                                         of financial instruments</b></font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial
assets and financial liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable
right to set off the recognized amounts as well as the intention to either settle them on a net basis or to realize the asset
and settle the liability simultaneously.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 8pt Times New Roman, Times, Serif"><b>iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Derivative instruments and hedging activities</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Derivatives
                                         measured at fair value through profit or loss</b></font></td></tr></table>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Derivatives
are initially recognized at fair value on the date when a derivative contract is entered, thereafter they are subsequently measured
at their fair value and any changes are recognized as &#8220;Financial income (costs)&#8221; in the income statement.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cash
                                         flow Hedge </b></font></td></tr></table>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company adopts hedge accounting and designates certain financial liabilities as a hedging instrument of a foreign exchange risk
associated to the cash flows from forecast, highly probable exports (cash flow hedges).</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">At
the inception of the transaction, the Company documents the relationships between the hedging instruments and the hedged items,
as well as its risk management objectives and strategy for undertaking hedging transactions. The Company also documents its assessment,
both at the inception of the hedge and on an ongoing basis, of whether the hedging transactions are highly effective in offsetting
changes in the cash flows of the hedged items.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
effective portion of the changes in the fair value of financial liabilities designated and qualifying as cash flow hedge is recognized
on equity, in line item &#34;Hedge accounting&#8221;. Any gain or loss related to the ineffective portion is recognized immediately
in other operational income(expenses), if applicable.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
amounts accumulated in equity are reclassified to the income statement in the periods when the forecast exports affect profit
or loss.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">When
a hedging instrument expires, is settled in advance or the hedging relationship no longer meets the hedge accounting criteria,
or even when Management decides to discontinue hedge accounting, all cumulative gains or losses recorded in equity at the time
remain recognized in equity and, from that moment, the exchange variations are recorded in the financial income (expenses). When
the forecast transaction is completed, the gain or loss is reclassified to profit or loss. When a forecast transaction is no longer
expected to take place, the cumulative gain or loss previously recognized in shareholders&#8217; equity is immediately transferred
to the income statement, in line item &#8220;Other operating income (expenses)&#8221;.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
movements in the hedge amounts designated as exporting cash flow hedges are stated in note 12 &#8211; Financial instruments.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
<td style="width: 0; font: 8pt Times New Roman, Times, Serif"></td><td style="width: 18pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Net
                                         investment hedge </b></font></td></tr></table>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">For
net investment hedge, the Company designates part of its financial liabilities as hedging instruments of its overseas investments
with functional currencies other than the Group&#8217;s functional currency, according to IAS39. Such relationship occurs since
the financial liabilities are related to the investments in the amounts required for the effective relationship.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">At
the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged
item, along with its risk management objectives and its strategy for undertaking out hedge transactions. Furthermore, at the inception
of the hedge and on an ongoing basis, the Company documents whether the hedging instrument is highly effective in offsetting changes
in fair values of the hedged item.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
effective portion of changes in the fair value of financial liabilities that are designated and qualify as a net investment hedge
is recognized in equity in line item &#8220;Hedge Accounting&#8221;. The gain or loss relating to the ineffective portion is recognized
in financial income (costs), when applicable. If at some point of the hedging relationship the balance of the debt is higher than
the balance of the investment, the exchange variation on the excess debt will be reclassified to the statement of profit or loss
as Other operating income/(expenses) (ineffectiveness of the hedge).</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
amounts accumulated in equity will be realized in the statement of profit or loss upon disposal or partial disposal of the foreign
operation.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
changes in the amounts of hedge denominated as Net investment hedge are shown in note 12 &#8211; Financial Instruments.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.w)
Segment information</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">An
operating segment is a component of the Group committed to the business activities from which it can obtain revenues and incur
expenses, including revenues and expenses related to transactions with any other components of the Group. All the operating results
of operating segments are reviewed regularly by the Executive Officers of CSN to enable decisions regarding resources to be allocated
to the segment and assessment of its performance. The Company maintains distinct financial information for the distinct segments.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.x)
Government grants </b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Government
grants are not recognized until there is reasonable assurance that the Company will comply to the conditions attaching to them
and assurance that the grants will be received, so then they will be recognized in profit or loss on a systematic basis over the
periods in which the Company recognizes as expenses the related costs that the grants are intended to compensate.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 25.5pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company has state tax incentives in the North and Northeast regions, which are recognized in profit or loss as a reduction of
the corresponding costs, expenses and taxes.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.y)
Noncurrent assets held for sale and discontinued operations</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Noncurrent
assets and groups of assets are classified as held for sale if their carrying amount is recovered mainly through a sale transaction
and not through continued use.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
criteria for classification of items held for sale are considered to be met only when the sale is highly probable and the asset
or group of assets is available for immediate sale.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Assets
and liabilities classified as held for sale are presented separately as current items in the balance sheet.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Classification
as a discontinued operation occurs through disposal, or when the transaction meets the criteria to be classified as held for sale
if this occurs earlier. A discontinued operation is a component of a Group business which comprises operations and cash flows
that may be clearly distinct from the rest of the Group and represent a separate business line or geographical area of &#8203;&#8203;operations.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">The
result of discontinued operations is presented in a single amount in the income statement, including the total income after income
tax of these operations, less any impairment loss.</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>2.z)
New standards and interpretations issued and not yet adopted </b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
following standards and interpretations have been issued and will be mandatory for subsequent accounting periods and were not
early adopted by the Group for the year ended December 31, 2017:</font></p>

<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="width: 21%; border: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt/116% Times New Roman, Times, Serif"><b>Standard</b></font></td>
    <td style="width: 60%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt/116% Times New Roman, Times, Serif"><b>Main
    items introduced by the standard</b></font></td>
    <td style="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt/116% Times New Roman, Times, Serif"><b>Effective
    date</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">IFRS
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        <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p></td>
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
                                         standard retains but simplifies the combined measurement model and establishes two main
                                         measurement categories of financial assets: amortized cost and fair value. The classification
                                         basis depends on the entity business model and the characteristics of the financial asset&#8217;s
                                         contractual cash flow.</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">IFRS
        9 retains most of IAS 39 requirements for financial liabilities. The main change refers to those cases where the fair
        value of the financial liabilities must be segregated so that the fair value portion related to the entities credit risk
        is recognized in &#8220;other comprehensive income&#8221; and not in profit or loss for the period.</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
        standard introduces an expected credit loss model for the measurement of the impairment of financial assets. However,
        it is no longer necessary for a credit event to have occurred before a credit loss is recognized. Finally, IFRS 9 introduces
        a new hedge accounting model that is designed to be more closely aligned with how entities undertake risk management activities
        when hedging financial and non-financial risk exposures.</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
        requirements for derecognition of financial assets and liabilities under IFRS 9 are carried forward from IAS 39.</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p></td>
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">January
        1, 2018</font></p></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">IFRS15
                                         &#8211; Revenue from Contracts with Customers</font></p>
        <p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p></td>
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">This
                                         new standard introduces the principles that an entity will apply to determine the revenue
                                         measurement and when such revenue shall be recognized.</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">IFRS
        15 replaces IAS 11 &#8211; <i>Construction Contracts</i>, IAS 18 - <i>Revenue</i> and related interpretations.</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p></td>
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">January
        1, 2018</font></p></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt/115% Times New Roman, Times, Serif">IFRS16
    - Leases</font></td>
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">This
        new standard defines the principles for recognition, measurement, presentation and disclosure of leases and introduces
        a single model for the accounting of leases in the balance sheet for the lessees. A lessee recognizes a right-of-use asset
        that represents his obligation to make lease payments. Optional exemptions are available for short- term leases and low-value
        items. For lessors, accounting treatment remains practically the same, with the classification of leases as operating
        leases or financial leases, and accounting for these two types of lease differently. IFRS 16 replaces existing lease standards,
        including IAS 17 &#8211; L<i>easing Operations</i> and IFRIC 4, SIC 5 and SIC 27 &#8211; <i>Complementary Aspects of Leasing
        Operations</i>.</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i>&#160;</i></font></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">January
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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt/115% Times New Roman, Times, Serif">IFRIC
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    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
    Interpretation covers foreign currency transactions (or part of them) when an entity recognizes a non-monetary asset or non-monetary
    liability arising from the payment or receipt of advance consideration before the entity recognizes the related asset, expense
    or income (or part of it).</font></td>
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt/115% Times New Roman, Times, Serif">January
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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt/115% Times New Roman, Times, Serif">IFRIC
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    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Can
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    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt/115% Times New Roman, Times, Serif">January
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</table>
<p style="font: 8pt/116% Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
following information presents the possible impacts on the adoption of IFRS 9 and IFRS 15 which were available at the time of
the preparation of these financial statements. In this way, these preliminary assessments and their potential impacts are subject
to change until the initial adoption be disclosed in the 2018 financial statements.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>IFRS 9 &#8211; Financial Instruments</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Classification
and measurement of financial assets: Management evaluated the classification and measurement of financial assets offered by the
new pronouncement based on its diagnosis, business model, expectations of the company&#8217;s cash flow and the financial assets
management model. In this way, was concluded that the investment in Usiminas shares would be appropriately classified in the category
of &#34;fair value through profit or loss&#34; and that the loans and receivables would be classified in the category of measured
at &#34;amortized cost&#34;.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
the classification of the category of &#34;fair value through profit or loss&#34;, the gains or losses arising from the variation
of the quotation of the shares are recorded directly in the statement of income at the time of adoption and throughout all future
periods. On the other hand, since it is an initial adoption, the Company evaluated the possible impacts related to the investment
in Usiminas shares and the gain of R$1.5 billion previously recognized and accumulated in Other comprehensive income was reclassified
to &#8220;Other operating income&#8221; in the statement of income on January 1st, 2018. , arising from the recording of the accumulated
balance currently recognized in other comprehensive income.</font></p>



<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>IFRS 15 - Revenue from Contracts with Customers</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company's Management evaluated all stages of the new standard for the recognition of revenue from contracts with customers. Based
on this analysis, the Company did not identify material measurement impacts on the application of this standard.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
observed impacts are related to the review of internal procedures, with the objective to ensure that the new contracts with clients
will be properly evaluated and accounted in accordance with the principles of the new standard.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>IFRS 16 &#8211; Leases</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">During
2018, the Company will evaluate, in the main contracts, the effects of applying the new standard.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company does not expect material impacts arising from the application of the new standard.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>IFRIC 22 - Foreign Currency Transaction and Advance Consideration</b></font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">For
IFRIC 22, the Company will evaluate the effects of applying the new interpretation during 2018, in its operations in foreign currency.</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">-&#160;&#160;&#160;&#160;&#160;&#160;
<b>IFRIC 23 - Uncertainty over Income Tax Treatments</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">For
IFRIC 23, during 2018 the Company will study this interpretation to assets how it applies to the Brazilian tax environment.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company does not expect material impacts arising from the application of the interpretation.</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant accounting policies applied by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>3. CASH AND CASH EQUIVALENTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
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</tr>
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<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 107%">&#160;</td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The short-term investments are held
through exclusive funds and are comprised of Certificates of Bank Deposits (&#8220;CDBs&#8221;) and yield interest based on the
floating of Certificates of Interbank Deposits (&#8220;CDI&#8221;), and of Brazilian Treasury notes with return at fixed rates.
These short-term investments have immediate liquidity.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">A significant part of the funds of the Company and its foreign
subsidiaries is invested in time deposits in top rated banks abroad and the returns are based on fixed interest rates.</p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&#160;</p>

<p style="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&#160;</p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of cash and cash equivalents. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6807011120">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>4. FINANCIAL INVESTMENTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>4.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>FINANCIAL
                                         INVESTMENTS</b></font></td></tr></table>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

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<tr>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
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<tr style="background-color: #DCE6F1">
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<tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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<p style="font: 8pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Financial
                                         investments linked to Bank Certificates of Deposit (CDBs), to be used as a collateral
                                         to a guarantee letter, of certain loans.</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">(2)</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Financial
                                         investments in Public Securities (Financial Treasury Bills) managed by its exclusive
                                         funds. In 2016, in addition to the Financial Treasury Bills, the Company had a financial
                                         investment in Public Securities managed by its exclusive funds which were used as collateral
                                         for future CDI rate&#8217;s contracts in the period as detailed in note 12 (b). These
                                         investments were settled in October 2017.</font></td></tr></table><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of investments other than investments accounted for using the equity method. [Refer: Investments other than investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>5. TRADE RECEIVABLES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_TradeReceivablesAbstract', window );"><strong>Trade Receivables</strong></a></td>
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<tr class="ro">
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<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>5.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>TRADE
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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Trade
    receivables</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Third
    parties</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
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<tr style="background-color: white">
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<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 16pt"><font style="font: 10pt Times New Roman, Times, Serif">Allowance
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    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;(191,979)</font></td>
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    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;(172,782)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,081,690
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,774,793
    </b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Related
    parties (Note 18 b)</font></td>
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    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">129,837
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<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,197,078
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,904,630
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<tr>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
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<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Advances
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<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Other
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<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>79,137
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>92,586
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<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,276,215
    </b></font></td>
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    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,997,216
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</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
Refers mainly to dividends from CSN Minera&#231;&#227;o S.A. totaling R$ 837,084 received in February 2018.</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3.75in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company assigns certain accounts receivable to anticipate the cash inflows and eliminate the credit risk
of the notes. These transactions amounted to R$181,972 as of December 31, 2017 (R$263,644 as of December 31, 2016).</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
breakdown of gross trade receivables from third parties is as follows:</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 62%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Current</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;1,391,839
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;1,381,255
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<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Past-due
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;310,106
    </font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">245,012
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Past-due
    over 180 days</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;571,724
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">321,308
    </font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;2,273,669
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;1,947,575
    </b></font></td></tr>
</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
movements in the Group&#8217;s allowance for doubtful debts are as follows:</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 63%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Opening
    balance</b></font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;(172,782)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(151,733)</b></font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Estimated
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(36,697)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Recovery
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,500
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,425</font></td></tr>
<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Closing
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;(191,979)</b></font></td>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(172,782)</b></font></td></tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_TradeReceivablesAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_TradeReceivablesAbstract</td>
</tr>
<tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of trade and other receivables. [Refer: Trade and other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6776858784">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>6. INVENTORIES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_InventoriesAbstract', window );"><strong>Inventories Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInventoriesExplanatory', window );">INVENTORIES</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>6.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>INVENTORIES</b></font></td></tr></table>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 24%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017&#160;</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016&#160;</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Finished
    goods</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,308,802
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,183,619
    </font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Work
    in progress</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,135,589
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">674,860
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<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Raw
    materials</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,050,588
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,124,158
    </font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Spare
    parts </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">814,725
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">824,478
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Iron
    ore </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">278,041
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">255,029
    </font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Advances
    to suppliers</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,514
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,168
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(-)
    Provision for losses </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(135,840)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(101,176)</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,464,419
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>3,964,136
    </b></font></td></tr>
</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
movements in the provision for inventory losses are as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 63%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Opening
    balance</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;(101,176)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(111,427)</b></font></td></tr>
<tr>
    <td style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Reversal
    / (losses) for slow-moving and obsolescence </font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(34,664)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,251</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Closing
    balance</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;(135,840)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(101,176)</b></font></td></tr>
</table><span></span>
</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_InventoriesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfInventoriesExplanatory</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6613322640">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>7. OTHER CURRENT AND NON-CURRENT ASSETS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_OtherCurrentAndNoncurrentAssetsAbstract', window );"><strong>Other Current And Non-current Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherAssetsExplanatory', window );">OTHER CURRENT AND NON-CURRENT ASSETS</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><b>7<font style="font: 10pt Times New Roman, Times, Serif">.</font></b></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>OTHER
                                         CURRENT AND NON-CURRENT ASSETS</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
group of other current and non-current assets is comprised as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 43%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 10%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 15%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
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<tr>
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    <td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
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<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,774</font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">866,986
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">780,715</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">401,071
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">386,872</font></td></tr>
<tr>
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    expenses</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">50,078
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">27,011</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">30,741
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20,421</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Actuarial
    asset - related party (Note 18 b)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">111,281
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">119,854</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Derivative
    financial instruments (Note 12 I)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,298</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DBE5F1">
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    held for trading (Note 12 I )</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,952
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,966</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
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    ore inventory <sup>(3)</sup></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">144,499
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">144,499</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Northeast
    Investment Fund &#8211; FINOR</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">26,598
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">26,598</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Other
    receivables (Note 12 I)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20,024
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,291</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Loans
    with related parties (Note 18 b and 12 I)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,441
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">554,694
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">479,960</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Other
    receivables from related parties (Note 18 b)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,577
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,768</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">30,770
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">32,020</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Monetary
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">755,151
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Other</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">67,544
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">33,255</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">67,521
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">72,273</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>993,578
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>852,013</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,528,475
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,675,820</b></font></td></tr>
</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

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Refers to the excess of judicial deposit originated by the 2009 REFIS (Tax Debt Refinancing Program). After the settlement of
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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

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Refers mainly to taxes on revenue (PIS/COFINS) and State VAT (ICMS) recoverable and income tax and social contribution for offset.</font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

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Long-term iron ore inventories that will be used after the construction of the processing plant, which will produce pellet feed,
expected to start operating in the first half of 2020.</font></p><span></span>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6776858784">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>8. INVESTMENTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_InvestmentsAbstract', window );"><strong>Investments Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory', window );">INVESTMENTS</a></td>
<td class="text"><p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Reduction
of financial leverage</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">With
the primary objective of reducing the Company&#8217;s financial leverage, Management is committed to a plan to dispose of a set
of assets, however, it is not possible to confirm that the sale within a period of 12 months is highly probable for any of the
assets contemplated. The Company considers several sales scenarios that vary according to different macroeconomic and operational
assumptions. In this context, the Company did not segregate and did not reclassify such assets in the financial statements as
discontinued operations in accordance with IFRS 5.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 29.45pt; text-align: justify; text-indent: -29.45pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Events occurred in 2017</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>Sale
of the Subsidiary - CGPAR Constru&#231;&#227;o Pesada - &#34;CGPAR&#34;</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">In
July 2017, the Company concluded the sale of its subsidiary CGPAR Constru&#231;&#227;o Pesada S.A. to CSN Minera&#231;&#227;o
S.A., a subsidiary of the Company. The summary of the transaction can be shown as follows:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="width: 50%; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">R$
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>8.a)
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,823,829&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(927,265)&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">CSN
    Export Europe, S.L.U.&#160;</font></td>
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">100.00&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">666,362&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">30,077&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">CSN
    Metals S.L.U.&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(2)</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">23,188&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">100.00&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">636,408&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(175,236)&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">CSN
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">22,703,508&#160;</font></td>
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    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,019,299)&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>21,528,405</b>&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>21,684,209</b>&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding: 0.75pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(1)
Company terminated in 2016;<br />
(2) Merger of the companies by the subsidiary CSN Steel S.L.U. in December 2017, according to note 2;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(3)
Company sold in July 2017, to the subsidiary CSN Minera&#231;&#227;o.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
number of shares, the carrying amounts of assets, liabilities and shareholders&#8217; equity, and the amounts of profit or loss
for the year refer to the equity interests held by CSN in those companies.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>8.b)
Changes of investments balances in subsidiaries, joint ventures, joint operations, associates and other investments</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="width: 66%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 18%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Opening
    balance of investments</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>4,568,451</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>3,998,239</b></font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Capital
    increase/acquisition of shares </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">20,579</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">190,651</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Dividends
    <sup>(1)</sup></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(79,189)</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(36,765)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Comprehensive
    income <sup>(2)&#160;&#160;&#160; </sup></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">850,640</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">713,442</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Equity
    in results of affiliated companies <sup>(4)</sup></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">147,800</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">108,031</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Amortization
    of fair value &#8211; investment in MRS</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(11,746)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(11,746)</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Amortization
    of fair value &#8211; investment in CGPAR</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (3,940)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Impairment
    of the Fair Value of Transnordestina <sup>(3)</sup></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(387,989)</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Others</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,460</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,472)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Closing
    balance of investments</b></font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>5,499,995</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>4,568,451</b></font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>5,499,995</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>4,568,451</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(1)
In 2017 refers to the allocation of dividends from subsidiaries Sepetiba Tecon, MRS Logistica, CSN Energia, It&#225; Energ&#233;tica,
CBSI &#8211; Companhia Brasileira de Servi&#231;os de Infraestrutura, CSN Minerals, CSN Steel, CSN Metals, CSN Minera&#231;&#227;o
and CSN Americas.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(2)
Refers to the mark-to-market of investments classified as available for sale and translation to the reporting currency of the
foreign investments (the functional currency of which is not the Brazilian Reais), actuarial gain/loss and gain/loss on net investment
hedge from investments measured by equity method.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(3)
Refers to impairment of the fair value of Transnordestina Log&#237;stica S.A, see note 8.d).</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(4)
The reconciliation of the equity in results of affiliated companies included on investment balance with the amount disclosed in
the income statement and it is due to the elimination of the results of the CSN&#180;s transactions with these companies</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="width: 53%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 22%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 24%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Equity
    in results of affiliated companies</b></font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="background-color: #DBE5F1; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">MRS
    Log&#237;stica S.A.</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    171,905 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    155,617 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">CBSI
    - Companhia Brasileira de Servi&#231;os de Infraestrutura </font></td>
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    <td style="background-color: #DBE5F1; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="background-color: #DCE6F1; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,953 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Transnordestina</font></td>
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    (21,357)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (52,127)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Arvedi
    Metalfer do Brasil</font></td>
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    <td style="background-color: #DBE5F1; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="background-color: #DCE6F1; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,372 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Others</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (165)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    216 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DCE6F1; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>147,800</b></font></td>
    <td style="background-color: #DBE5F1; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DCE6F1; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>108,031</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Eliminations</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">To
    cost of sales </font></td>
    <td style="background-color: #DCE6F1; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (40,823)</font></td>
    <td style="background-color: #DBE5F1; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="background-color: #DCE6F1; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (41,556)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">To
    taxes</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">13,880
    </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    14,129 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Others</b></font></td>
    <td style="background-color: #DCE6F1; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="background-color: #DBE5F1; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="background-color: #DCE6F1; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Amortization
    of fair value -&#160; Investments in MRS</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (11,746)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (11,746)</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Amortization
    of fair value - Investments in CGPAR</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (3,940)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Equity
    in results </b></font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    109,111 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    64,918 </b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>8.c)
Additional information about the main operating subsidiaries</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#183;
SEPETIBA TECON S.A. (&#8220;TECON&#8221;)</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Container Terminal was created to exploit the terminal n<sup>o</sup> 1 in Itagua&#237; Port, located in the State of Rio de Janeiro.
The terminal is connected to the UPV by the Southeast railroad network.&#160; The Southeast railroad network is the contract object
of the concession that has been granted to MRS Log&#237;stica S. A. The range of services includes the move operation of cargo,
storage of containers and steel products, general cargo, cleaning and maintenance.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Tecon
won the auction held on September 3, 1998 to enter into a lease agreement for operation of the port terminal for a period of 25
years, extendable for an equal period. With the publication of Presidential Decree 9048 of May 10, 2017, the operation of the
terminal may be successively extended in distinct periods with a maximum term of 70 years.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">When
the concession expires, it will return to the Union as well as all the rights and privileges transferred to Tecon, along with
the ownership of assets and those resulting from investments, declared reversible by the Federal Government for being necessary
to the continuity of terminal&#180;s operation. The reversible assets will be indemnified by the Federal Government at the residual
value of cost, based on the accounting records of Tecon after deducting depreciation.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#183;
ESTANHO DE ROND&#212;NIA S.A. (&#8220;ERSA&#8221;)</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Headquartered
in the state of Rond&#244;nia, the subsidiary operates two units, which are based in the cities of Itapu&#227; do Oeste/RO and
Ariquemes/RO. In Itapu&#227; do Oeste is extracted the cassiterite (tin ore) and in Ariquemes is located the casting operation,
where the metallic tin is made, which is the raw material used in UPV for the production of tin plates.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#183;
COMPANHIA METAL&#218;RGICA PRADA (&#8220;Prada&#8221;)</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Prada
operates in the area of two segments: steel metal packaging, production and processing and distribution of flat steel.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>Metal
packaging</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
the steel metal packaging segment, Prada produces its supply chain includes the chemical and food segments, providing packaging
and printing services to leading companies in the market.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Prada
holds a 100% interest in the capital stock of Companhia Brasileira de Latas - &#34;CBL&#34;.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
2015, Prada has incorporated its subsidiary Rimet Empreendimentos Industriais e Comerciais.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><i>Distribution</i></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Prada
is a player in the market of processing and distribution regarding flat steel products, with a diversified product line. It provides
coils, rolls, strips, blanks, metal sheets, profiles, tubes and tiles, among other products, to the most different industry segments
- from automotive to construction. It is also specialized in providing service steel processing, meeting the demand of the all
national companies.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#183;
CSN ENERGIA S.A.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Its
main objective is the distribution of the excess electric power generated by CSN and Companies, consortiums or other entities
in which CSN holds an interest.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#183;
FTL - FERROVIA TRANSNORDESTINA LOG&#205;STICA S.A. (&#8220;FTL&#8221;)</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">FTL
was created on the purpose of incorporating the spin-off portion of TLSA, the Company holds the concession to operate the railway
cargo transportation, the public service is provided in northeastern of Brazil, which includes the rail segments of Sao Luis -
Fortaleza, Arrojado - Recife, Itabaiana - Cabedelo, Paula Cavalcante - Macau and Propri&#225; - Jorge Lins (&#34;Network I&#34;).</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
of November 2016, the CSN subscribed shares by capitalization of advances for future capital increase amounting R$ 39,341, therefore
its participation in the share capital of the company increased from 89.79% to 90.78%. As a result of the operations described
above that caused a change in the shareholder&#8217;s participation, the Company recorded a loss in the amount of R$(25) recorded
in shareholders' equity in other comprehensive income.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#183;
CSN MINERA&#199;&#195;O S.A. (&#8220;CSN Minera&#231;&#227;o&#8221;)</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Headquartered
in Congonhas, Minas Gerais, it is primarily engaged in the production, purchase and sale of iron ore. CSN Minera&#231;&#227;o
S.A. commercializes its products mainly in the overseas market. From 30 November 2015, the CSN Minera&#231;&#227;o S.A. has centralized
mining operations of CSN, including the establishments of the mine Casa de Pedra, the port TECAR and the participation of 18.63%
in MRS. The participation of the CSN in this subsidiary is 87.52%.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#183;
MIN&#201;RIOS NACIONAL S.A. (&#8220;Min&#233;rios Nacional&#8221;)</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Headquartered
in Congonhas, Minas Gerais, Minera&#231;&#227;o Nacional is mainly engaged in the production and commercialization of iron ore.
This subsidiary concentrates the mining rights assets related to the Fernandinho, Cayman and Casa de Pedra mines transferred to
this subsidiary in the business combination process that took place in 2015.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>8.d)
Joint ventures and joint operations financial information</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
balances of the balance sheets and income statements of joint venture and joint operation are presented as follows and refer to
100% of the companies&#180; profit/loss:&#160;&#160;&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

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<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;Transnordestina
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<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
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    <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    37 </font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    99 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
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    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    23,479 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    56,551 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    33,842 </b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Non-current
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    693,434 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    974 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    238,004 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    &#160;&#160;&#160;&#160;&#160;27,459 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    598,577 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    234 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    261,292 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    29,219 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Investments,
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    6,277,550 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,423 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    7,927,881 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    484,406 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    6,215,442 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    3,434 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    7,407,189 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    516,186 </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    non-current assets</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    3,397 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    8,165,885 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    511,865 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    6,814,019 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    3,668 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    7,668,481 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    545,405 </b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
    8,156,184 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    32,010 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    8,221,142 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    544,565 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    27,147 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    7,725,032 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    579,247 </b></font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Current
    liabilities</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Borrowings
    and financing</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    668,947 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,411 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    52,691 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    653,491 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    76,441 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    1,272,365 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    25,898 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    113,739 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    33,666 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    740,319 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    23,034 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    134,747 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    53,858 </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
    current liabilities</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
    1,941,312 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    27,309 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    166,430 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    33,666 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    1,393,810 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    23,034 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    211,188 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    53,858 </b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Non-current
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Borrowings
    and financing</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    2,084,422 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    5,457,768 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    2,176,357 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
    2,659,592 </b></font></td>
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    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    -&#160;&#160; </b></font></td>
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    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    5,458,202 </b></font></td>
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    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
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    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    -&#160;&#160; </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    5,024,404 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    3,020 </b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    4,701 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    3,302,808 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    4,113 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,489,440 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    522,369 </b></font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
    liabilities and shareholders&#8217;</b><br />
    <b>equity</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
    8,156,184 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    32,010 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    8,221,142 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    544,565 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    7,572,805 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    27,147 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    7,725,032 </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    579,247 </b></font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>01/01/2017
    to 12/31/2017</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>01/01/2016
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<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="5" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><i>Joint-Venture</i></b></font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><i>Joint-Operation</i></b></font></td>
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    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><i>Joint-Operation</i></b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    122,870 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    172,263 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Cost
    of sales and services</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    (2,307,108)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    (120,647)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (2,208,786)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    (105,692)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (91,568)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Gross
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    1,185,697 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    14,752 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    91,384 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    1,070,634 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    17,178 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    -&#160;&#160; </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    80,695 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Operating
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (8,367)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (97,596)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (54,616)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Finance
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (1,004)</font></td>
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
IT&#193; ENERG&#201;TICA S.A. - (&#8220;ITASA&#8221;)</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">ITASA
is a corporation established in July 1996 that was engaged to operate under a shared concession, the It&#225; Hydropower Plant
(UHE It&#225;), with 1,450 MW of installed power, located on the Uruguay River, on the Santa Catarina and Rio Grande do Sul state
border.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
MRS LOG&#205;STICA S.A. (&#8220;MRS&#8221;)</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">With
registered offices in the City of Rio de Janeiro-RJ, this subsidiary is engaged in public railroad transportation, on the basis
of an onerous concession, on the domain routes of the Southeast Grid of the federal railroad network (Rede Ferrovi&#225;ria Federal
S.A. &#8211; RFFSA), located in the Southeast (Rio de Janeiro, S&#227;o Paulo and Belo Horizonte. The concession has a 30-year
term as from December 1, 1996, extendable for an equal term by exclusive decision of the concession grantor.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">MRS
may further engage in services involving transportation modes related to railroad transportation and participate in projects aimed
at expanding the railroad service concessions granted.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">For
performance of the services covered by the concession for a, MRS leased from RFFSA for the same concession period, the assets
required for operation and maintenance of the freight railroad transportation activities. At the end of the concession, all the
leased assets are to be transferred to the ownership of the railroad transportation operator designated at that time.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company had a direct equity interest of 18.64% in the capital stock of MRS and an indirect equity interest of 18.63% through its
subsidiary CSN Minera&#231;&#227;o S.A, consequently the total participation is 34.94%.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
CONS&#211;RCIO DA USINA HIDREL&#201;TRICA DE IGARAPAVA</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Igarapava Hydroelectric Power Plant is located on the Grande River, in the city of Conquista, MG, and has installed capacity of
210 MW. It consists of 5 bulb-type generating units.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">CSN
holds a 17.92% investment in the consortium, whose specific purpose is the distribution of electric power, which is made according
to the percentage equity interest of each company.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
balance of property, plant and equipment less depreciation as of December 31, 2017 is R$24,759 (R$25,921 as of December 31, 2016)
and the expense in 2017 amounted to R$5,966 (R$6,041 in 2016).</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
CBSI - COMPANHIA BRASILEIRA DE SERVI&#199;OS DE INFRAESTRUTURA (&#8220;CBSI&#8221;)</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">CBSI
is the result of a joint operation between CSN and CKTR Brasil Ltda. Based in the city of Arauc&#225;ria, PR, CBSI is primarily
engaged in providing services CSN and other third-party entities, and can operate activities related to the refurbishment and
maintenance of industrial machinery and equipment, construction maintenance, industrial cleaning, logistic preparation of products,
among other activities. &#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
TRANSNORDESTINA LOG&#205;STICA S.A. (&#8220;TLSA&#8221;)</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">TLSA
is primarily engaged in the public service operation and development of a railroad network in the Northeast of Brazil network,
comprising the rail segments Miss&#227;o Velha-Salgueiro, Salgueiro-Trindade, Trindade-Eliseu Martins, Salgueiro- Porto de Suape,
and Miss&#227;o Velha-Porto de Pec&#233;m sections (&#8220;Railway System II&#8221;).</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">It
is in pre-operational phase and should remain so until the completion of Rail Network II. The approved schedule, which considered
the completion of the work by January 2017, is currently under review and discussion with the responsible bodies; However, Management
understands that new deadlines for project completion will not have material adverse effects on the expected return on investment.
After assessing this matter, its Management has concluded as appropriate the use of the accounting basis of operating continuity
of the project in the preparation of its financial statements.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">During
the year 2017, the others shareholders of TLSA subscribed 2,912,997 shares in amounting to R$153,253, diluting CSN on TLSA share
capital to 46.30%.&#160; Therefore, due to the transactions described above and the participation change of the shareholders in
the share capital of TLSA on 2017, the Company recognized a gain of R$2,814, recorded in equity in others comprehensive income.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Management receives funds from its shareholders and third parties for completion of the works, which are expected to be available,
based on agreements previously entered into and recent discussions between the involved parties. After analyzing this matter,
Management concluded as adequate the use of the accounting base of the project&#8217;s going concern in the preparation of the
financial statements for the year ended December 31, 2017.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
this direction, TLSA performed an impairment test of its own long-live assets using the discount cash flow method and considered
the main assumptions, as follows:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Measurement
of recoverable value:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 50%; border: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cash
    Flow Projection</b></font></td>
    <td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Until
    2057</b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Gross
    Margin</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Based
    on market studies to capture operations costs and loads, according studied of market trends.</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Estimated
    Costs</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Costs
    based on studies and market trends.</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Growth
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    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Growth
    rate was not considered due to the projection model until the end of the concession. </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Discount
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    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Between
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
addition, CSN, as an investor, performed an impairment test of its stake in TLSA, through TLSA ability to distribute dividends,
methodology known as Dividend Discount Model, or DDM, to remunerate the capital invested by shareholders. In order to perform
this test, some aspects were taken into account, such as:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
The flow of dividends was obtained from the TLSA nominal cash flow;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
The flow of dividends was calculated considering the annual percentages of participation, considering the dilutions of the CSN&#8217;s
stakes due to the amortization of debts;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
This flow of dividends was discounts at present value using cost of equity (Ke) embedded in the WACC rate of TLSA; and</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
This Ke obtained was the one calculated in the &#8220;rolling WACC&#8221; of TLSA.&#160; </font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Another
important aspect that was considered in the analysis of the impairment of CSN&#8217;s investment in the TLSA, was the need to
apply an additional percentage of risk to the discount rate in addition to the one already used to determine the discounted cash
flow of TLSA. Due to the sharing of investors risks, and by the fact that the asset that is being tested represents the cash-generating
unit itself, which is equal to the legal entity, the risk determined by CSN Management is the same applied by TLSA when the evaluation
of their own investments, not applying an additional risk factor to the model.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
a result, the Company which had recognized a loss in the surplus value of the investments of TLSA in the amount of R$ 387,989
recorded as other operating expenses&#160;and R$ 131,916 in deferred taxes in 2016, did not recognized additional impairment losses
in the surplus-value of the investments in 2017.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>8.e)
Additional information on indirect participation in foreign operations</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
STAHLWERK TH&#220;RINGEN GMBH (&#8220;SWT&#8221;)</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">SWT
was formed from the former industrial steel complex of Maxh&#252;tte, located in the Germany city of Unterwellenborn, which produces
steel shapes used for construction in accordance with international quality standards. Its main raw material is steel scrap, the
Company has an installed production capacity of 1.1 million metric tons steel/year. The SWT is a wholly owned indirect subsidiary
of CSN Steel S.L.U, a subsidiary of CSN.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
COMPANHIA SIDERURGICA NACIONAL &#8211; LLC (&#8220;CSN LLC&#8221;)</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
CSN LLC has an industrial plant in Terre Haute, Indiana State - USA, where is located the cold rolled and galvanized steel production
lines, its installed production capacity is 800 thousand tons/year. CSN LLC is a wholly owned indirect subsidiary through CSN
Steel S.L.U. after Merger, previously named CSN Americas S.L.U, a subsidiary of CSN.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
LUSOSIDER A&#199;OS PLANOS S.A. (&#8216;Lusosider&#8217;&#8217;)</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Incorporated
in 1996 in succession to Siderurgia Nacional (a company privatized by the Portuguese government that year), Lusosider is the only
Portuguese company of the steel industry to produce cold rolled and galvanized anti-corrosion steel. Based in Paio Pires, The
Lusosider has an installed capacity of about 550,000 tons / year to produce four large groups of steel products: galvanized sheet,
cold rolled sheet, pickled and oiled plate. The products are manufactured by Lusosider and may be used in the packaging industry,
construction (pipes and metallic structures) and in home appliance components.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>8.f)
Other investments </b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
PANATL&#194;NTICA S. A. (&#8220;Panatl&#226;ntica&#8221;)</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Panatl&#226;ntica
is a publicly-held company, headquartered in the city of Gravata&#237;, State of Rio Grande do Sul, engaged in the manufacturing,
trade, import, export and processing of steel and ferrous or non-ferrous metals, coated or not. This investment is classified
as available-for-sale and measured at fair value.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company currently holds 11.33% (11.35% as of December 31, 2016) of Panatl&#226;ntica&#8217;s total share capital.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
USINAS SIDERURGICAS DE MINAS GERAIS S.A. &#8211; USIMINAS (&#8220;USIMINAS&#8221;)</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Usiminas,
headquartered in Belo Horizonte, State of Minas Gerais, is engaged in steel and related operations.&#160; Usiminas produces flat
rolled steel in the Intendente C&#226;mara and Jos&#233; Bonif&#225;cio de Andrada e Silva plants, located in Ipatinga, Minas
Gerais, and Cubat&#227;o, S&#227;o Paulo, respectively, the final product is sold in the domestic and foreign market. Usiminas
also exploits iron ore mines located in Ita&#250;na, Minas Gerais, to meet its verticalization and production cost optimization
strategies. Usiminas also has service and distribution centers located in several regions of Brazil, and the Cubat&#227;o, S&#227;o
Paulo, and Praia Mole, Esp&#237;rito Santo, all centers are located in strategic locations for the shipment of its production.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
April 9, 2014, the Administrative Council for Economic Defense (CADE - Conselho Administrativo de Defesa Econ&#244;mica) issued
its decision on the matter about the Usiminas shares held by CSN signing a Performance Commitment Agreement), also called TCD,
between CADE and CSN. Under the terms of the decision of CADE and TCD, CSN must reduce its interest in Usiminas, within a specified
period. The deadline and percentage reduction are confidential. In addition, the political rights in Usiminas will continue suspended
until the Company reaches the limits established in the TCD.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
March 2016, the Board of Directors of Usiminas approved a capital increase of R $ 64,882, through the issue of up to 50,689,310
preferred shares. On April 22, 2016, CSN exercised its preemptive rights in full, paying R $ 11,603 for 9,064,856 preferred shares.
This increase was approved by the Board of Directors of Usiminas on June 3, 2016.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
March 24, 2016, the Company requested to CADE (Brazilian Antitrust Agency) the flexibilization of the PAT (Performance Commitment
Agreement (TCD), in order to enable the Company the exercise of certain political rights, namely the power to elect independent
members of the board of directors and supervisory board. On April 27, 2016, CADE approved the Company&#8217;s request to permit
such election. On April 28, at the Usiminas&#8217; annual general meeting, the Company elected 2 independent members of the board
of directors and 1 of the supervisory board, as well as the same number of alternates.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
April 2016, the Extraordinary Shareholders' Meeting of Usiminas approved a capital increase of R$ 1,000,000 through the issue
of 200,000,000 common shares. On May 20, 2016, CSN exercised its preemptive right in full, paying R$ 178,832 for 35,766,351 common
shares. This increase was approved by the Extraordinary General Meeting of Usiminas on July 19, 2016.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 31, 2017 and 2016, the Company&#8217;s interest in Usiminas&#8217;s capital was 15.19% in common shares and 20.86%
in preferred shares.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">USIMINAS
is listed on the S&#227;o Paulo Stock Exchange (&#8220;B3 S.A.- Brasil, Bolsa, Balc&#227;o&#8221;: USIM3 and USIM5).</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#8226;&#160;&#160;&#160;&#160;
ARVEDI METALFER DO BRASIL S.A. (&#8220;Arvedi&#8221;)</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Arvedi,
headquartered in Salto, State of S&#227;o Paulo, is engaged in pipe production. As of December 31, 2017 and 2016 CSN held 20.00%
of Arvedi&#8217;s share capital.</font></p>



<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of investments accounted for using the equity method. [Refer: Investments accounted for using equity method]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6613322640">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>9. PROPERTY, PLANT AND EQUIPMENT<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
</tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory', window );">PROPERTY, PLANT AND EQUIPMENT</a></td>
<td class="text"><p style="margin: 0pt"></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; background-color: white">
    <td nowrap="nowrap" style="width: 36%">&#160;</td>
    <td nowrap="nowrap" style="width: 6%">&#160;</td>
    <td nowrap="nowrap" style="width: 2%">&#160;</td>
    <td nowrap="nowrap" style="width: 8%">&#160;</td>
    <td nowrap="nowrap" style="width: 2%">&#160;</td>
    <td nowrap="nowrap" style="width: 8%">&#160;</td>
    <td nowrap="nowrap" style="width: 2%">&#160;</td>
    <td nowrap="nowrap" style="width: 6%">&#160;</td>
    <td nowrap="nowrap" style="width: 2%">&#160;</td>
    <td nowrap="nowrap" style="width: 8%">&#160;</td>
    <td nowrap="nowrap" style="width: 2%">&#160;</td>
    <td nowrap="nowrap" style="width: 8%">&#160;</td>
    <td nowrap="nowrap" style="width: 2%">&#160;</td>
    <td nowrap="nowrap" style="width: 8%; text-align: right"><font style="font: 8pt Arial, Helvetica, Sans-Serif"><b>Consolidated</b></font></td></tr>
<tr style="background-color: white">
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<tr>
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<tr style="background-color: #DDEBF7">
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<tr style="background-color: #DDEBF7">
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    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt">&#160;</td>
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<tr>
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<tr style="background-color: #DDEBF7">
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<tr>
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<tr style="background-color: #DDEBF7">
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<tr style="background-color: #DDEBF7">
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<tr style="background-color: #DDEBF7">
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</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(1) Estimated completion date of the Central
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<p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(3) Refers substantially to the reforming of
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<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(4) <font style="font-family: Arial, Helvetica, Sans-Serif">Refers
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<tr>
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    <td style="width: 24%; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>9.a) Capitalized Interest</b></p>

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<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">As of December 31, 2017, the Company capitalized
borrowing costs amounting to R$91,957 in consolidated financial statement&#160;(as of December 31, 2016, R$215,794). These costs
are basically estimated for the cement and mining projects, mainly relating to: new integrated cement plant; and (ii) Casa de Pedra
(MG) expansion and TECAR (RJ), see notes 24 and 29.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">The rates used to capitalize borrowing costs
are as follows:</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>10. INTANGIBLE ASSETS<br></strong></div></th>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

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<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
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    <td nowrap="nowrap" style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    444,635 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    183,166 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    116,196 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    3,185,700 </font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    440 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    7,764,371 </font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    297,660 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
    116,196 </b></font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    440 </b></font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;7,258,404
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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="vertical-align: bottom; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Effect
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    41,916 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="vertical-align: bottom; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Acquisitions
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    622 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    (38,701)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (56)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    300,875 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
    134,137 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    3,172,469 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    449 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;7,272,046
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;Cost
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    3,834,234 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    513,068 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    167,162 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    134,137 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    3,185,701 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    449 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;7,834,751
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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;Accumulated
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    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    (133,973)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    (212,193)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    (93,977)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (13,232)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    (453,375)</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;Adjustment
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
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    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
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    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    3,172,469 </b></font></td>
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    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    449 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;7,272,046
    </b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(*)
Composed mainly by mineral rights with estimated resources of 1,101 million tons. Corresponding amortization is recorded based
on production volumes.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
estimated average useful lives by nature are as follows (in years):&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="width: 46%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 26%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 26%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: white; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Software</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8
    </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Customer
    relationships</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">13</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">13
    </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>10.a)
Impairment testing</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
goodwill arising from expectations for future profitability of the companies acquired and the intangible assets with indefinite
useful lives (trademarks) have been allocated to the operational divisions (cash-generating units) of CSN, which represent the
lowest level of assets or group of assets. When a CGU has an intangible asset with indefinite useful life allocated, the Company
performs an impairment test. The CGU with intangible assets in this situation are as follows:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Goodwill</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Trademarks</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="width: 19%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cash
    generating unity</b></font></td>
    <td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Segment</b></font></td>
    <td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017
    </b></font></td>
    <td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016
    </b></font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="width: 1%; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017
    </b></font></td>
    <td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016
    </b></font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Packaging</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Steel</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">158,748</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">158,748</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">158,748</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">158,748</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Long
    steel (1)</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Steel</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">235,595</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">235,595</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>134,137</b></font></td>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>116,196</b></font></td>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>3,725,068</b></font></td>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(1)
The goodwill and trademark that are recorded in line item intangible assets at long steel segment, those transactions are derived
from the business combination of <i>Stahlwerk Thuringen</i> GmbH (&#34;SWT&#34;) and Gallardo Sections CSN. The assets mentioned
are considered to have indefinite useful lives as they are expected to contribute indefinitely to the Company's cash flows.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(2)
Refers to the goodwill based on expectations for future profitability, resulting from the acquisition of Namisa by CSN Minera&#231;&#227;o,
an operation that was concluded in December 2015. From 2016, the balance started to be tested annually for impairment analysis.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
impairment testing of the goodwill and the trademark include the balance of property, plant and equipment of the cash-generating
units and also the intangible. The test is based on the comparison between the actual balances and the value in use of those units,
determining based on the projections of discounted cash flows and use of such assumptions and judgements as: growth rate, costs
and expenses, discount rate, working capital, future Capex investment and macroeconomic assumptions observable in the market.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">The
main assumptions used in calculations of value in use at December 31, 2017 are as follows:</font></p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="vertical-align: bottom; width: 18%; border: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 30%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;Metal
    Packaging </b></font></td>
    <td nowrap="nowrap" style="width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;Long
    Steel (**) </b></font></td>
    <td nowrap="nowrap" style="width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;Mining
    </b></font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Measurement
    of recoverable value</b></font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Discounted
    Cash Flow</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Discounted
    Cash Flow</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Discounted
    Cash Flow</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cash
    flow projection</b></font></td>
    <td nowrap="nowrap" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Until
    2028</font></td>
    <td nowrap="nowrap" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Until
    2028</font></td>
    <td nowrap="nowrap" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Until
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross
    Margin</b></font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Gross
    margin updated based on historical data, impacts of business restructuring and market trends</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Gross
    margin updated based on historical data and market trends.</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Average
    of the gross margin of each Cash generating units based on the history and projections to the next 39 years and long-term
    price and exchange rate curves from industry reports.</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost
    Atualization</b></font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Cost
    based on historical data of each product and impacts of business restructuring.</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Costs
    based on historical data and market trends.</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Costs
    based on historical data, mix of products and market trends.</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Growth
    rate</b></font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Without
    growth in real terms, only updated by long term inflation of 4.0% .</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Without
    growth in real terms, only updated by long term inflation of 2.0% , Euro zone.</font></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">The
    growth rate was not considered.</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Discount
    rate</b></font></td>
    <td colspan="3" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">These
    cash flows were considered using a discount rate after taxes between 7% and 13% in real terms. The discount rate was based
    on the weighted average cost of capital (&#34;WACC&#34;) that reflects the specific risk of each segment.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(*)
Refer to assets of subsidiary SWT, located in Germany. The discount rate was applied on the discounted cash flow prepared in Euros,
the functional currency of this subsidiary.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Based
on the analyses conducted by Management, it was not necessary to record losses by impairment to those assets for the year ended
on December 31, 2017.</font></p>



<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777136464">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>11. BORROWINGS, FINANCING AND DEBENTURES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="text">&#160;<span></span>
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<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>11.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>BORROWINGS,
                                         FINANCING AND DEBENTURES</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
balances of borrowings, financing and debentures, which are carried at amortized cost, are as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td rowspan="2" style="border-top: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Rates
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    <td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Current
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
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    CURRENCY</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
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    </font></td>
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    to 3.5%</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,174</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">110,944</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">489,584</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">482,347</font></td></tr>
<tr style="background-color: #DCE6F1">
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    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">3.51%
    to 8%</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">788,989</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">438,802</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,607,925</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,290,062</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Perpetual
    bonds</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">7%</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,503</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,436</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,308,000</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,259,100</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Fixed
    rate notes </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">4.14%
    to 10%</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">139,184</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">137,126</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,612,342</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,529,380</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><i>ACC</i></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">3.135%</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">379,822</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Others</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">1.2%
    to 8%</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">251,630</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">95,983</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">197,130</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">259,262</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,566,302</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>787,291</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>13,214,981</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>13,820,151</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>LOCAL
    CURRENCY</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">BNDES/FINAME</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">1,3%
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">71,121</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">73,736</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">960,872</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,012,268</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Debentures</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">523,252</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">538,003</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">770,767</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,270,383</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Prepayment
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">109.5%
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,789,737</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">570,778</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,378,333</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,080,000</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">CCB
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">112.5%
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,601,352</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">181,143</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,693,000</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,200,000</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,985,462</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,363,660</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>9,802,972</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>14,562,651</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total
    borrowings and financing (Note 12 I)</b></font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>6,551,764</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,150,951</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>23,017,953</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>28,382,802</b></font></td></tr>
<tr>
    <td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Transaction
    costs and issue premiums</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(24,862)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(33,503)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(34,011)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(59,232)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total
    borrowings and financing + transaction costs</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>6,526,902</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,117,448</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>22,983,942</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>28,323,570</b></font></td></tr>
</table>
<p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>11.a)
Maturities of borrowings, financing and debentures presented in non-current liabilities</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As
of December 31, 2017, the breakdown of principal plus interest of long-term liabilities as borrowings, financing and debentures
by maturity date is presented as follows:&#9;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 20%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Prepayment</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Bonds</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Perpetual
    Bonds</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>CCB</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Othes</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">2019</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2,824,551</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2,238,034</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">(*)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">1,507,000</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">670,383</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,239,968</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">31%</font></td></tr>
<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2,409,959</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">3,374,308</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">(*)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">1,508,000</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">280,243</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,572,510</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">33%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">2021</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">1,276,969</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">774,000</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">177,659</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,228,628</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10%</font></td></tr>
<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">964,363</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
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<tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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</table>
<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
In February 2018, the Company concluded the renegotiation of its debt with Banco do Brasil S.A (&#8220;BB&#8221;), as well as
the issuance of debt instruments and repurchase of US$350 million (<i>Tender Offer</i>), as described in more detail in note 31
- Events subsequent.</font></p>




<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>11.b)
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<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 52%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 20%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DDEBF7">
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<tr>
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<tr style="background-color: #DDEBF7">
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<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Repayment</font></td>
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<tr style="background-color: #DDEBF7">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Payments
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<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Payment
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DDEBF7">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Payment
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DDEBF7">
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<tr>
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<tr style="background-color: #DDEBF7">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(1)
Includes unrealized monetary and foreign exchange variations.</font></p>

<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
2017, the Group captures and amortized loans as shown below:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;
<b>Funding</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 41%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 17%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Transaction</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Financial
    institution</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Date</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Maturity</b></font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;BANCO
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">August/17</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">October/21</font></td></tr>
<tr style="vertical-align: bottom">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Advance
    contract exchange (ACC)&#160;&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;BB
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">September/17</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">may/18</font></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Fixed
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;JP
    MORGAN </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">November/17</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;163,506
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">November/18</font></td></tr>
<tr style="vertical-align: bottom">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Advance
    contract exchange (ACC) (*) </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;BB
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">December
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;200,000
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">February/18</font></td></tr>
<tr style="vertical-align: bottom">
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;Total
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;538,771
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
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<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;
<b>Amortization</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 53%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 25%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 18%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Transaction</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Payment
    of principal</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Debt
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<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Bonds</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">578,482</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Fixed
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">90,028</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">12,736</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Debentures</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">479,617</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">201,118</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Bank
    Credit Bill</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">869,717</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Export
    Credit Note</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">400,000</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">668,325</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Pre
    - Export Payment</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">490,803</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">226,894</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">BNDES/FINAME</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">67,575</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">75,539</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Advance
    contract exchange (ACC)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2,120</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,528,023</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,634,931</b></font></td></tr>
</table>
<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>




<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Covenants</b></font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company's loan agreements establish the fulfillment of certain non-financial obligations, as well as maintenance of certain parameters
and performance indicators, such as disclosure of its audited financial statements according to regulatory deadlines or payment
of commission on risk assumption, if the net debt-EBITDA ratio reaches the levels in those agreements, under penalty of anticipated
maturity. Until now, the Company is in compliance with all financial and non-financial obligations (covenants) of its current
contracts.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On
December 31, 2017, the Company has accrued R$ 30,843 as the commission on risk assumption in the current liabilities.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>11.c)
Guarantees</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company is the guarantor or is liable for the guarantees  given to its subsidiaries and joint ventures as follows:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Currency</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Maturities</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Borrowings</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Tax
    foreclosure</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Other</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 2%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 2%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 2%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 6%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Transnordestina
    Log&#237;sitca</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">R$</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Up
    to 09/19/2056 and Indefinite</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,541,347</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,547,937</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,214</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23,007</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,866</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,866</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,567,427</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,575,810</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">FTL
    - Ferrovia Transnordestina</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">R$</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">11/15/2020</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">69,405</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,000,000</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,520</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,000,000</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,002,520</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>26,169</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>58,714</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>55,640</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,697,995</b></font></td>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,706,446</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">CSN
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">750,000</font></td>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">CSN
    Islands XII</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">US$</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,000,000</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,000,000</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,000,000</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">CSN
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">US$</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,200,000</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">EUR</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">120,000</font></td>
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<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">25,000</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">25,000</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>145,000</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total
    in R$</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>10,334,149</b></font></td>
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    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>10,112,913</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>10,334,149</b></font></td>
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    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>10,112,913</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>14,948,054</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>14,737,550</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>25,376</b></font></td>
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    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>26,169</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>58,714</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>55,640</b></font></td>
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    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>15,032,144</b></font></td>
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    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>14,819,359</b></font></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of borrowings. [Refer: Borrowings]</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6790611296">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsAbstract', window );"><strong>Financial Instruments</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory', window );">FINANCIAL INSTRUMENTS</a></td>
<td class="text"><p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>I
- Identification and measurement of financial instruments</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company enters into transactions involving various financial instruments, mainly cash and cash equivalents, including short-term
investments, marketable securities, trade receivables, trade payables, and borrowings and financing. The Company also enters into
derivative transactions, especially interest rate and foreign exchange and rate swaps.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Considering
the nature of these instruments, their fair value is basically determined by using Brazil&#8217;s money market and mercantile
and futures exchange quotations. The amounts recognized in current assets and current liabilities have immediate liquidity or
short-term maturity, mostly less than three months. Considering the maturities and characteristics of such instruments, their
carrying amounts approximate their fair values.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Classification of financial instruments </b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 5%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 6%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td rowspan="3" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="7" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="7" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Notes</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Available
    for sale</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Fair
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="white-space: nowrap; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    3,411,572 </font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    4,871,162 </font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    4,871,162 </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="white-space: nowrap; text-indent: 16pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Short
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    760,391 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="white-space: nowrap; text-indent: 16pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Trade
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    <td style="white-space: nowrap; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="white-space: nowrap; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
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    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,952 </font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,952 </font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,966 </font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    7 </font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,441
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    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="white-space: nowrap; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
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    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    554,694 </font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">479,960
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    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    479,960 </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="white-space: nowrap; text-indent: 16.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    2,222,433 </b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    574,718 </b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;
    2,797,151 </b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    1,374,268 </b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    495,251 </b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    1,869,519 </b></font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
    Assets</b></font></td>
    <td style="white-space: nowrap; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    2,222,433 </b></font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,952 </b></font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    6,921,521 </b></font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    41,528 </b></font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;
    9,188,434 </b></font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    1,374,268 </b></font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    5,264 </b></font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    8,031,434 </b></font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    37,679 </b></font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    9,448,645 </b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="white-space: nowrap; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="white-space: nowrap; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="white-space: nowrap; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    6,551,764 </font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    6,551,764 </font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    2,150,951 </font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    2,150,951 </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="white-space: nowrap; text-indent: 24pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Derivative
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    121 </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    121 </font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="white-space: nowrap; vertical-align: bottom; text-indent: 24pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Trade
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    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    2,460,774 </font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    2,460,774 </font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    1,763,206 </font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    1,763,206 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="white-space: nowrap; vertical-align: bottom; text-indent: 24pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Dividends
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    13 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    510,692 </font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    510,692 </font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    484,570 </font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    484,570 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="white-space: nowrap; text-indent: 16.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td style="white-space: nowrap; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    9,523,230 </b></font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;
    9,523,230 </b></font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    121 </b></font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    4,398,727 </b></font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    4,398,848 </b></font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="white-space: nowrap; text-indent: 16.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Non-current</b></font></td>
    <td style="white-space: nowrap; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="white-space: nowrap; text-indent: 24pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Borrowings
    and financing </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    11 </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    23,017,953 </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;23,017,953
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    28,382,802 </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    28,382,802 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="white-space: nowrap; text-indent: 16.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td style="white-space: nowrap; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    23,017,953 </b></font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;23,017,953
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    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    28,382,802 </b></font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
    28,382,802 </b></font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
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    <td style="white-space: nowrap; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
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    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;32,541,183
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    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
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    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
    32,781,650 </b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Fair value measurement </b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
following table shows the financial instruments recognized at fair value through profit or loss using a valuation method:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Level
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    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Level
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    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balances</b></font></td>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Level
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    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Level
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    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balances</b></font></td></tr>
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    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td colspan="2" style="padding-left: 1pt; text-indent: 7.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Current
    assets</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,298</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,952
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,966</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-left: 1pt; text-align: center; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td colspan="2" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,222,433
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    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,222,433
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,374,268</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,374,268</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="vertical-align: bottom; padding-left: 1pt; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2,225,385
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    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>-&#160;&#160;
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    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2,225,385
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>1,377,234</b></font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>2,298</b></font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>1,379,532</b></font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
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    <td style="vertical-align: bottom; padding-left: 1pt; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td colspan="2" style="vertical-align: bottom; padding-left: 1pt; text-indent: 14pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Derivative
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    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">121</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">121</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>-&#160;&#160;
    </b></font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>-&#160;&#160;
    </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>121</b></font></td>
    <td style="padding-left: 1pt; text-align: right; text-indent: -1pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>121</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="width: 36%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Level
1: quoted prices (unadjusted) in active markets for identical assets or liabilities.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Level
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">There
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>II
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company has investments in common (USIM3) and preferred (USIM5) shares of Usiminas (&#8220;Usiminas Shares&#8221;), designated
as available-for-sale financial assets. The Company adopts this designation because the nature of the investment is not comprised
in any other categories of financial instruments (loans and receivables, held-to-maturity investments or financial assets at fair
value through profit or loss). The asset is classified as a non-current asset in line item &#8220;investments&#8221; and is carried
at fair value based on the quoted price on the stock exchange (B3 S.A.). According to the Company's policy, the gains and losses
arising from changes in the price of shares are recorded directly in equity, as other comprehensive income.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company's accounting policy requires a quarterly analysis based on quantitative and qualitative information available in the market
from the moment the instrument demonstrates a drop of more than 20% of their market value or from a significant drop in market
value compared to their acquisition cost for more than 12 months. If the Company concludes that there was a significant drop in
the price of the instrument, an impairment loss must be recognized. In 2012, considering the price of Usiminas shares on the B3
S.A, was recorded the first impairment loss on that shares. According to this policy, whenever the share price reached a level
lower than the last record impairment, the Company should record further losses, redefining the new minimum threshold value of
the shares.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">During
the year 2017 and 2016, there was no impairment recorded and the gain from the change in share price in the period was recorded
in other comprehensive income. The impairment recorded as of December 31, 2015 amounted R$555,298.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td rowspan="2" style="border-top: Black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Class
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    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td rowspan="2" style="border-top: Black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Quantity</b></font></td>
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    <td rowspan="2" style="border-top: Black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Quantity</b></font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">107,156,651</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">114,280,556</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">114,280,556</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">468,550</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">571,403</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>221,437,207</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2,200,459</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>221,437,207</b></font></td>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>1,353,664</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>846,795</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 31, 2017 and 2016, the Company&#8217;s interest in Usiminas&#8217;s capital was 15.19% in common shares and 20.86%
in preferred shares.&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Share market price risks</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company is exposed to the risk of changes in share prices due to the investments made and classified as available-for-sale.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">According
to the Company&#8217;s accounting policies, any negative changes in the investment in Usiminas considered significant (impairment)
are recognized in profit or loss and the other changes that not occur from impairment are recognized in comprehensive income until
the investment is realized.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
of December,31 2017, the amount recognized in comprehensive income for investments available for sale, net of taxes is R$1,559,680
(R$678,035 as of December 31, 2016).</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>III
- Financial risk management</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company follows strategies of managing its risks, with guidelines regarding the risks incurred by the company. The nature and
general position of financial risks are regularly monitored and managed in order to assess the results and the financial impact
on cash flow. The credit limits and the quality of counterparties&#8217; hedging instruments are also periodically reviewed. &#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
market risks are hedged when it is considered necessary to support the corporate strategy or when it is necessary to maintain
a level of financial flexibility.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Under
the terms of the risk management policy, the Company can manage some risks by using derivative instruments not associated to any
speculative deals or short sales.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>12.a)
Foreign exchange and interest rate risks</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Exchange rate risk</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
exchange rate risk arises from the existence of assets and liabilities denominated in US dollars or Euros, since the Company&#8217;s
functional currency is the Real. Net exposure is the result of offsetting the natural currency exposure by hedging instruments
adopted by CSN.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
consolidated net exposure as of December 31, 2017 is as follows:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;12/31/2017</b></font></p></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Foreign
    Exchange Exposure</b></font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(Amounts
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(Amounts
    in &#8364;&#8217;000)</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Cash
    and cash equivalents overseas</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">777,310</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,857</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Trade
    receivables </font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">310,642</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,799</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
    assets</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,283</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,636</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
    assets</b></font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>1,091,235</b></font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>9,292</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Borrowings
    and financing</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(4,332,686)</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(73,186)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Trade
    payables</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(97,622)</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,941)</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
    liabilities</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,984)</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,368)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
    liabilities</b></font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>(4,434,292)</b></font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>(78,495)</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Foreign
    exchange exposure</b></font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(3,343,057)</b></font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(69,203)</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Cash
    flow hedge accounting</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
    Investment hedge accounting</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>72,000</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Net
    foreign exchange exposure</b></font></td>
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    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2,797</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Perpetual
    Bonds </font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Net
    foreign exchange exposure excluding perpetual bonds</b></font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="width: 56%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 3%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 3%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 16%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 3%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 19%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">CSN
is in the process of redefining its currency hedging strategy. The company has focused its hedge strategy on preserving its cash
flow, so it is evaluating a replacement of the exposure generated by the settlement of derivatives with new hedge accounting designations,
capturing the existing natural hedges, as well as using other derivative instruments with the purpose of hedging CSN's future
cash flows.&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Interest rate risk</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Risk
arises from short and long term liabilities with fixed or post fixed interest rates and inflation rates.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Item
12 b) shows the derivatives and hedging strategies to protect exchange and interest rates risks.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>12.b)
Hedging instruments: Derivative and hedge accounting</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">CSN
uses several instruments for protection of foreign currency risk and interest rate risk, as shown in the following topics:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Portfolio of derivative financial instruments</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="white-space: nowrap; width: 24%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 8%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Appreciation
    (R$)</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Fair
    value</b><br />
    <b>(market)</b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Appreciation
    (R$)</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Fair
    value</b><br />
    <b>(market)</b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Impact
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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Counterparties</b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Functional
    Currency</b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Notional
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Asset</b><br />
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Liability</b><br />
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><i>BNPP</i></font></td>
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    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (229)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    33,435 </b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    (31,137)</b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,298 </b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (229)</b></font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><i>BM&#38;FBovespa</i></font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Real</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    1,641,378 </font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    -&#160;&#160; </font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    -&#160;&#160; </font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (121)</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    28,503 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b><i>Total
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    1,641,378 </b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    -&#160;&#160; </b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    -&#160;&#160; </b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (121)</b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    28,503 </b></font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    (31,137)</b></font></td>
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    2,177 </b></font></td>
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    28,274 </b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Forward
DI contracts</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company to hedge part or all of its exposure to assets whose interest rates are pre-fixed may obtain DI derivative operations
on the stock exchange or the over-the-counter market, linking these assets to market trends. As of December 31, 2016 the Company
held in its portfolio forward CDI rate contracts traded at B3 S.A. which totaled the notional amount of R$ 1.641 billion.&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
forward DI contract is defined as the accumulative value of the average daily DI rates of one day, calculated between the date
of the transaction and the last trading date, being used to hedge and manage the interest rate risk of assets / liabilities in
DI. The purchase and sale transactions, originally contracted in rate, will be converted into sale and purchase transactions,
respectively, in PU.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
contract settlement is exclusively financial, on the due date and occurs daily until the maturity. The position held by the Company
is set at the end of each session based on the difference of the day's settlement price (D0) compared to the previous day price
(D-1), and is settled on the following day (D+1), according to the rules of B3 S.A.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;For
as much as the Company maintains contracts traded on the B3 S.A, it is required by the clearing house a guarantee margin to cover
those commitments in these contracts, which is only a percentage of the contract&#180;s total amount. CSN maintains securities
linked to this guarantee margin, consisting mainly of government bonds, which will be redeemed after the end position. The amounts
of these investments are described in Note 4.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Dollar
x Euro swap</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
subsidiary Lusosider has derivative transactions to protect its dollar exposure versus euro.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Classification of the derivatives in the balance sheet and statement of income</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="width: 33%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 16%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Instruments</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Assets</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Net
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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Current</b></font></td>
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Current</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><i>Dollar
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(229)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><i>Future
    DI</i></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">28,503</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td rowspan="2" style="border-top: Black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Instruments</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Assets</b></font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><i>Future
    Dollar BM&#38;F</i></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(805,760)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><i>Dollar
    - to - euro swap</i></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,298</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,298</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(6,467)</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><i>Fixed
    rate - to - CDI swap (*)</i></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(299)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><i>CDI
    - to - fixed rate swap (*)</i></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(63)</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><i>Future
    DI</i></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(121)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(121)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">5,829</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2,298</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2,298</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(121)</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(121)</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(806,760)</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(*)
Swap positions were settled in October 2017.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Hedge accounting &#8211; cash flow</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Beginning
November 1, 2014, the Company formally designated cash flow hedging relationships to protect highly probable future cash flows
against US dollar fluctuations.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
order to better reflect the accounting impacts of this foreign exchange hedging strategy on its profit, CSN designated part of
its US dollar-denominated liabilities as a hedging instrument of its future exports. As a result, foreign exchange differences
arising on translating the designated liabilities will be temporarily recognized in shareholders&#8217; equity and allocated to
profit or loss when such exports are carried out, which will allow recognizing the US dollar impact on liabilities and exports
concurrently. Note that adopting hedge accounting does not entail contracting any financial instrument. As of December 31, 2017
the Company designated for hedge accounting US$1.3 billion in exports to be carried out between January, 2018 to October, 2022.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">To
support these designated amounts, the Company prepared formal documentation indicating how hedging is aligned with the goal and
strategy of CSN&#8217;s Risk Management by identifying the hedging instruments used, the hedging purpose, the nature of the hedged
risk, and showing the expected high effectiveness of the designated relationships. The designated debt instruments total an amount
equivalent to the portion of future exports. Thus, the exchange differences on translating the instrument and the hedged item
are similar. According to the Company&#8217;s accounting policy, continuous assessments of the prospective and retrospective effectiveness
must be carried out by comparing the designated amounts with the expected amounts, approved in Management&#8217;s budgets, and
the actual export amounts.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Through
hedge accounting, the exchange gains and losses of the debt instruments do not immediately affect the Company&#8217;s profit or
loss except to the extent that exports are carried out.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
table below shows a summary of the hedging relationships as of December 31, 2017:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Hedged
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    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
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    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">53,203
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(316,726)</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1/12/2014</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">175,000
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(114,999)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">38,937
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(44,880)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">12/18/2014</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;May
    2020&#160; </font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.6781</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">100,000
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(62,990)</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">07/21/2015</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    2019 - March 2021 </font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.1813</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">60,000
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(7,602)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">07/23/2015</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;July
    2019 - March 2021 </font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.2850</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">100,000
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(2,300)</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">07/23/2015</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.2850</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">30,000
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(690)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">07/24/2015</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;October
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    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.3254</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">100,000
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">07/27/2015</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
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    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">07/27/2015</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
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    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
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    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.3557</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">07/27/2015</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;October
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    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.3557</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">07/28/2015</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;October
    2018 - October 2022 </font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.3815</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">30,000
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,205
    </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1/8/2015</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><sup>&#160;(1)
    </sup></font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.3940</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(9,000)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(774)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3/8/2015</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;October
    2018 - October 2022 </font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.3940</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">355,000
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">30,530
    </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>1,566,000
    </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(248,333)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">(*)
The effect on the result was recorded in other operating expenses.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(1)
During the designation on August 2015, we reviewed the future export projections and identified that the amount of US$ 9 million
designated previously were not highly probable due to Platt&#8217;s quotation reduction. Therefore, the hedge relationship was
discontinued from August 2015. The exchange rate of the effective period remains recorded in Stockholders' Equity until the time
of debt settlement, in October 2022.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
the hedging relationships described above, the amounts of the debt instruments were fully designated for equivalent iron ore export
portions.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
movements in the hedge accounting amounts recognized in shareholders&#8217; equity as of December 31, 2017 are as follows:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="width: 22%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td>
    <td style="vertical-align: top; width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Movement</b></font></td>
    <td style="vertical-align: top; width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Realization</b></font></td>
    <td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Movement</b></font></td>
    <td style="vertical-align: top; width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Realization</b></font></td>
    <td style="vertical-align: top; width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Cash
    flow hedge accounting </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif; background-color: #DBE5F1">1,520,089</font></td>
    <td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,005,968)</font></td>
    <td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(77,444)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">436,677</font></td>
    <td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">50,987</font></td>
    <td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(92,140)</font></td>
    <td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">395,524</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Fair
    value of cash flow hedge, net of taxes</b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>1,520,089</b></font></td>
    <td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(1,005,968)</b></font></td>
    <td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(77,444)</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>436,677</b></font></td>
    <td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>50,987</b></font></td>
    <td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(92,140)</b></font></td>
    <td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>395,524</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 31, 2017 the hedging relationships established by the Company were effective, according to the prospective tests conducted.
Thus, no reversal for hedge accounting ineffectiveness was recognized.&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 16pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Net
investment hedge in foreign subsidiaries</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">CSN
has a natural foreign exchange exposure in Euros substantially arising from a loan made by a foreign subsidiary with functional
currency in Reais, for the acquisition of investments abroad whose functional currency is Euro. Such exposure arises from converting
the balance sheets of these subsidiaries for consolidation in CSN, and the exchange rate of the loans affected the income statement
in the financial result item and the exchange variation of the net assets of the foreign operation directly affected the equity
in other comprehensive income.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
from September 1<sup>st</sup>, 2015 CSN began to adopt hedge of net investment to eliminate exposure and cover future fluctuations
of the Euro on such loans. Non-derivative financial liabilities have been designated represented by loan agreements with financial
institutions in the amount of &#8364; 120 million. The carrying amounts on December 31, 2017 are:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">12/31/2017</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Designation
    Date</font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Hedging
    Instrument</font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Hedged
    Item</font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Type
    of Hedged Risk</font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Exchange
    Rate on designation</font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Designated
    amounts (EUR'000)</font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Amortized
    part (USD&#8217;000)</font></td>
    <td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Impact
    on shareholders' equity</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">09/01/2015</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Non-derivative
    financial<br />
    liabilities in EUR &#8211; Debt contract</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Investments
    in subsidiaries which<br />
    EUR is the functional currency</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange -<br />
    R$ vs. EUR spot rate</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4.0825</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">120,000</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(48,000)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(17,911)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>120,000</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(48,000)</b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(17,911)</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
changes in the amounts related to net investment hedge as of December 31, 2017 are presented below:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; width: 21%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td>
    <td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Movement</b></font></td>
    <td style="vertical-align: top; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Realization</b></font></td>
    <td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Movement</b></font></td>
    <td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Realization</b></font></td>
    <td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">20,148</font></td>
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    <td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(57,804)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">39,893</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(17,911)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Fair
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    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>20,148</b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(77,952)</b></font></td>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(57,804)</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>39,893</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(17,911)</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
December 31, 2017 hedge relationships established by the Company found to be effective, according to prospective tests. Therefore,
no reversal by ineffectiveness of the hedge was recorded.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>12.c)
Sensitivity analysis</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;We
present below the sensitivity analysis for currency risk and interest rate.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Sensitivity analysis of Derivative Financial Instruments and consolidated Foreign Exchange Exposure</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company considered scenarios 1 and 2 as 25% and 50% of deterioration for volatility of the currency, using as reference</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">the
closing exchange rate as of December 31, 2017.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
currencies used in the sensitivity analysis and its scenarios are shown below:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 20%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 19%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 19%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 19%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 19%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Currency</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Exchange
    rate</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Probable
    scenario</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Scenario
    1</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Scenario
    2</b></font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">USD</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.3080</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.2381</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4.1350</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4.9620</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">EUR</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.9693</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4.0295</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4.9616</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">5.9540</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 26%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 25%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 25%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 21%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Interest</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Interest
    rate</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Scenario
    1</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Scenario
    2</b></font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">CDI</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6.89%</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8.61%</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">10.34%</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">TJLP</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">7.00%</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8.75%</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">10.50%</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">LIBOR</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1.84%</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.30%</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.76%</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
effects on income statement, considering the scenarios 1 and 2 are shown below:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 39%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Instruments</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Notional</b></font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Risk</b></font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Probable
    scenario (*)</b></font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    1</b></font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    2</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Hedge
    accounting of exports</font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,317,667</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Dollar</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(92,105)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,089,711</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,179,422</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Currency
    position</font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(3,343,057)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Dollar</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">233,680</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(2,764,708)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(5,529,416)</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(not
    including exchange derivatives above)</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated
    exchange position</b></font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(2,025,390)</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Dollar</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>141,575</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(1,674,997)</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(3,349,994)</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(including
    exchange derivatives above)</font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
    Investment hedge accounting</font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">72,000</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Euro</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4,334</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">71,447</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">142,894</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Currency
    position</font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(69,203)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Euro</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(4,166)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(68,672)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(137,344)</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated
    exchange position</b></font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(including
    exchange derivatives above)</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(*)
The probable sceneries were calculated considering the following variations to the specified risks: Real x Dollar &#8211; appreciation
of Real in 2.11% / Real x Euro &#8211; appreciation of Real in 1.52%.&#160; Source: Quotation from Central Bank of Brazil and
Central Bank of Europe on 02/16/2018.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Sensitivity analysis of changes in interest rates</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company considered the scenarios 1 and 2 as 25% and 50% of evolution for volatility of the interest as of December 31, 2017.</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="5" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Impact
    on profit or loss</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="width: 22%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Changes
    in interest rates</b></font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>%
    Yearly</b></font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Assets</b></font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 14%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Liabilities</b></font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 16%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Probable
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    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Scenario
    1</b></font></td>
    <td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 14%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Scenario
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<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">TJLP</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">7.00</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,003,712)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(3,202)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(17,565)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(35,130)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Libor</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1.84</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(4,844,015)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(44,657)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(22,247)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(44,494)</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">CDI</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6.89</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">644,525</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(13,550,383)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(206,061)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(222,303)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(444,606)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(*)
The sensitivity analysis is based on the assumption of maintaining as probable scenario the market rates at December 31, 2017
recorded in the Company&#180;s assets and liabilities.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>12.d)
Liquidity risk&#160;</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">It
is the risk that the Company may not have sufficient net funds to honor its financial commitments as a result of mismatching of
terms or volumes between scheduled receipts and payments.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">To
manage cash liquidity in domestic and foreign currency, assumptions of future disbursements and receipts are established and daily
monitored by the treasury area. The payment schedules for the long-term portions of borrowings, financing and debentures are shown
in note 11.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
following table shows the contractual maturities of financial liabilities, including accrued interest.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 7.75in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; width: 16%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>At
    December 31, 2016</b></font></td>
    <td style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Less
    than one</b><br />
    <b>year</b></font></td>
    <td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>From
    one to</b><br />
    <b>two years</b></font></td>
    <td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>From
    two to five</b><br />
    <b>years</b></font></td>
    <td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Over
    five years</b></font></td>
    <td style="width: 1%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Borrowings,
    financing and debentures</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6,551,764
    </font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">14,812,478
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4,249,106
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,956,369
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">29,569,717
    </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Trade
    payables</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.460,774</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,460,774</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Dividends
    and interest on capital</font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">510,692</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">510,692</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>IV
- Fair values of assets and liabilities as compared to their carrying amounts</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Financial
assets and liabilities at fair value through profit or loss are recognized in current and non-current assets and liabilities,
and any gains and losses are recognized as financial income or financial costs, respectively.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
amounts are recognized in the financial statements at their carrying amounts, which are substantially similar to those that would
be obtained if they were traded in the market. The fair values of other long-term assets and liabilities do not differ significantly
from their carrying amounts, except the amounts below.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
estimated fair values for certain consolidated long-term borrowings and financing were calculated at prevailing market rates,
taking into consideration the nature, terms and risks similar to those of the recorded contracts, as below:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 40%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Carrying
    amount</b></font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Fair
    value</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Carrying
    amount</b></font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Fair
    value</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Perpetual
    bonds</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,312,503
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,602,090
    </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,263,536
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,702,134
    </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Fixed
    rate notes</font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">5,751,526
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6,207,946
    </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">5,666,506
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4,907,339
    </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(*)
Source: Bloomberg</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Credit risks </font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
exposure to credit risks of financial institutions complies with the parameters established by financial policy. The Company has
as practice the detailed analysis of the patrimonial and financial situation of its clients, the establishment of a credit limit
and permanent monitoring of its debit balance.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">With
regard to financial investments, the Company only made investments in institutions with low credit risk rated by rating agencies.
Since part of the funds is invested in repurchase agreements that are backed by Brazilian Government Bonds, there is also exposure
to the credit risk of the Brazilian State.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Regarding
the exposure to credit risk in accounts receivable and other receivables, the company has a credit risk committee, in which each
new customer is analyzed individually regarding their financial condition, prior to the granting of the credit limit and payment
terms and periodically revised, according to the periodicity procedures of each business area.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 8pt 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Capital Management&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company seeks to optimize its capital structure in order to reduce its financial costs and maximize the return to its shareholders.
The table below shows the evolution of the capital structure of the Company in the last three years, with financing by equity
and third-party capital.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 66%; background-color: white; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Thousands
    of reais</b></font></td>
    <td style="width: 17%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td style="width: 17%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>2016</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Shareholder's
    equity (equity)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8,288,229</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">7,384,521</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Borrowings
    and Financing&#160; (Third-party capital)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">29,510,844</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">30,441,018</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Gross
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.56</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4.12</font></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for financial instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Section Scope<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=sect_Scope&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777241712">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>13. OTHER PAYABLES<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_OtherPayablesAbstract', window );"><strong>Other Payables</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory', window );">OTHER PAYABLES</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>13.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>OTHER
                                         PAYABLES</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
group of other payables classified in current and non-current liabilities is comprised as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="5" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Current</b></font></td>
    <td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Non-current</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
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    to related parties (Note 18 b)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">57,008</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,927</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Derivative
    financial instruments (Note 12 I)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">121</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Dividends
    and interest on capital payable (Note 12 I) <sup>(1)</sup></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">510,692</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">484,570</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Advances
    from customers</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">68,521</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">90,720</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Taxes
    in installments (Note 15)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21,551</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">24,444</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">79,242</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">83,312</font></td></tr>
<tr>
    <td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Profit
    sharing &#8211; employees</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">42,699</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">211,791</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Freight
    provision</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">81,699</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">57,586</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Provision
    for industrial restructuring</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,350</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,000</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Taxes
    payable</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,410</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,518</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Other
    provision</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">152,205</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23,162</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Third
    party materials in our possession</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">231</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">288</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">123,945</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">105,115</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">41,671</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">39,307</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,059,901</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,021,724</b></font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>129,323</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>131,137</b></font></td></tr>
<tr>
    <td style="width: 47%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Dividends
                                         payable by the subsidiary CSN Minera&#231;&#227;o.</font></td></tr></table><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of trade and other payables. [Refer: Trade and other payables]</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6776915968">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>14. INCOME TAX AND SOCIAL CONTRIBUTION<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAbstract', window );"><strong>Income Tax And Social Contribution</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
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<td class="text"><p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>14.a)
Income tax and social contribution recognized in profit or loss:</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
income tax and social contribution recognized in profit or loss for the year are as follows:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="width: 55%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; background-color: white; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif; color: #333333"><b>Consolidated</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Income
    tax and social contribution income (expense)</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Current</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (358,981)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(206,178)
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(135,671)</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Deferred</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (50,128)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(60,368)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(2,767,545)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (409,109)</b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(266,546)</b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(2,903,216)</b></font></td></tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">The
reconciliation of consolidated income tax and social contribution expenses and income and the result from applying the effective
rate to profit before income tax and social contribution are as follows:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="width: 57%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; background-color: white; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>(Loss)/Profit
    before income tax and social contribution</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>520,338</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>(576,951)</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>1,685,341</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Tax
    rate</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">34%</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">34%</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">34%</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Income
    tax and social contribution at combined statutory rate</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>(176,915)</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>196,163</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>(573,016)</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Adjustment
    to reflect the effective rate:</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Equity
    in results of affiliated companies</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">42,431</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">22,072</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">394,492</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Profit
    with differentiated rates or untaxed</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">37,605</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(287,502)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">798,603</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Transfer
    pricing adjustment</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(34,746)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(63,638)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(66,447)</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Tax
    loss carryforwards without recognizing deferred taxes</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(368,612)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(821,920)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(89,978)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Limit
    of Indebtedness </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(39,378)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(35,391)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(54,091)</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Unrecorded
    deferred taxes on temporary differences </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">541,655</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">643,990</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,133,091)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(Losses)/Reversal
    for deferred income and social contribution tax credits</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(403,080)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">44,691</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(2,949,003)</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Refis
    Effect and early discharge program </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(2,586)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Income
    tax and social contribution on foreign profit</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(29,964)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(35,613)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">72,376</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Fair
    value gain of 59.76% interest held in Namisa </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">855,551</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Goodwill
    amortization of Metalic </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">31,439</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">31,439</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Tax
    incentives</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">14,358</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">22,673</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Reversal
    of deferred tax in Namisa</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(107,773)</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Reversal
    of deferred tax in Prada</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(46,681)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
    permanent deductions (additions)</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,537</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">16,490</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(1,571)</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Income
    tax and social contribution in profit for the period</b></font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(409,109)</b></font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(266,546)</b></font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(2,903,216)</b></font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>79%</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>-46%</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>172%</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Currently,
there is no sufficient evidence to support the recognition of deferred tax credits. For this reason, the Company maintains the
tax credits arising from tax losses and negative basis of social contribution limited to 30% of the income tax and negative basis
of deferred social contribution recognized in liabilities.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>14.b)
Deferred income tax and social contribution:</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
deferred income tax and social contribution recorded in non-current assets refer solely to tax losses and social contribution
and were limited to 30% of the deferred income tax and social contribution recorded in liabilities. The remaining balance of tax
losses and social contribution and the total temporary differences were written off and maintained in the Company&#8217;s tax
books for future utilization and amounted as of December 31, 2017 and 2016, respectively, to R$ 3,044,137 and R$ 1,093,321 in
2017 and R$3,067,726 and R $ 1,095,848 in 2016.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 29%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Closing
    Balance </b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Profit
    or loss </b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Others</b></font></td>
    <td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Profit
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Others</b></font></td>
    <td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Deferred</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    417,256 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    556,397 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (2,853)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    970,800 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    245,846 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    (79,412)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    1,137,234 </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Social
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    161,769 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    179,887 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (1,027)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    340,629 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    94,843 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    (28,588)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    406,884 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Temporary
    differences </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    (1,572,992)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    71,769 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    (796,652)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;
    9,700 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (2,288,175)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    26,778 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;
    (390,817)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    (2,344)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    (2,654,558)</b></font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
    Provision for tax social security, labor, civil and environmental risks </font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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    29,048 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    5,234 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    45,814 </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    3,154 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,388 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (912)</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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    947,989 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    705,929 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    316,563 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    1,022,492 </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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    164,167 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    (14,202)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    273,058 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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    92,401 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    123,101 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    (55,385)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (3,013,730)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    82,769 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    (123,056)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (3,054,017)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
    Business Combination</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    (1,058,088)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    (14,736)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (1,072,824)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    32,288 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (1,040,536)</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
    Others</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    212,620 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,923 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    (33,458)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    8,064 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    190,149 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (8,573)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    (107,976)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (940)</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    72,660 </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
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    (993,967)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    71,769 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    (60,368)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;
    5,820 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (976,746)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    26,778 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
    (50,128)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    (110,344)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    (1,110,440)</b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
    Deferred Assets</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    78,066 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    70,151 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    63,119 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    (1,072,033)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (1,046,897)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (1,173,559)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
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    (993,967)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (976,746)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    (1,110,440)</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;(1)
The Company taxes the foreign exchange differences on a cash basis to calculate income tax and social contribution.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company has foreign subsidiaries in its corporate structure, for which profits are taxed at income tax in the countries where
they are domiciled by lower rates than those prevailing in Brazil. From 2013 up to 2017 such foreign subsidiaries generated profits
amounting to R$ 926,161. If for some reason tax authorities understand that these profits are subject to additional taxation in
Brazil in respect of income tax and social contribution, which if due, would total R$ 302,482.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company, based on its legal counsel&#8217;s opinion, assessed the likelihood of loss in a potential claiming by tax authorities
which resulted in a possible risk of loss and, therefore, no provision was recognized in the financial statements.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>14.c)
Impairment test - Deferred taxes</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Annually,
CSN performs a technical study to demonstrate if the generation of future taxable profits support the realization of tax credits.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">This
study is prepared at Entity level, in accordance with the Brazilian tax legislation, and is performed considering substantially
the parent company&#8217;s projections since the other group companies do not have material credits for purposes of this study.
The parent company engages in the following businesses:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#8226;
Steel Brazil;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#8226;
Cement.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
deferred tax assets on tax losses and temporary differences refers mainly to the following:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 50%; border: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Nature</b></font></td>
    <td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Description</b></font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Tax
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    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Exchange
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    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Since
        2012 the Company opted by the taxation on a cash basis. As the Company have operated without taxable profit, it would
        not make sense to use this deductibility year by year (accrual basis). As a result of the cash basis tax treatment, taxes
        are only due and expenses are only deductible at the time of debt settlement.</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Losses
    on Usiminas shares</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
        losses on Usiminas shares are recognized on an accrual basis, but the taxable event will occur only at the time of divestment,
        expected to occur in the period projected to compensate the deferred taxes.</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Other
    provisions</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Various
        accounting provisions are recognized on an accrual basis, but their taxation occurs only at the time of its realization,
        such as provisions for contingencies, impairment losses, environmental liabilities, etc.</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
study is prepared based on the Company business plan of long-term in period reasonably estimated by management and considered
several scenarios which vary according to different macroeconomic and operating assumptions.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
model for projection of taxable profit considers two main indicators:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Pre-Tax Profit, reflecting our projected EBITDA plus depreciation, other income and expenses and financial income (expenses);
and&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Taxable Profit, which is our pre-tax profit plus (minus) expenses and income items that are taxable at a time different from the
time obtained on an accrual basis (temporary differences).</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Taxable
profit is obtained considering adjustments to pre-tax profits for the following main items:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Foreign Exchange differences: are expected to be offset against future profits based on the original in liquidation debts owed
to third parties and rescheduling of intercompany debts (to match the periods of greater profitability);</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 17.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Losses on Usiminas: the model assumed using the tax assets at the time of sale of the preferred shares (and realization of losses),
exclusively; </font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 17.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Other provisions: in view of the unpredictability of the occurrence of losses for which we have recorded provisions, we assumed
an even 10% utilization per year; and</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 17.4pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Tax loss: utilization is limited under Brazilian law to 30% of the taxable income in a given year. Under Brazilian law income
tax losses do not expire and may be used to offset future taxable income.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
addition, a sensitivity analysis of tax credits utilization considering a change in macroeconomic assumptions, operational performance
and liquidity events took place.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
the other hand, as a negative factor, CSN has experienced income tax losses in most of the last five years resulting from the
deterioration of the Brazilian political and macroeconomic environment, as well as due to the growth of financial leverage, which
has unbalanced the relationship between operating and financial results.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
summary, the main positive and negative evidences we considered in making our projections were:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><font style="font: 8pt Times New Roman, Times, Serif">i.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Positive aspects: Operating profit, non-expiration on tax losses benefit and extinguishment of the financial expenses arising
from the elimination pre-existing relationship between Namisa and CSN, and dividends to be received from CSN Minera&#231;&#227;o.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><font style="font: 8pt Times New Roman, Times, Serif">ii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Negative aspects: history of tax losses, substantial generation of cash used for payment of debts and increase in iron ore costs
since, from the business combination, the Company started purchasing iron ore at market price from CSN Minera&#231;&#227;o and,
pursuant to the Brazilian legislation, the utilization of the tax loss is limited to 30% of the taxable profit in the year.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
existence of tax losses generated in the last years is a material negative evidence for being objectively verifiable, and, consequently,
more weight is given to this evidence than to others which may have subjectivity features, according to the interpretation of
IAS 12 standard.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Therefore,
one considers that there are not sufficiently strong evidences that support the recording of the tax credits, limiting their recognition
to 30% of the deferred tax liabilities.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>14.d)
Income tax and social contribution recognized in shareholders' equity:</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
income tax and social contribution recognized directly in shareholders' equity are as follows:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="background-color: white; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="width: 73%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="width: 3%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Income
    tax and social contribution</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Actuarial
    gains on defined benefit pension plan</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">171,473</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">30,234</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Estimated
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(175,649)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(33,400)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Changes
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(525,107)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(33,796)</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Actuarial
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">525,107</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">33,796</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Exchange
    differences on translating foreign operations </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(369,017)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(425,510)</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Cash
    flow hedge accounting</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">134,478</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">109,813</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Estimated
    losses for deferred income and social contribution&#160; tax credits - cash flow hedge</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(134,478)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(109,813)</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(373,193)</b></font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777111264">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>15. TAX INSTALLMENTS PROGRAMS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_TaxInstallmentsProgramsAbstract', window );"><strong>Tax Installments Programs</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DisclosureOfIncomeTaxInstallmentsProgramsExplanatory', window );">TAX INSTALLMENTS PROGRAMS</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>15.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Tax
                                         installments programs</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
position of the REFIS debts (refinancing program) and other tax installment payment plans, were recorded in current and non-current
liabilities, as stated in  the table of Note 13, are as follows:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td nowrap="nowrap" style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Federal
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,552
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20,083
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">19,779</font></td></tr>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,984
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,572</font></td>
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    refinancing program </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,015
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,916</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,628</font></td></tr>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>79,242
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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">REFIS debts refer to tax refinance programs
launched by the Brazilian Federal Government to allow tax owners to pay their fiscal debts in installments. Usually, the adhesion
to those programs by the companies allow them to benefit from relief of interest and penalties.</p>



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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777253552">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>16. PROVISION FOR TAX, SOCIAL SECURITY, LABOR, CIVIL AND ENVIRONMENTAL RISKS AND JUDICIAL DEPOSITS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksAndJudicialDepositsAbstract', window );"><strong>Provision For Tax Social Security Labor Civil And Environmental Risks And Judicial Deposits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Claims
of different nature are being challenged at the appropriate courts. Details of the accrued amounts and related judicial deposits
are as follows:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

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    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="background-color: white; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    liabilities</b></font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: white"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="background-color: white; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="background-color: white; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">113,451
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">119,523</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">52,542
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    security </font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">74,522
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">62,574</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">50,098
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">48,614</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">451,173
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">485,422</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">202,104
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">186,823</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">148,212
    </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">137,857</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">22,752
    </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">23,179</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">37,733
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">7,716</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,826
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,220</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    of a guarantee</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">10,029
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8,387</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>825,091
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>331,258</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="width: 52%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Classification:</b></font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Current
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">105,958
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">108,607
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Non-
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">719,133
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">704,485
    </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">339,351
    </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">331,258
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<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>825,091
    </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>339,351
    </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>331,258
    </b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
changes in the provision for tax, social security, labor, civil and environmental risks in the year ended December 31, 2017 were
as follows:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 20%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 16%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 18%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="background-color: #DCE6F1; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="background-color: #DCE6F1; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="background-color: #DCE6F1; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
provision for tax, social security, labor, civil and environmental liabilities was estimated by management and is mainly based
on the legal counsel&#8217;s assessment and only proceedings for which the risk is classified as probable loss are accrued. Additionally,
this provision includes tax liabilities resulting from lawsuits filed by the Company, subject to SELIC (Central Bank&#8217;s policy
rate).</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>Tax
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
main tax lawsuits assessed by the outside legal counsel as probable losses to which CSN or its subsidiaries are parties are as
follows: (i) Municipal tax assessments (ISS) incident in lease contracts; (ii) ICMS Assessment Notice for the alleged nonpayment
of this tax on product imports; (iii) Tax Forfeiture to collect ICMS reported but not paid; (iv) collection of income tax and
social contribution for the offset of nonexistent tax credits.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>Labor
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 31, 2017, the Group is a defendant in 8,778 labor lawsuits. Most of the claims relate to subsidiary and/or joint liability,
salary equalization, health hazard premiums and hazardous duty premiums, overtime pay, difference in the 40% fine for the severance
pay fund (FGTS) related to period prior to retirement and as a result of federal government economic plans, health care plan,
indemnity claims resulting from alleged occupational diseases or on-the-job accidents, breaks between working hours, and differences
in profit sharing from 1997 to 1999 and from 2000 to 2003.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">During
the year ended December 31, 2017 there were addition or write-off movements in labor lawsuits, due to court orders issued to terminate
lawsuits and the constant revision of the Company&#8217;s accounting estimates related to the provision for contingencies that
take into consideration the different nature of the claims made, as required by the Company&#8217;s accounting policies.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>Civil
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Among
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accidents, occupational diseases and contractual litigation related to the industrial activities of the Group, real estate actions,
healthcare plan, and reimbursement of costs incurred in labor courts.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>Environmental
lawsuits</u></b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
environmental administrative/judicial proceedings filed against the Company include mainly administrative proceedings for alleged
environmental irregularities and the regularization of environmental permits; at the judicial level, the Company is a party to
actions collecting the fines imposed for such alleged environmental irregularities and public civil actions claiming regularization
coupled with compensation, in most cases claiming environmental recovery. In general these proceedings arise from alleged damages
to the environment related to the Company&#8217;s industrial activities.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
environmental processes present high complexity for estimating the amount at risk, should be taken into consideration, among various
aspects, procedural development, the extent of damage and the projection of repairing costs.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">There
are other environmental processes for which it is not yet possible to assess the risk and contingency value due to the aforementioned
complexity estimation, the peculiarities of the matters involving them and also their procedural steps. The main processes of
environmental nature are listed below:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
In 2010 we signed a Term for Undertaking (<i>Termos de Ajustamento de Conduta</i> ), or (&#8220;TAC&#8221;) with the State of
Rio de Janeiro to study and make investments to update environmental control equipment at the steel plant UPV. In the TAC it was
initially estimated investments in the amount of R$216 million, increased to R$260 million after the cost of projects was determined
more precisely. In 2013 we signed an addendum to the TAC in order to enlighten certain issues, as well as to include further obligations
established by the State Environmental Institute (&#8220;Instituto Estadual do Ambiente&#8221; or &#8220;INEA&#8221;), which resulted
in additional investments of R$165 million, already made. The TAC signed in 2010 expired in 2015 and CSN, the State of Rio de
Janeiro and INEA signed a new TAC in April 2016, which determined new investments amounting to R$178.5 million to adopt measures
of adequacy at UPV, the payment of environmental fines of R$16 million and the amount of R$6.1 million as a compensatory measure
to be applied in environmental programs in Volta Redonda. UPV was authorized to fully operate during the period this new TAC is
in force by the protocol n&#186; IN034283 (&#8220;Autoriza&#231;&#227;o Ambiental de Funcionamento&#8221; or &#8220;AAF&#8221;).</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Within
the context of the TAC signed in April 2016, upon the expiration of the environmental authorization, a renewal of the authorization
was issued in December 2017 <font style="background-color: white">by the Deliberation CECA/CFL n&#186; 6.141 </font>under <font style="background-color: white">n&#186;
IN042958, allowing the full operation of UPV for 180 days which will expire on June 20, 2018. During this period we will continue
seeking a final consensual solution to the environmental issues of UPV under discussion with the environmental institutions of
the State of Rio de Janeiro.</font></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<font style="background-color: white">In July 2012, the Public Ministry of the State of Rio de Janeiro initiated a public civil
action against us to require us to (i) remove wastings left in industrial landfill areas in the city of Volta Redonda and (ii)
transfer 750 residences of the Volta Grande IV condominium, also in the city of Volta Redonda. These requirements were denied
by the Court, which determined the presentation of a schedule to investigate the area and, if necessary, to remediate the potential
issues raised by the Public Ministry. The aforementioned schedule was presented and all the surveys performed during the investigation
including the risk assessment and intervention plan were concluded at the end of April 2014. Also, we were notified as to indemnification
actions initiated by owners of the residential condominium mentioned above to be reimbursed for material and moral damages.</font></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<font style="background-color: white">In August 2013, the Public Federal Ministry initiated a similar action as the one described
above. Up to date we discuss the proper forum to judge both public civil actions.</font></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<font style="background-color: white">With regards to other supposedly contaminated areas in Volta Redonda, the Public Ministry
initiated three public civil actions claiming for environmental remediation and indemnification related to certain &#225;reas
denominated Marcia I, II, III and IV, Wandir I and II and Reciclam. These claims are at initial stage and we are currently performing
environmental studies that will determine the extent of possible environmental damages related to soil contamination, as well
as the action plan to fulfill with the legislation in force. As soon as the studies are concluded, they will be presented and
added to the pleadings.</font></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<font style="background-color: white">In 2015, the Public Federal Ministry initiated a public civil action against us claiming
for the adequacy and regularization for the emission of particles from the UPV and the stoppage of its operations. In accordance
with CONAMA Resolution&#160; n.&#186; 436/2011, we have to adjust the emission of particles to match to the current legal standards
required by December 2018. We are fully compliant with the environmental rules in force.</font></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<font style="background-color: white">In 2016, we were notified as to a new public civil action jointly initiated by the Public
Federal Ministry and the Public Ministry of the State of Rio de Janeiro in relation to a supposedly irregular waste deposit in
the landfill area named &#34;Aterro Panco&#34;. The claims are for the recovery of degraded areas, compensation for damages to
fauna and flora and to human health, as well as indemnification for material and moral damages caused to the environment. Due
to the nature of this action and to the current stage of the pleading, this action is still considered as inestimable.</font></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
In 2004, the Public Federal Ministry initiated a public civil action against us for a supposedly environmental contamination and
pollution of the Para&#237;ba do Sul river caused by our industrial activities of UPV. The Court of the State of Rio de Janeiro
maintained the condemnation previously given and reinforced the obligation of the Company to compensate eventual environmental
damages. We appealed to the Superior Court of Justice which accepted the appeal and determined the pleading to return to the previous
stage and nullified all the decisions previously given. A technical survey was also determined to be performed in the area.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
A civil investigation is ongoing to assess (i) the environmental requisites to our project in the city of Arcos (cement plant);
(ii) monitoring and mitigation of the environmental impacts of our productive activities; (iii) conformity of the conditions our
our environmental licenses, including the creation of a museum in Corumb&#225; ecological station and the establishment of a Private
Reserve of the Natural Heritage; and (iv) measures for preservation of the cultural heritage and adoption of compensatory measures.
In February 2011 a Term of Undertaking was signed (&#8220;TAC&#8221;) to assure the fulfillment of the obligations raised by the
Public Ministry. The Ministerial Board has issued a clearance certificate to the major part of the TAC, except for three pending
items that still remain open.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<font style="background-color: white">In 2009 and 2010, we signed Judicial Agreements (&#8220;TAJ&#8221;) with the Public Federal
Ministry to recover environmental liabilities caused by our coal mining activities in the Southeast of Santa Catarina until the
90&#8217;s. The environmental liabilities reached by the TAJ include the restoration of certain degraded areas. We are currently
under negotiation of a new execution schedule.</font></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
In relation to the mining activities matters, due to the accident involving a Brazilian mining company in November 2015, the State
of Minas Gerais initiated several civil investigations based on the inventory of tailing dams of the State released in 2014. Those
procedures seek to find structures not assured by external auditors due to technical unstability or the technical stability was
not assured due to the lack of documentation or technical data.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
In March 2016 we were notified of a public civil action initiated against the State of Minas Gerais and the State Environmental
Foundation (&#8220;FEAM&#8221;) questioning the stability of the structure of our tailing dam known as &#8220;BAIA 4&#8221; &#8211;
a small structure built within the industrial area and used to collect particles generated during the process of ore filtration.
That pleading was filed before the defense takes place due to out-of-date information. CSN was able to prove that BAIA 4 structure
was steady which led to the filing of the action. In August 2016, we were notified of a new public civil action questioning the
stability of the structure of our tailing dam known as &#8220;Dique do Engenho&#8221; (Engenho dam). We presented the documentation
to the State authorities to prove the stability and safety of the Engenho dam &#8220;Dique do Engenho&#8221;. We expect this action
to be also filed shortly.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<u>Other administrative and judicial proceedings</u></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
table below shows a summary of the carrying amounts of the main legal matters with possible risk of loss on December 31, 2017and
2016.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="width: 77%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Income
    tax / Social contribution - Assessment Notice and imposition of fine (AIIM) - Capital gain for an alleged sale of the shares
    of its subsidiary NAMISA (1)&#160; .</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    11,073,961 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    8,415,142 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Income
    tax / Social contribution - Assessment Notice and imposition of fine (AIIM) - Disallowance of deductions of goodwill generated
    in the reverse incorporation of Big Jump by Namisa </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    2,623,179 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,457,855 </font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Assessment
    Notice and Imposition of fine (AIIM) - Income tax/ Social contribution - gloss of interest on prepayment arising from&#160;
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    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    2,500,606 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,327,499 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Notices
    of violation and imposition of fine - Income taxes and social contribution due to profits from foreign subsidiaries (years
    2008,2010 and 2011) </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    1,858,640 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,644,898 </font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Tax
    foreclosures - ICMS - Electricity credits</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    920,306 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    838,192 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Installments
    MP 470 - alleged insufficiency of tax losses</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    704,739 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    652,553 </font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Offset
    of taxes that were not approved by the Federal Revenue Service - IRPJ/CSLL, PIS/COFINS e IPI</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    1,685,648 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,505,079 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Disallowance
    of the ICMS credits - Transfer of iron ore</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    499,006 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;1.&#160;&#160;&#160;&#160;In
February 2017, we were notified of the judgment of the Amendment of Judgment filed due the CARF&#8217;s decision on case, in which
the Federal Revenue Service of Brazil challenges the capital gain on the alleged sale of 40% of NAMISA (currently CSN Minera&#231;&#227;o
S.A.). The CARF, in short, agreed with the infringement notice. The Company, however, is taking of the lawfulness of the operation
and, therefore, is evaluating the appropriate legal and procedural measures to reverse the decision. Currently we have been discussing
the subject in several processes and there is a fiscal execution by which a portion of our assets, such as buildings, equipment,
land, vehicles and fixtures and furniture, has been given as a guarantee. This processual scenario does not change our assessment
and, accordingly, we maintain that contingency as possible.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">2.&#160;&#160;&#160;&#160;&#160;
In 1995, the Municipality of Volta Redonda filed a civil action requesting compliance with the requirements of the Environmental
Compensation Program (PAC) agreed between the municipality and CSN. In May 2008, despite the fact that CSN had demonstrated its
compliance with the TAC / 1995, involving an approximate amount of R$ 16 million, the Municipality of Volta Redonda disagreed
and requested payment of the obligations considered by the Municipality as outstanding. After the initial discussions, the Municipality
of Volta Redonda filed a petition to execute the allegedly unfulfilled items, in the original amount of R$ 172 million, which
was duly contested by the Company. The First Instance Judge appointed a team of experts to determine the outstanding obligations
and the respective value involved. Currently, the process is suspended, at the request of both parties, with a view to negotiations
for a possible agreement.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">3.&#160;&#160;&#160;&#160;&#160;
On April 8, 2013, INEA imposed on CSN a fine of R$ 35 million in respect of the aspects involving the Volta Grande IV condominium,
determining that the actions already considered and discussed in the civil suit filed in July 2012. In connection with the application
of this fine, an annulment action was distributed, in January 2014, to the 10th Civil Court of the State of Rio de Janeiro, seeking
the annulment of the fine and its effects. In parallel, INEA filed a tax enforcement action in order to enforce the amount of
the fine imposed. The aforementioned Tax Enforcement action was distributed in May 2014 to the 4th Volta Redonda Active Debt Registry
in the State of Rio de Janeiro. Currently, said enforcement action is suspended until the judgment of the annulment action, in
order to avoid conflicting decisions.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
assessments made by the legal counsel define these administrative and judicial proceedings as entailing risk of possible loss
and, therefore, no provision was recorded in conformity with Management&#8217;s judgment and accounting practices adopted in Brazil.</font></p>



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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777233328">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>17. PROVISION FOR ENVIRONMENTAL LIABILITIES AND ASSET RETIREMENT OBLIGATIONS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ProvisionForEnvironmentalLiabilitiesAndAssetRetirementObligationsAbstract', window );"><strong>Provision For Environmental Liabilities And Asset Retirement Obligations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherProvisionsExplanatory', window );">PROVISION FOR ENVIRONMENTAL LIABILITIES AND ASSET RETIREMENT OBLIGATIONS</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>17.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>PROVISION
                                         FOR ENVIRONMENTAL LIABILITIES AND ASSET RETIREMENT OBLIGATIONS</b></font></td></tr></table>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
balance of the provision for environmental liabilities and asset retirement obligation - ARO are as follows:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
    <td nowrap="nowrap" style="width: 49%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 22%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 4%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 25%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Environmental
    liabilities</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">255,517
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">273,475</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Asset
    retirement obligations</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">81,496
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">73,589</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>337,013
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>347,064</b></font></td></tr>
</table>
<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>17.
a) Environmental liabilities </b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As
of December 31, 2017, there is a provision recognized for expenditures relating to environmental investigation and recovery services
for potentially contaminated areas surrounding establishments in the States of Rio de Janeiro, Minas Gerais and Santa Catarina.
Estimated expenditures will be reviewed periodically and the amounts already recognized will be adjusted whenever necessary. These
are Management&#8217;s best estimates based on the environmental remediation studies and projects. This provision is recognized
as other operating expenses.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
provision is measured at the present value of the expenditures required to settle the obligation, using a pretax rate that reflects
current market assessments of the time value of money and the specific risks of the obligation. The increase in the obligation
due to passage of time is recognized as other operating expenses.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
discount rate used to calculate the provision to present value through December 31, 2017 was 10.54% in real terms. The liability
recognized is periodically updated based on the general market price index (IGP-M) for the period.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Some
contingent environmental liabilities are monitored by environmental department were not recorded in provisions due to its characteristics,
they do not meet the recognition criteria present in IAS 37.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>17.
b) Asset retirement obligations </b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Asset
retirement obligations refer to estimated costs for decommissioning, retirement or restoration of areas upon the termination of
activities related to mining resources. The initial measurement is recognized as a liability discounted to present value and subsequently
through increase in expenses over time. &#160;The asset retirement cost equivalent to the initial liability is capitalized as
part of the carrying amount of the asset, being depreciated over the useful life of the asset.</font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
2015, the Company completed a new certification of iron mineral reserves in the Casa de Pedra and Engenho mines. This certification,
prepared by a specialized company, has certified reserves of 3,021 million tons of iron ore.</font></p><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other provisions. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2017-01-01<br> -Paragraph 84<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2017-03-01&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6776935696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>18. RELATED-PARTY BALANCES AND TRANSACTIONS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedpartyBalancesAndTransactionsAbstract', window );"><strong>Related-party Balances And Transactions</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesExplanatory', window );">RELATED-PARTY BALANCES AND TRANSACTIONS</a></td>
<td class="text"><p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>18.a)
Transactions with Holding Companies</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Vicunha
Siderurgia S.A. is the Company&#8217;s main shareholder, with 49.21% of the voting shares.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Also
integrating the Company&#8217;s control block are Rio Iaco Participa&#231;&#245;es S.A., CFL Participa&#231;&#245;es S.A. and
Vicunha T&#234;xtil, which hold interest in CSN&#8217;s voting capital of 4.29%, 0.29% and 0.36%, respectively.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Vicunha
steel&#8217;s corporate structure is as follows:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Vicunha
Steel S.A. &#8211; holds 67.92% of Vicunha A&#231;os S.A.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">CFL
Participa&#231;&#245;es S.A. &#8211; holds 12.82% of National Steel S.A. and holds 40% of Vicunha Steel S.A.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Rio
Purus Participa&#231;&#245;es S.A. &#8211; holds 19.24% of Vicunha A&#231;os S.A. and holds 60% of Vicunha Steel S.A.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>18.b)
Transactions with subsidiaries, joint ventures, associates, exclusive funds and other related parties </b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<b>By transaction &#8211; Assets and Liabilities</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="12" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Current</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Non-Current</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; width: 32%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 2%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="vertical-align: bottom; width: 2%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="width: 2%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="vertical-align: bottom; width: 2%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="width: 2%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Assets</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">129,837</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">37,679</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">41,528
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">37,679</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Actuarial
    asset <sup>(note 7)</sup></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">111,281
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">119,854</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">111,281
    </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">119,854</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Short-term
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">53
    </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">315,319</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">53
    </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">315,319</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Loans
    <sup>(note 7)</sup></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,441</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">554,694
    </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">479,960</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">557,135
    </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">479,960</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
    receivables <sup>(note 7)</sup></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,577
    </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">5,768</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">30,770
    </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">32,020</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">34,347
    </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">37,788</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>162,987
    </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>488,603</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>696,745
    </b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>631,834</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>859,732
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>1,120,437</b></font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Liabilities</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Other
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">57,008
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">10,927</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">10,927</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">50,623</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">81,063
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">50,623</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">28,004</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">41,937
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">28,004</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>138,071
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>61,550</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>41,937
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    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>28,004</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>180,008
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>By
transaction &#8211; Statement of Income</b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 40%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 5%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="width: 5%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="width: 5%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Revenues</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
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    Sales</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">880,145
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">878,992</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">725,285</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    Interest <b><sup>(Note 24)</sup></b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">61,549
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">60,964</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">65,084</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Expenses</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    Purchases</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,176,930)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,099,851)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,103,428)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    Interest <b><sup>(Note 24)</sup></b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(3,185)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,333)</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    Foreign exchange and monetary variation, net</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(18,398)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(181,478)</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(314,392)</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 40%; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 5%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 15%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 5%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 15%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 5%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 15%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<b>By company - Assets and Liabilities</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 32%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 16%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b>&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Assets</b>&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Current</b>&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Joint-venture
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">It&#225;
    Energ&#233;tica S.A.&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,741&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,741&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">MRS
    Log&#237;stica S.A.&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">40,828&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">40,828&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">100,749&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">100,749&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">CBSI
    - Companhia Brasileira de Servi&#231;os e&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">714&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">714&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">23,874&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">23,874&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Infraestrutura&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Transnordestina
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">248&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">554,694&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">554,942&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,245&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,245&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>41,790</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>554,694</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>596,484</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>130,609</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>130,609</b>&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Other
    related parties</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">CBS
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">111,281&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">111,281&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">41,937&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">41,937&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Funda&#231;&#227;o
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,829&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,829&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">518&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">53&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">410&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">410&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6,534&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Ibis
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Partifib
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">100&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">100&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Vicunha
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Vicunha
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>111,547</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>113,031</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>224,578</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>7,462</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>41,937</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>49,399</b>&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Associates</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll"><font style="font: 8pt Times New Roman, Times, Serif">Arvedi
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,650&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">29,020&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">38,670&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>696,745</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>859,732</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>138,071</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>41,937</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>180,008</b>&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>631,834</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>1,120,437</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>61,550</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>89,554</b>&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<b>By company - Statement of Income</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 5%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 5%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 5%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 5%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Sales</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Purchases</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Finance
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Sales</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    income and costs, net</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td colspan="27" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Joint
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">113,563
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(198,378)</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(78,391)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">It&#225;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(32,363)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(32,363)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">MRS
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(934,279)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(934,279)</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(903,030)</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(903,030)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(725,710)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,105)</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">779,503
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(4,324)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Taquari
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Discontinued
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Cia
    Metalic Nordeste</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">43,250
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(138)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(130)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">42,982
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">61,684
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(951)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">60,733
    </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(1,176,930)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>61,549
    </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(235,236)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>878,992
    </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(1,099,851)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>57,779
    </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(18,398)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(181,478)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>786,969
    </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(1,099,820)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>47,864
    </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(264,987)</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(1)
Transnordestina Log&#237;stica S.A: Assets: Refers mainly to contracts in R$: interest equivalent to 102.0% and 115.0% of CDI.
On December 31, 2017, the borrowings carrying amounts totaled to R$507,009 (R$459,762 as of December 31, 2016).<br />
(2) Banco Fibra S.A: Assets: Refers to financial investments in CDB and Time deposit &#8211; at market rate<br />
(3) Panatlantica:Receivables from the sale of steel products.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 35.4pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>18.c)
Other unconsolidated related parties</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<b>CBS Previd&#234;ncia</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">The
Company is the main sponsor of this non-profit entity established in July 1960, primarily engaged in the payment of benefits that
supplement the official government Social Security benefits to participants. In its capacity as sponsor, CSN carries out transactions
involving the payment of contributions and recognition of actuarial liabilities calculated in defined benefit plans.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Funda&#231;&#227;o CSN</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company develops socially responsible policies concentrated today in Funda&#231;&#227;o CSN, of which it is the founding. The
transactions between the parties relate to the operating and financial support for Funda&#231;&#227;o CSN to carry out the social
projects undertaken mainly in the locations where the Company operates.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Ibis Participa&#231;&#245;es e Servi&#231;os Ltda, Ibis Agraria e Partifib Projetos Imobili&#225;rios</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">These
companies are under the control of a member of the Company's management.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Banco Fibra</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Banco
Fibra is under the control structure of Vicunha A&#231;os S.A., a direct owner of the Company and the financial transactions carried
out with this bank are limited to movements in checking accounts and financial investments in fixed-income securities.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Taquari Asset </b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">Belonging
to the Vicunha Group, Taquari Asset is the company responsible for managing the third-party funds, funds and / or portfolios.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Companies under control of one of the Company&#8217;s Board member </b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Ibis Participa&#231;&#245;es e Servi&#231;os Ltd.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Ibis Agr&#225;ria Ltd.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Partifib Projetos Imobili&#225;rios Ltd.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Vicunha Im&#243;veis Ltd.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Vicunha Servi&#231;os Ltd.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>18.d)
Key management personnel </b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
key management personnel with authority and responsibility for planning, directing and controlling the Company&#8217;s activities,
include the members of the Board of Directors and statutory directors. The following is information on the compensation of such
personnel and the related balances as of December 31, 2017.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; width: 48%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 3%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="vertical-align: bottom; width: 3%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="vertical-align: bottom; width: 3%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
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    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">311</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
remuneration of key management personnel in 2016 includes payments of contracts with executives that were linked to parameters
that were achieved mainly in the first quarter 2016.</font></p>



<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>19. SHAREHOLDERS' EQUITY<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ShareholdersEquityAbstract', window );"><strong>Shareholders Equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory', window );">SHAREHOLDERS' EQUITY</a></td>
<td class="text"><p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>19.a)
Paid-in capital </b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Fully
subscribed and paid-in capital as of December 31, 2017 and December 31, 2016 is R$4,540,000 comprising 1,387,524,047 book-entry
common shares without par value. Each common share entitles its holder to one vote in Shareholders&#8217; Meetings.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>19.b)
Authorized capital</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company&#8217;s bylaws in effect as of December 31, 2017 determine that the capital can be raised to up to 2,400,000,000 shares
by decision of the Board of Directors.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>19.c)
Legal reserve</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">This
reserve is recognized at the rate of 5% of the profit for each period, as provided for by Article 193 of Law 6.404/76, up to the
ceiling of 20% of share capital.&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>19.d)
Ownership structure</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 31, 2017, the Company&#8217;s ownership structure was as follows:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="width: 29%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-indent: -0.05in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="width: 8%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: right; text-indent: -0.05in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: center; text-indent: -0.05in"><font style="font: 8pt Times New Roman, Times, Serif">%
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    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: center; text-indent: -0.05in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
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<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-left: 0.05in; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Vicunha
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    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">682,855,454</font></td>
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    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">49.21%</font></td>
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    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">50.32%</font></td>
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<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.36%</font></td>
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    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.36%</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">20,143,031</font></td>
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    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1.45%</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1.48%</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8,794,890</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.63%</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.65%</font></td>
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    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8,794,890</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.63%</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.65%</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-left: 0.05in; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">NYSE
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    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">21.88%</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">19.79%</font></td>
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: right; text-indent: -0.05in"><font style="font: 8pt Times New Roman, Times, Serif">254,694,969</font></td>
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    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;1,357,133,047
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<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-left: 0.05in; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">30,391,000</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: right; text-indent: -0.05in"><font style="font: 8pt Times New Roman, Times, Serif">2.19%</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">30,391,000</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: right; text-indent: -0.05in"><font style="font: 8pt Times New Roman, Times, Serif">2.19%</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-indent: -0.05in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
    shares</b></font></td>
    <td style="padding-left: 0.05in; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: right; text-indent: -0.05in"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;1,387,524,047
    </b></font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>100.00%</b></font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-left: 0.05in; text-align: right; text-indent: -0.05in"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;1,387,524,047
    </b></font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>100.00%</b></font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-left: 0.05in; text-align: right; text-indent: -0.05in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(*)
Controlling group companies.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>19.e)
Treasury shares </b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Board of Directors authorized various share buyback programs in order to hold shares in treasury for subsequent disposal and/or
cancelation with a view to maximizing the generation of value to the shareholder through an efficient capital structure management,
as shown in the table below:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Program</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Board&#8217;s
    Authorization</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Authorized
    quantity</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Program
    period</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Average
    buyback price</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Minimum
    and maximum buyback price</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Number
    bought back</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Share
    cancelation</b></font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
    in treasury</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 6%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1&#186;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3/13/2014</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    70,205,661 </font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 20%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">From
    3/14/2014 to 4/14/2014</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    9.34 </font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    9.22 and R$ 9.45</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    2,350,000 </font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 3%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    2,350,000 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2&#186;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4/15/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    67,855,661 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">From
    4/16/2014 to 5/23/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    8.97 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    8.70 and R$ 9.48</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    9,529,500 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    11,879,500 </font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3&#186;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">5/23/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    58,326,161 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">From
    5/26/2014 to 6/25/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    9.21 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    8.61 e R$ 9.72</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    31,544,500 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    43,424,000 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4&#186;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6/26/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    26,781,661 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">From
    6/26/2014 to 7/17/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    10.42 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    9.33 and R$ 11.54</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    26,781,661 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    70,205,661 </font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">7/18/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Not
    applicable</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Not
    applicable</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    60,000,000 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><sup>(1)</sup></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    10,205,661 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">5&#186;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">7/18/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    64,205,661 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">From
    7/18/2014 to 8/18/2014 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    11.40 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    11.40 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    240,400 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    10,446,061 </font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8/19/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Not
    applicable</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Not
    applicable</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    10,446,061 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><sup>(1)</sup></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6&#186;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8/19/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    63,161,055 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">From
    8/19/2014 to 9/25/2014 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    9.82 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    9.47 and R$ 10.07</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    6,791,300 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    6,791,300 </font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">7&#186;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">9/29/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    56,369,755 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">From
    9/29/2014 to 2/29/2014 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    7.49 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    4.48 and R$ 9.16</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    21,758,600 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    28,549,900 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8&#186;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">12/30/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    34,611,155 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">From
    12/31/2014 to 3/31/2015 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    5.10 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    4.90 and R$ 5.39</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    1,841,100 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    30,391,000 </font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">9&#186;
    (*)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">03/31/2015</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    32,770,055 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">From
    4/01/2015 to 6/30/2015 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(*)
There were no share buyback in this program.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">(1)&#160;&#160;&#160;
In 2014 the Board of Directors approved the cancelation of 70,446,061 treasury shares without change in the Company&#8217;s share
capital.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
of December 31, 2017, the position of the treasury shares was as follows:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td rowspan="3" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Quantity
        purchased</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(in
        units)</font></p></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Amount</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="5" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Share
    price</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Share</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">paid
    for</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">market
    price</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">the
    shares</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Minimum</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Maximum</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Average</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;as
    of 12/31/2017(*)</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 24%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    30,391,000 </font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    238,976 </font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;R$&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="width: 10%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;R$
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    <td style="width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 16%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;R$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    7.86 </font></td>
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    <td style="width: 19%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    253,765 </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(*)
Using the last share average quotation on B3 S.A. -&#160;Brasil, Bolsa, Balc&#227;o (former BM&#38;FBovespa)&#160;as of December
31, 2017 of R$8.35 per share.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>19.f)
Policy on investments and payment of interest on capital and dividends &#160;</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">At
a meeting held on December 11, 2000, the Board of Directors decided to adopt a profit distribution policy which, after compliance
with the provisions in Law 6.404/76, as amended by Law 9.457/97, will entail the allocation of all the profit to the Company&#8217;s
shareholders, provided that the following priorities are observed, irrespective of their order: (i) carrying out the business
strategy; (ii) fulfilling its obligations; (iii) making the required investments; and (iv) maintaining a healthy financial situation
of the Company.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>19.g)
Earnings/(loss) per share: </b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Basic
earnings per share were calculated based on the profit/(loss) attributable to the owners of CSN divided by the weighted average
number of common shares outstanding during the year, excluding the common shares purchased and held as treasury shares, as follows:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 44%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 18%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 18%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 18%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="5" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Common
    Shares</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>(Loss)
    profit for the year</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Continued
    operations</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">10,272</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(925,186)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,216,033)</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Discontinued
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(9,561)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,911</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>10,272</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>(934,747)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>(1,214,122)</b></font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Weighted
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,357,133,047</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,357,133,047</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,357,150,010</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Basic
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Continued
    operations</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.00757</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(0.68172)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(0.89602)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Discontinued
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(0.00704)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.00141</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company does not hold potential dilutable outstanding ordinary shares that could result in dilution of earnings per share.</font></p>



<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for share capital, reserves and other equity interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6776880208">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. PAYMENT TO SHAREHOLDERS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>20.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>PAYMENT
                                         TO SHAREHOLDERS </b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #222222"><font style="font: 10pt Times New Roman, Times, Serif">The
Company's Bylaws provide the distribution of 25% minimum dividends of adjusted net income under the law, to the shareholders.
The dividends are calculated in accordance with the Company&#8217;s Bylaws and in accordance with the Brazilian Corporate Law.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #222222"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #222222"><font style="font: 10pt Times New Roman, Times, Serif">On
March 11,2015, the Board of Directors approved the proposal distribution of dividends the profit reserve account (statutory reserve
of working capital), in the amount of R$275,000, corresponding to R$ 0.202633043 per share. Dividends were paid as of March 19,
2015, without monetary update.</font></p>

<p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #222222"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #222222"><font style="font: 10pt Times New Roman, Times, Serif">The
following table shows the history of deliberate and paid dividends:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
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    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 20%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 20%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
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<tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2015</font></td>
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<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2015</font></td>
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<tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2016</font></td>
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<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2017</font></td>
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<tr>
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    approved&#160;&#160;</b></font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
There is no dividend deliberation on the year of 2016 and 2017.</font></p><span></span>
</td>
</tr>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of dividends. Dividends are distributions of profits to holders of equity investments in proportion to their holdings of a particular class of capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>21. NET SALES AND SERVICES REVENUE<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>21.</b></font></td><td><font style="font: 10pt Times New Roman, Times, Serif"><b>NET
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<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Net
sales and services revenue is comprised as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
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<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11,487,011
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777111264">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>22. EXPENSES BY NATURE<br></strong></div></th>
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr>
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<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Classified
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(13,596,141)</font></td>
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<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;Selling
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,815,107)</font></td>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,696,896)</font></td>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,430,189)</font></td></tr>
<tr>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(415,841)</font></td>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(518,232)</font></td>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(470,332)</font></td></tr>
<tr style="background-color: #DCE6F1">
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</table>



<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
depreciation, amortization and depletion additions for the year were distributed as follows:</font></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 50%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 24%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 24%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Production
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Sales
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,163</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">General
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,408,765</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,278,816</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Other
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">44,570</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">43,681</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,453,335</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,322,497</b></font></td></tr>
</table>
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">(*)
Refers mainly to the amortization of intangible assets, see note 23.</font></p><span></span>
</td>
</tr>
</table>
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</tr>
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of expenses by nature. [Refer: Expenses, by nature]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfExpensesByNatureExplanatory</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777625456">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>23. OTHER OPERATING INCOME (EXPENSES)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_OtherOperatingIncomeExpensesAbstract', window );"><strong>Other Operating Income Expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
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<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"><font style="font: 10pt Times New Roman, Times, Serif">23</font></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>OTHER
                                         OPERATING INCOME (EXPENSES) </b></font></td></tr></table>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 10pt Times New Roman, Times, Serif">Dividends
    received</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">567
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,794</font></td></tr>
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    PIS/COFINS credits</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">48,790
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,702</font></td></tr>
<tr style="background-color: #DBE5F1">
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">252,023</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">61,274
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<tr style="background-color: white">
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<tr style="background-color: #DBE5F1">
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white">
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DBE5F1">
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<tr style="background-color: white">
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(38,258)</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(24,145)</font></td></tr>
<tr style="background-color: #DBE5F1">
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(7,156)</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(41,697)</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 10pt Times New Roman, Times, Serif">Expenses
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(95,744)</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(151,534)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(273,890)</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 10pt Times New Roman, Times, Serif">Contractual
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(16,624)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(309)</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 10pt Times New Roman, Times, Serif">Depreciation
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(44,570)</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(43,681)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(41,068)</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 10pt Times New Roman, Times, Serif">Write
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(28,127)</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(88,339)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(6,466)</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 10pt Times New Roman, Times, Serif">Losses
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(12,903)</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(17,236)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,154</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 10pt Times New Roman, Times, Serif">Losses
    on spare parts</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,872)</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(12,080)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(55,790)</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 10pt Times New Roman, Times, Serif">Studies
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(32,956)</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(31,156)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(38,138)</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 10pt Times New Roman, Times, Serif">Research
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,944)</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,269)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,363)</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 10pt Times New Roman, Times, Serif">Advisory
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,419)</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(20,865)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(15,888)</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 10pt Times New Roman, Times, Serif">Healthcare
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(97,837)</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(80,489)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(56,838)</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 10pt Times New Roman, Times, Serif">Impairment
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<tr>
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<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
This is a net amount, certain and due, arising from the final judicial decision favorable to the Company, which is irreversible
and irrevocable, in order to apply the STJ's consolidated position on the subject, which culminated in sentencing the Eletrobr&#225;s
to the payment of the correct interest and monetary correction of the Compulsory Loan. The final judicial decision, as well as
the certainty about the amounts involved in the settlement of the judgment (judicial procedure to request the satisfaction of
the right), allowed the conclusion that the right to receive this value is certain. Thus, in line with our legal and accounting
advisors, we recognize the credits in noncurrent assets against the result of Other Operating Revenues.</font></p><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other operating income or expense. [Refer: Other operating income (expense)]</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>24. FINANCIAL INCOME (EXPENSES)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>24.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>FINANCIAL
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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

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<tr>
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr>
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DBE5F1">
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<tr style="background-color: white">
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
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<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
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<tr>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 6pt"><font style="font: 10pt Times New Roman, Times, Serif">Swap
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<tr style="background-color: #DCE6F1">
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<tr>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 6pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 0 0 18pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
Refers substantially an updating of tax credits.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(**)
Refers substantially IOF (tax on financial transactions) and provision for IRRF (Corporate Income Tax) / CSLL (Social Contribution
on Profit).</font></p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of finance income (cost). [Refer: Finance income (cost)]</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6790744032">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>25. SEGMENT INFORMATION<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SegmentInformationAbstract', window );"><strong>Segment Information</strong></a></td>
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</td>
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<td class="text"><p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">According
to the Group&#180;s structure, the businesses are distributed and managed in five operating segments as follows:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Steel</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Steel Segment consolidates all the operations related to the production, distribution and sale of flat steel, long steel, metallic
containers and galvanized steel, with operations in Brazil, United States, Portugal and Germany. The Segment supplies the following
markets: construction, steel containers for the Brazilian chemical and food industries, home appliances, automobile and OEM (motors
and compressors). The Company&#8217;s steel units produce hot and cold rolled steel, galvanized and pre-painted steel of great
durability. They also produce tinplate, a raw material used to produce metallic containers.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Overseas,
Lusosider, which is based in Portugal, produces cold rolled steel and galvanized steel. CSN LLC in the U.S.A. meets local market
needs by supplying cold rolled and galvanized steel.&#160; In January 2012, CSN acquired Stahlwerk Th&#252;ringen (SWT), a manufacturer
of long steel located in Unterwellenborn, Germany. SWT is specialized in the production of shapes used for construction.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
January 2014 the production of long steel products started in Brazil,&#160;consolidating the company as a source of complete construction
solutions, complementing its portfolio of products with high value added in the steel chain.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Mining</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">This
segment encompasses the activities of iron ore and tin mining.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
high quality iron ore operations are located in the Iron Quadrilateral in Minas Gerais, which has its own mines and sells third
party iron ore.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">At
the end of 2015, CSN and the Asian Consortium formalized a shareholders' agreement for the combination of assets linked to iron
ore operations and the related logistics structure, forming a new company that has focused in mining of the Group activities from
December 2015. In this context, the new company, currently named CSN Minera&#231;&#227;o S.A., holds the TECAR arraignment, the
Casa de Pedra mine and all the shares of Namisa, which was incorporated on December 31, 2015. CSN still owns 100% of Min&#233;rios
Nacional which includes the mines of Fernandinho (operational), Cayman and Pedras Pretas (mineral resources), all located in Minas
Gerais.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Moreover,
CSN controls the Estanho de Rond&#244;nia S.A., company with mining units and tin casting, in the state of Rondonia.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Logistics </b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>i.
Railroad</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">CSN
has equity interests in three railroad companies: MRS Log&#237;stica, which manages the former Southeast Network of Rede Ferrovi&#225;ria
Federal S.A. (RFFSA), Transnordestina Log&#237;stica S.A. and FTL - Ferrovia Transnordestina Log&#237;stica S.A., which has the
concession to operate the former Northeast Network of the RFFSA in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Rio Grande
do Norte, Para&#237;ba, Pernambuco and Alagoas.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>a)
MRS </b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
railroad transportation services provided by MRS are fundamental to the supply of raw materials and the shipment of final products.
The total amount of iron ore, coal and coke consumed by the Presidente Vargas Mill as well as part of the steel produced by CSN
for the domestic market and for export are carried by MRS.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Southeast Brazilian railroad system, encompassing 1,674 kilometers of tracks, serves the tri-state industrial area of S&#227;o
Paulo-Rio de Janeiro-Minas Gerais, in the southeast region, linking the mines located in Minas Gerais to the ports located in
S&#227;o Paulo and Rio de Janeiro, and the steel mills of CSN, Companhia Sider&#250;rgica Paulista, or Cosipa, and Gerdau A&#231;ominas.&#160;
Besides serving other customers, the railroad system carries iron ore from the Company&#8217;s mines in Casa de Pedra, Minas Gerais,
and coke and coal from the Itagua&#237; Port, in Rio de Janeiro, to Volta Redonda, and carries CSN&#8217;s export products to
the ports of Itagua&#237; and Rio de Janeiro.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>b)
TLSA and FTL </b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">TLSA
and FTL hold the concession of the former RFFSA&#8217;s Northeast Network. The Northeast Network totals 4,238 km, divided into
two sections: i) Network I, which comprises the S&#227;o Luiz&#8211;Mucuripe, Arrojado&#8211;Recife, Itabaiana&#8211;Cabedelo,
Paula Cavalcante&#8211;Macau&#8211;Recife, and Propri&#225;&#8211;Jorge Lins (Network I) ;and ii) Network II, which comprises
the Miss&#227;o Velha&#8211;Salgueiro, Salgueiro&#8211;Trindade, Trindade&#8211; Eliseu Martins, Salgueiro&#8211;Porto de Suape,
and Miss&#227;o Velha&#8211;Porto de Pec&#233;m sections.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Network links up with the main ports in the region, offering an important competitive advantage by means of opportunities for
combined transportation solutions and logistics projects tailored to customer needs.&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>II.
Port Logistics</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Port Logistics Segment consolidates the operation of the terminal built during the post-privatization period of the ports, Sepetiba
Tecon.. The Sepetiba terminal features complete infrastructure to meet all the needs of exporters, importers and ship owners.
Its installed capacity exceeds that of most other Brazilian terminals. It has mooring berths and a huge storage area, as well
as the most modern and appropriate equipment, systems and intermodal connections.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company&#8217;s constant investment in projects in the terminals consolidates the Itagua&#237; Port Complex as one of the most
modern in Brazil.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Energy</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">CSN
is one of the largest industrial consumers of electric power in Brazil. As energy is fundamental in its production process, the
Company invests in assets for generation of electric power to guarantee its self-sufficiency. These assets are as follows: It&#225;
hydroelectric power plant, in the State of Santa Catarina, with rated capacity of 1,450 MW, where CSN has a share of 29.5%; Igarapava
hydroelectric power plant, Minas Gerais, with rated capacity of 210 MW, in which CSN holds 17.9% of the capital; and a thermoelectric
co-generation Central unit with rated capacity of 238 MW, which has been operating at the UPV since 1999, that uses the residual
gases produced by the steel mill itself.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Cement</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
cement division consolidates the cement production, distribution and sale operations, which use the slag produced by the Volta
Redonda plant&#8217;s blast furnaces.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
the second half of 2016, the Company started the operation of a new clinker kiln in Arcos/MG, where the Company already operates
a clinker kiln using its limestone of a company-owned mine and also two cement mills in additions to the mills that already operate
in Volta Redonda/RJ.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
information presented to Management regarding the performance of each business segment is generally derived directly from the
accounting records, combined with some intercompany allocations.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Sales by geographic area</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Sales
by geographic area are determined based on the customers&#8217; location. On a consolidated basis, domestic sales are represented
by revenues from customers located in Brazil and export sales are represented by revenues from customers located abroad.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Results per segment</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
from 2013, the Company no longer proportionately consolidates the joint ventures MRS and CBSI. For segment information preparation
and presentation purposes, Management decided to maintain the proportionate consolidation of the joint ventures, as historically
presented. For consolidated profit reconciliation purposes, the amounts of these companies were eliminated in the column &#8220;Corporate
expenses/elimination&#8221;.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>P&#38;L</b></font></td>
    <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Steel</b></font></td>
    <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Mining&#160;</b></font></td>
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    <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Port</b></font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Metric
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    32,576,843 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    3,313,061 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (5,359,571)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Domestic
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    7,818,552 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    829,268 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    238,240 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,416,612 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    407,671 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    487,129 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (2,491,006)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    8,706,466 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    market</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    5,140,471 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    3,791,703 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    885,961 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    9,818,135 </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
    Net Revenue (note 21)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    12,959,023 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    4,620,971 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    238,240 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,416,612 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    407,671 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    487,129 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    (1,605,045)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    18,524,601 </b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Cost
    of sales and services</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (10,537,547)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (3,005,840)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (156,997)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (1,024,696)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    (285,085)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    (512,762)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    1,926,786 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (13,596,141)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross
    profit</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,421,476 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,615,131 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    81,243 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    391,916 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    122,586 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    (25,633)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    321,741 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    4,928,460 </b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">General
    and administrative expenses</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (963,822)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (158,958)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (27,943)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (94,921)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    (27,098)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    (80,823)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    (877,383)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    (2,230,948)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Depreciation
    (note 22)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    658,587 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    490,805 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    15,752 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    294,571 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    17,265 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    121,801 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    (190,016)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    1,408,765 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Proportionate
    EBITDA of joint ventures</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    538,170 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    538,170 </font></td></tr>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Latin
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Foreign
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    3,791,703 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    885,961 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    9,818,135 </b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    7,818,552 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    829,268 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    238,240 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,416,612 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    407,671 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    487,129 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    8,706,466 </b></font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    12,959,023 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    4,620,971 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    238,240 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,416,612 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    407,671 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    487,129 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    (1,605,045)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    18,524,601 </b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 28%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>P&#38;L</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Steel</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Mining&#160;</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Logistics</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Energy</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cement</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Corporate
    expenses/elimination</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Port</b></font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Railroads</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Metric
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    4,857,174 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    36,983,297 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    2,814,476 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (4,062,774)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
    revenues</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Domestic
    market</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    6,980,087 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    542,028 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    207,722 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,319,907 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    269,095 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    490,608 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (2,079,534)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    7,729,913 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    market</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    4,535,821 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    4,039,875 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    843,340 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    9,419,036 </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
    Net Revenue (note 21)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    11,515,908 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    4,581,903 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    207,722 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,319,907 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    269,095 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    490,608 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    (1,236,194)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    17,148,949 </b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Cost
    of sales and services</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (9,393,237)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (3,099,236)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (141,542)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (914,361)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    (195,994)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    (467,373)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    1,571,701 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (12,640,042)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross
    profit</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,122,671 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,482,667 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    66,180 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    405,546 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    73,101 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    23,235 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    335,507 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    4,508,907 </b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">General
    and administrative expenses</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (914,927)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (185,149)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (25,180)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (83,020)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    (25,196)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    (74,528)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    (907,128)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    (2,215,128)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Depreciation
    (note 22)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    679,074 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    461,287 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    13,430 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    227,792 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    17,140 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    73,030 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    (192,937)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    1,278,816 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Proportionate
    EBITDA of joint ventures</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    21,737 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">North
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    1,891,865 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Latin
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    2,758,958 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    9,419,036 </b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,319,907 </b></font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    269,095 </b></font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    7,729,913 </b></font></td></tr>
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
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    11,515,908 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    4,581,903 </b></font></td>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    207,722 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,319,907 </b></font></td>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    269,095 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    490,608 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    17,148,949 </b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2015
    </b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: top; width: 29%; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>P&#38;L</b>&#160;</font></td>
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    <td style="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; width: 8%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Mining</b>&#160;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: top; width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; width: 8%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; width: 8%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cement
    </b></font></td>
    <td style="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: top; width: 8%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;Consolidated&#160;</b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Metric
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">23,861,003&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,181,731&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">121,324&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">7,579,164&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>212,729</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>1,156,933</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(955,247)&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(20,473)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(89,678)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(23,186)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(72,894)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(669,441)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">418,245&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>1,156,933</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(*)
The ore sales volumes presented in this note take into consideration Company sales and the interest in its subsidiaries and joint
ventures .</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>EBITDA and Adjusted EBITDA</b></font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Adjusted
EBITDA is the measurement based on which the chief operating decision maker assesses the segment performance and the capacity
to generate recurring operating cash, consisting of profit for the year less net financial income (costs), income tax and social
contribution, depreciation and amortization, equity in results of affiliated companies, results of discontinued operations and
other operating income (expenses), plus the proportionate EBITDA of joint ventures.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Even
though it is an indicator used in segment performance measurement, EBITDA is not a measurement recognized by accounting practices
adopted in Brazil or IFRS, it does not have a standard definition, and may not be comparable with measurements using similar names
provided by other entities.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
required by IFRS 8, the table below shows the reconciliation of the measurement used by the chief operating decision maker with
the results determined using the accounting practices:</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017
    </b></font></td>
    <td style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016
    </b></font></td>
    <td style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
    income (loss) for the year</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">111,229</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(853,058)</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,215,964)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Result
    from Discontinued Operations</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">9,561</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,911)</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Depreciation/Amortization/Depletion
    (Note 22)</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,408,765</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,278,816</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,130,869</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Income
    tax and social contribution (Note 14)</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">409,109</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">266,546</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,903,216</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Financial
    income (cost) (Note 24)</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,463,627</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,522,427</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,365,162</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>EBITDA</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>4,392,730</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>3,224,292</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>6,181,372</b></font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
    operating (income) expenses (Note 23)</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(177,342)</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">413,221</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(2,269,156)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Equity
    in results of affiliated companies</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(109,111)</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(64,918)</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,160,272)</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Proportionate
    EBITDA of joint ventures</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">538,170</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">502,345</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">499,475</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Adjusted
    EBITDA (*)</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>4,644,447</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>4,074,940</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>3,251,419</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>



<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(*)
The Company discloses its adjusted EBITDA net of its share of investments and other operating income (expenses) because it understands
that these should not be included in the calculation of recurring operating cash generation.</font></p>



<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of operating segments. [Refer: Operating segments [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777563296">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EmployeeBenefitsAbstract', window );"><strong>Employee Benefits</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory', window );">EMPLOYEE BENEFITS</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>26.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>EMPLOYEE
                                         BENEFITS</b></font></td></tr></table>

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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
pension plans granted by the Company cover substantially all employees. The plans are administered by Caixa Beneficente dos Empregados
da CSN (&#8216;CBS&#8221;), a private non-profit pension fund established in July 1960 which has as members the employees (and
former employees) of the Company and some subsidiaries who joined the fund through an agreement, and the employees of CBS itself.
The Executive Officers of CBS is formed by a CEO and two other executive officers, all appointed by CSN. The Decision-Making Board
is the higher decision-making and guideline-setting body of CBS, composed by the president and ten members, six chosen by CSN,
and four elected by the fund&#8217;s participants.</font></p>

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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Until
December 1995, CBS Previd&#234;ncia administered two defined benefit plans based on years of service, salary and Social Security
benefits. On December 27, 1995 the then Private Pension Secretariat (&#8220;SPC&#8221;) approved the implementation of a new benefit
plan, effective beginning that date, called Mixed Supplementary Benefit Plan (&#8216;Mixed Plan&#8221;), structured in the form
of a variable contribution plan that was discontinued on September 16, 2013. As from that date, all new employees must join the
CBSPrev Plan, structured in the defined contribution modality, created also in September 2013.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As
of December 31, 2017 CBS had 35,176 participants (34,051 as of December 31, 2016), of whom 20,734 were active contributors (19,442
as of December 31, 2016), 13,587 were retired employees (13,783 as of December 31, 2016), and 855 were related beneficiaries (826
as of December 31, 2016). Out of the total participants as of December 31, 2017, 11,367 belonged to the defined benefit plan,
12,567 to the mixed plan, 1,141 to the CBSPrev Namisa plan, and 10,101 to the CBSPrev plan.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
plan assets of CBS are primarily invested in repurchase agreements (backed by federal government securities), federal government
securities indexed to inflation, shares, loans and real estate. As of December 31, 2017 and 2016 CBS held 20,143,031 common shares
of CSN. The total plan assets of the entity amounted to R$5.1 billion as of December 31, 2017 (R$5.0 billion as of December 31,
2016). The administrators of the CBS funds seek to match plan assets with benefit obligations payable on a long-term basis. Pension
funds in Brazil are subject to certain restrictions regarding their capacity for investment in foreign assets and, therefore,
these funds invest mainly in Brazilian securities.</font></p>

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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Plan
Assets are all available assets and the benefit plans&#8217; investments, not including the amounts of debts to sponsors.</font></p>

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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
the defined benefit plans 35% of the average salary&#8221; and &#8220;average salary supplementation plan, the Company holds a
financial guarantee with CBS Previd&#234;ncia, the entity that administers said plans, to ensure their financial and actuarial
balance, in the event of any future actuarial loss or actuarial gain.</font></p>

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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As
provided for in the prevailing law that governs the pension fund market, for the years ended December 31, 2017 and 2016, CSN did
not have to pay the installments because the defined benefit plans posted actuarial gains for the period.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>26.
a) Description of the pension plans </b></font></p>

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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Plan
covering 35% of the average salary</u></b></font></p>

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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
plan began on February 1, 1966 and is a defined benefit plan aimed at paying pensions (for length of service, special situations,
disability or old age) on a lifetime basis, equivalent to 35% of the adjusted average of the participant&#8217;s salary for the
last 12 months. The plan also guarantees sick pay to participants on Official Social Security leaves of absence and further ensures
payments of savings fund, funeral allowance and pecuniary aid. This plan was discontinued on October 31, 1977 when the new supplementary
plan based on average salary took effect.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Average
salary supplementation plan</u></b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
plan began on November 1, 1977 and is a defined benefit plan aimed at complementing the difference between the adjusted average
of the participant&#8217;s salary for the last 12 months and the Official Social Security benefit for retirement, also on a lifetime
basis. As in the 35% plan, there is coverage for the benefits of sick pay, death and pension. This plan was discontinued on December
26, 1995 with the creation of the mixed supplementary benefit plan.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>Mixed
supplementary benefit plan</u></b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
plan began on December 27, 1995 and is a variable contribution plan. Besides the scheduled retirement benefit, it also covers
the payment of risk benefits (pension paid while the participant is still working, disability compensation and sick/accident pay).
Under this plan, the retirement benefit is calculated based on the amount accumulated by the monthly contributions of the participants
and sponsors, as well as on each participant&#8217;s option for the manner in which they receive them, which can be lifetime (with
or without continuity of pension for death) or through a percentage applied to the balance of the benefit-generating fund (loss
for indefinite period). After retirement is granted, the plan takes on the characteristics of a defined benefit plan if the participant
has chosen to receive his benefit in the form of monthly income for life. This plan was discontinued on September 16, 2013 when
the CBS Prev plan became effective.</font></p>

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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>CBS
Prev Plan</u></b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
new CBS Prev Plan, which is a defined contribution plan, started on September 16, 2013. Under this plan, the retirement benefit
is determined based on the accumulated amount by monthly contributions of participants and sponsors. To receive the benefit, each
participant can opt for: (a) receiving part in cash (up to 25%) and the remaining balance through a monthly income through a percentage
applied to the benefit-generating fund, not being applicable to death pension benefits, or (b) receive only a monthly income through
a percentage applied to the benefit-generating fund.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">With
the creation of the CBS Prev Plan, the mixed supplementary benefit plan was discontinued for the entry of new participants as
from September 16, 2013.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>CBSPREV
Namisa Plan</u></b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">It
is a Defined Contribution plan with benefits of risks during the activity (projection of the balances in case of disability or
death and sickness / accident allowanced). It has been in operation since January 6, 2012, when it was created exclusively for
the employees of Nacional Min&#233;rios S.A. After the corporate reorganization, which took place in 2016, other Sponsors joined
this Plan, among them CSN Minera&#231;&#227;o S.A. (Previously Congonhas Min&#233;rios S.A.)</font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Under
this plan, all the benefits offered are calculated based on the accumulated amount from the monthly contributions of participants
and sponsors, and are paid through a percentage applied to the balance of the benefit generating fund. The CBSPREV Namisa Plan
is closed since July 2017.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>26.b)
Investment policy </b></font></p>

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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
investment policy establishes the principles and guidelines that will govern the investments of funds entrusted to the entity,
in order to foster the security, liquidity and profitability required to ensure equilibrium between the plan&#8217;s assets and
liabilities based on an ALM (Asset Liability Management) study that takes into consideration the benefits of participants and
beneficiaries for each plan.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
investment plan is reviewed annually and approved by the Decision-Making Board considering a five-year horizon, as established
by resolution CGPC 7 of December 4, 2003. The investment limits and criteria established in the policy are based on Resolution
3,792/09 published by the National Monetary Council (&#8220;CMN&#8221;).</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>26.c)
Employee benefits</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
actuarial calculations are updated at the end of each annual reporting period by outside actuaries and presented in the financial
statements pursuant to IAS 19 Employee Benefits.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

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<tr>
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    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center; width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
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<tr>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Post-employment
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</table>
<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
reconciliation of employee benefits&#8217; assets and liabilities is as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="white-space: nowrap; width: 69%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="white-space: nowrap; width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Present
    value of defined benefit obligation</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,077,849
    </font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,872,442</font></td></tr>
<tr>
    <td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Fair
    value of plan assets</font></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,305,356)</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,193,493)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Deficit
    (Surplus)</b></font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(227,507)</b></font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(321,051)</b></font></td></tr>
<tr>
    <td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Restriction
    to actuarial assets due to recovery limitation</font></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">158,163
    </font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">229,201</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Liabilities
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    <td style="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(69,344)</b></font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(91,850)</b></font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Liabilities</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">41,937
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">28,004</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Assets</font></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(111,281)</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(119,854)</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(Assets)
    liabilities recognized in the balance sheet</b></font></td>
    <td style="white-space: nowrap; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(69,344)</b></font></td>
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    <td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(91,850)</b></font></td></tr>
</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
movement in the present value of the defined benefit obligation during 2017 is as follows:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="white-space: nowrap; vertical-align: bottom; width: 62%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 23%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Present
    value of obligations at the beginning of the year</b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,872,442
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,430,381
    </b></font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Cost
    of service</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,285
    </font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,244
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Interest
    cost</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;322,359
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;311,361
    </font></td></tr>
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Benefits
    paid</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(284,777)</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(264,287)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Actuarial
    loss/(gain)</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;166,540
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;393,743
    </font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Present
    value of obligations at the end of the year</b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,077,849
    </b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,872,442
    </b></font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
movement in the fair value of the plan assets during 2017 is as follows:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="white-space: nowrap; vertical-align: bottom; width: 70%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair
    value of plan assets at the beginning of the year</b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,193,493)</b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,684,736)</b></font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Interest
    income</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(360,013)</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(345,521)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Benefits
    paid</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;284,777
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;264,287
    </font></td></tr>
<tr>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Expected
    return on plan assets (less interest income)</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(36,627)</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(427,523)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair
    value of plan assets at the end of the year</b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,305,356)</b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,193,493)</b></font></td></tr>
</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
amounts recognized in the income statement for the year ended December 31, 2017 and 2016 are comprised as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="white-space: nowrap; vertical-align: bottom; width: 55%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="vertical-align: top; width: 4%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Cost
    of current service</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,285
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,244</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,807</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Interest
    cost</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;322,359
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">311,361</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">293,533</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Expected
    return on plan assets</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(360,013)</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">(345,521)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">(322,460)</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Interest
    on the asset ceiling effect</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;26,843
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">22,189</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">18,422</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,526)</b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(10,727)</b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(8,698)</b></font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total
    unrecognized costs (income) (*)</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">7</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">4</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total
    (income) recognized in the income statement</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,532)</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">(10,734)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">(8,702)</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total
    (income), net (*)</b></font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,526)</b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(10,727)</b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(8,698)</b></font></td></tr>
</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
Effect of the limit of IAS 19 <i>Employee Benefits.</i></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
(cost)/income is recognized in the income statement in other operating expenses.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
movement in the actuarial gains and losses in 2017 is as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="white-space: nowrap; vertical-align: bottom; width: 56%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 10%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td></tr>
<tr>
    <td style="white-space: nowrap; background-color: #DCE6F1; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Actuarial
    losses and (gains)</font></td>
    <td style="white-space: nowrap; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;166,540
    </b></font></td>
    <td style="white-space: nowrap; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>393,743
    </b></font></td>
    <td style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(137,859)</b></font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Return
    on plan assets (less interest income)</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(36,627)</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(427,523)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">147,728
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Change
    in the asset&#8217;s limit (excluding the interest revenue)</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(97,882)</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">41,796
    </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,208)</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,031
    </b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>8,016
    </b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>5,661
    </b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Actuarial
    losses and (gains) recognized in other comprehensive income</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,037
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,023
    </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,665
    </font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Unrecognized
    actuarial (gains) </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(6)</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(7)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total
    cost of actuarial losses and (gains) (*)</b></font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,031
    </b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>8,016
    </b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>5,661
    </b></font></td></tr>
</table>
<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
Actuarial (gain)/loss results from the fluctuation in the investments comprised in the CBS&#8217;s asset portfolio.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Breakdown
of actuarial gains or losses, required by IAS 19:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="white-space: nowrap; vertical-align: bottom; width: 74%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 26%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Loss
    due to change in demographic assumptions</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,488)</font></td></tr>
<tr>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Loss
    due to change in financial assumptions </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;264,638
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Loss
    due to experience adjustments</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(94,610)</font></td></tr>
<tr>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Return
    on plan assets (less interest income)</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(36,627)</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Change
    in the asset&#8217;s limit (excluding the interest revenue)</font></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(97,882)</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Actuarial
    losses and (gains)</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,031
    </b></font></td></tr>
</table>
<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
main actuarial assumptions used were as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="white-space: nowrap; vertical-align: bottom; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 38%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 34%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Actuarial
    financing method</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Projected
    unit credit</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Projected
    unit credit</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Functional
    currency</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Real
    (R$)</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Real
    (R$)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Recognition
    of plan assets</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Fair
    value</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Fair
    value</font></td></tr>
<tr style="background-color: white">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Nominal
    discount rate</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Mil&#234;nnium
    Plan : 10.42% Plan 35%: 10.30% and Supplementation: 10.32%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Milenium
                                         Plan: 11.68%,</font></p>
        <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Plan
        35% and Suplementation: 11.72%</font></p></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Inflation
    rate</font></td>
    <td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.00%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">5.50%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Nominal
    salary increase rate</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.05%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">6.56%</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Nominal
    benefit increase rate</font></td>
    <td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.00%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">5.50%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Rate
    of return on investments</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Mil&#234;nnium
    Plan: 10.42% Plan 35% :10.30% and Supplementation: 10.32%</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Milenium
                                         Plan: 11.68%,</font></p>
        <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Plan
        35% and Suplementation: 11.72%</font></p></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">General
    mortality table</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">35%
    and Average Salary Supplementation&#160;&#160;Plans :&#160;&#160;AT 2000 segregated by gender (10% smoothed)</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Milenium
    Plan, 35% and Average Salary Supplementation Plans: AT 2000 segregated by gender (10% smoothed)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Disability
    table</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Plan
    35% and Supplementation: Light M&#233;dia Mill&#234;nnium Plan: Prudential ( retirement)</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Light
    Median</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Disability
    mortality table</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Winklevoss
    - 1%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Winklevoss
    - 1%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Turnover
    table</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Millennium
    plan 5% p.a., nil for DB plans</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Millennium
    plan 5% p.a., nil for DB plans</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Retirement
    age</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">100%
    on the first date he/she becomes eligible for programmed retirement benefit under the plan</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">100%
    on the first date he/she becomes eligible for programmed retirement benefit under the plan</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Household
    of active participants</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">95%
    will be married at the time of retirement, with the wife being 4 years younger than the husband</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">95%
    will be married at the time of retirement, with the wife being 4 years younger than the husband</font></td></tr>
</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
assumptions related to the mortality table are based on published statistics and mortality tables. These tables represent an average
life expectancy in years of employees who retire at the age of 65, as shown below:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr>
    <td style="width: 34%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 16%; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>BD
    Plan (*)</b></font></td>
    <td style="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Mil&#234;nio
    Plan (*)</b></font></td>
    <td style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 10%; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>BD
    Plan (*)</b></font></td>
    <td style="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Mil&#234;nio
    Plan (*)</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Longevity
    at age of 65 for current participants</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Male</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20.45
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">19.55
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20.45
    </font></td>
    <td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">19.55
    </font></td></tr>
<tr style="background-color: #DCE6F1">
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<tr>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
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<tr style="background-color: #DCE6F1">
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</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">(*)
The BD Plan is part of the 35% and Average Salary Supplementation Plan and the Mil&#234;nio Plan is part of the Mixed Supplementary
Benefit Plan.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Allocation
of plan assets:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="white-space: nowrap; vertical-align: bottom; width: 34%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 2%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
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    income</font></td>
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;62,904
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.97%</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Fixed
    income</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,085,783
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    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">93.36%</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,966,272
    </font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">92.88%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Real
    estate</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44,083
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.33%</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;42,383
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.33%</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Others</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;124,524
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.77%</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;121,934
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.82%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,305,356
    </b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>100.00%</b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,193,493
    </b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>100.00%</b></font></td></tr>
</table>
<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Variable-income
assets comprise mainly CSN shares.&#9;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Fixed-income
assets comprise mostly debentures, Interbank Deposit Certificates (&#8220;CDI&#8221;) and National Treasury Notes (&#8220;NTN-B&#8221;).</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Real
estate refers to buildings appraised by a specialized asset appraisal firm. There are no assets in use by CSN and its subsidiaries.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
the pension plan, the expense as of December 31, 2017 was R$41,544 (R$35,798 as of December 31, 2016).</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>26.d)
Expected contributions</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">No
contributions are expected to be paid to the defined benefit plans in 2017.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
the mixed supplementary benefit plan, contributions in the amount of R$26,170 are forecasted to be paid in 2018 for the portion
of defined contribution and R$784 for the portion of defined benefit (risk benefit).</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>26.e)
Sensitivity analysis </b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
quantitative sensitivity analysis regarding the significant assumptions for the pension plans as of December 31, 2017 is as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017
</b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="white-space: nowrap; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Plan
    covering 35% of the average salary</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average
    salary supplementation plan</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Mixed
    supplementary benefit plan (Mil&#234;nio Plan) </b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; width: 41%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:
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    <td style="white-space: nowrap; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Sensitivity
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-0.5%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-0.5%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-0.5%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
    on current service cost and on interest on actuarial obligations</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">246
    </font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(320)</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">879
    </font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(919)</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(656)</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">491
    </font></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
    on present value of obligations</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(15,691)</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,342
    </font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(75,107)</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">82,773
    </font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(46,256)</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">49,545
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:
    Salary growth</b></font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Sensitivity
    level</b></font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-0.5%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-0.5%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-0.5%</font></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
    on current service cost and on interest on actuarial obligations</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">330
    </font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(283)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
    on present value of obligations</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,588
    </font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,221)</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:
    Mortality table</b></font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Sensitivity
    level</b></font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-0.5%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-0.5%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-0.5%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
    on current service cost and on interest on actuarial obligations</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,799
    </font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,646)</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,896
    </font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(8,120)</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,555
    </font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,993)</font></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
    on present value of obligations</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">17,563
    </font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(16,073)</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">86,537
    </font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(79,006)</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">53,031
    </font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(47,660)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Sensitivity
    level</b></font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.0%</font></td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.0%</font></td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.0%</font></td>
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<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,045)</font></td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,623)</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,564
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(894)</font></td>
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<tr style="background-color: #DCE6F1">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
    on present value of obligations</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10,158)</font></td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">44,205
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(9,417)</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,425
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</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
forecast benefit payments of the defined benefit plans for future years are as follows:</font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="white-space: nowrap; width: 48%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Forecast
    benefit payments</b></font></td>
    <td style="white-space: nowrap; width: 23%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 5%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 24%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017
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<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Year
    1</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;276,660
    </font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Year
    2</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;285,841
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Year
    3</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;294,923
    </font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Year
    4</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;303,858
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Year
    5</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;312,591
    </font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Next
    5 years</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,682,216
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total
    forecast payments</b></font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,156,089
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</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>26.f)
Post-employment health care plan </b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Refers
to a healthcare plan created on December 1, 1996 exclusively for former retired employees, pensioners, those who received an amnesty,
war veterans, widows of employees who died as a result of on-the-job accidents and former employees who retired on or before March
20, 1997 and their dependents. Since then, the healthcare plan does not allow the inclusion of new beneficiaries. The plan is
sponsored by CSN.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
amounts recognized in the balance sheet were determined as follows:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="white-space: nowrap; vertical-align: bottom; width: 67%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 16%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Present
    value of obligations</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;866,784
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;691,262
    </font></td></tr>
<tr>
    <td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Liabilities</b></font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;866,784
    </b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;691,262
    </b></font></td></tr>
</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
reconciliation of the healthcare liabilities is as follows:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="white-space: nowrap; vertical-align: bottom; width: 67%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="white-space: nowrap; width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Actuarial
    liability at the beginning of the year</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">691,262
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">489,074</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Expenses
    recognized in income for the year</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">77,269
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">62,342</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Sponsor's
    contributions transferred in prior year</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">(72,192)</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">(70,411)</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Recognition
    of loss/(gain) for the year </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">170,445
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">210,257</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Actuarial
    liability at the end of the year </b></font></td>
    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>866,784
    </b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>691,262</b></font></td></tr>
</table>
<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
actuarial gains and losses recognized in shareholders' equity are as follows:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="white-space: nowrap; vertical-align: bottom; width: 59%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
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    <td style="width: 11%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;170,445
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<tr>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;Gain
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    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;170,445
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</table>
<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
weighted average life expectancy based on the mortality table used to determined actuarial obligations is as follows:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="white-space: nowrap; vertical-align: bottom; width: 72%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Longevity
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
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    <td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;19.55
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    <td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #DCE6F1">
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22.17
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22.17
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<tr>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Longevity
    at age of 65 for current participants who are 40</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Male</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;41.59
    </font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;41.59
    </font></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Female</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;45.30
    </font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;45.30
    </font></td></tr>
</table>
<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
actuarial assumptions used for calculating postemployment healthcare benefits were:</font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 51%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 24%; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="white-space: nowrap; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 24%; border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Biometrics</b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">General
    mortality table</font></td>
    <td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">AT
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: -2.8pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">AT
    2000 segregated by gender</font></td></tr>
<tr>
    <td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Disability
    moratality table</font></td>
    <td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Winklevoss
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Financial</b></font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Actuarial
    nominal discount rate</font></td>
    <td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.34%</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11.73%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Inflation</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.00%</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.50%</font></td></tr>
<tr>
    <td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Nominal
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    <td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%
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<tr style="background-color: #DCE6F1">
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Nominal
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    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.41%</font></td>
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<tr>
    <td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Average
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    <td style="white-space: nowrap; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,001.69</font></td>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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</table>
<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>26.g)
Sensitivity analysis </b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
quantitative sensitivity analysis regarding the significant assumptions for the postemployment healthcare plans as of December
31, 2017 is as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="white-space: nowrap; width: 48%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; width: 25%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Healthcare
    Plan</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:
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<tr>
    <td style="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Sensitivity
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<tr style="background-color: #DCE6F1">
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<tr>
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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr>
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<tr style="background-color: #DCE6F1">
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Next
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<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

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<tr style="background-color: #DCE6F1">
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</td>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for employee benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Section Scope<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=sect_Scope&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777099744">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>27. COMMITMENTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>27.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>COMMITMENTS</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>27.
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<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As
of December 31, 2017 and 2016, the Company was a party to take-or-pay contracts as shown in the following table:</font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Type
    of service</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2020</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2021</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>After
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Transportation
    of iron ore, coal, coke, steel products, cement<br />
    and mining products.</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">873,186</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">957,373</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">877,288</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">877,288</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">854,609</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">732,391</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,602,687</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,944,263</font></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Supply
    of power, natural gas, oxygen, nitrogen, argon and<br />
    iron ore pellets.</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">621,551</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">563,743</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">246,624</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">36,159</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">36,159</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">36,159</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">355,101</font></td></tr>
<tr style="background-color: #CCCCFF">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Processing
    of slag generated during pig iron and steel<br />
    production</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">49,487</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,880</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,012</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,012
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,012
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,012
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,515
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">31,563</font></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Manufacturing,
    repair, recovery and production of ingot<br />
    casting machine units.</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">36,765</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">52,103</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18,118</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,665</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23,783</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,580,989</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,582,099</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,148,042
    </b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>925,124
    </b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>896,780
    </b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>774,562
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    </b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>7,354,710
    </b></font></td></tr>
</table>
<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>27.
b) Concession agreements</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Minimum
future payments related to government concessions as of December 31, 2017 fall due according to the schedule set out in the following
table:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Concession</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 30%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Type
    of service</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2021</b></font></td>
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    <td nowrap="nowrap" style="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>After
    2021</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">FTL
    (Ferrovia Transnordestina Log&#237;stica)</font></td>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">30-year
    concession granted on December 31, 1997, renewable for another 30 years, to develop public service and operating the railway
    system in northeastern Brazil. The northeastern railway system covers 4238 kilometers of railway network and operates in Maranh&#227;o,
    Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">9,069</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">9,069</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">9,069</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">54,414</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>90,690</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Tecar</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Concession
    to operate the TECAR, a solid bulk terminal, one of the four terminals that make up the Port of Itaguai, located in Rio de
    Janeiro. The concession was renewable and the agreement expires in 2047.</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">107,296</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">107,296</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">107,296</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">107,296</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2,789,696</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>3,218,880</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Tecon</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">25-year
    concession started in July 2001. On May 10, 2017,, was approved the Decree n&#186; 9,048, which changes de concession extension
    period for port operations. It was established that the requested extension period, added to the initial period, cannot exceed
    70 years.&#160;&#160;&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">30,958</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">30,958</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">30,958</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">30,958</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">139,309</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>263,141</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>147,323</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>147,323</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>147,323</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>147,323</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,983,419</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>
        <p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>3,572,711</b></font></p>
        <p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p></td></tr>
</table>



<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>27.c)
Projects and other commitments</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Transnordestina project</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">The
Transnordestina project which corresponds to rail network II of the Northeast Railway System, includes building 1,753 km of new,
next-generation, wide-gauge tracks. The project posts a 52% progress which was estimated to be concluded in 2017 (completion period
currently under review and discussion with the responsible agencies). The Company expects that the investments will permit Transnordestina
Log&#237;stica S.A.,the concessionaire that holds the Transnordestina project, to transport of several products, such as iron
ore, limestone, soy, cotton, sugarcane, fertilizers, oil, and fuel. The concession will expire in 2057 and can be terminated before
this date if the minimum return agreed with the Government is reached. Transnordestina has already obtained the required environmental
permits, purchased part of the equipment, contracted some of the services, and in certain regions the project is at an advanced
implementation stage.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">The
sources of financing for the project are: (i) financing granted by Banco do Nordeste/ FNE and the BNDES, (ii) debentures issued
by FDNE, (iii) Permanent Track Use contracts, and (iv) capital contribution by CSN and public shareholders. The approved construction
investment is R$7,542,000 and the balance of disbursable funds will be adjusted using the IPCA as from April 2012. Should additional
funds be required, they will be provided by CSN and/or third parties under Permanent Track Use contracts.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
budget to conclude the project is under review, currently it is being analyzed by the competent agencies (shareholders), and it
is expected that the reviewed budget will be as follows: Miss&#227;o Velha-Salgueiro: R$0.4 billion, Salgueiro-Trindade: R$0.7
billion, Trindade-Eliseu Martins: R$2.4 billion, Miss&#227;o Velha-Porto de Pec&#233;m: R$3 billion, Salgueiro-Porto de Suape:
R$4.7 billion, amounting R$ 11.2 billion.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">The
Company guarantees 100% of TLSA&#8217;s financing granted by Banco do Nordeste/FNE and the BNDES, and 49.15% of the debentures
issued by FDNE (includes the corporate guarantee of 48.47%, a collateral letter of 1.25% issued to BNB and the corporate guarantee
of 1.25% pledged to BNB). Under the FDNE charter, approved by Federal Decree 6,952/2009, and the Investment Agreement entered
into with the public shareholders/ financiers, 50% of the debentures may be converted into TLSA shares.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Court of Auditors of the Union - TCU through a protective order issued in May 2016, regarding the case TC 012.179/2016, forbade
new transfers of public resources to TLSA from Valec Engenharia, Constru&#231;&#245;es e Ferrovias S.A., Fundo de Investimento
do Nordeste &#8211; FINOR, Fundo Constitucional de Financiamento do Nordeste &#8211; FNE, Fundo de Desenvolvimento do Nordeste
&#8211; FDNE, Banco Nacional de Desenvolvimento Econ&#244;mico e Social &#8211; BNDES and BNDES Participa&#231;&#245;es S.A.&#8211;
BNDESPar. After filing an appeal against the protective order and providing the necessary explanations, in June 2016 the order
issued by TCU was withdrawn unanimously by the members of this court, with the continuity of investments planned having been restored.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">By
means of another protective order issued in January 2017, relating to the case TC 012.179/2016, the Court of Auditors of the Union
forbade new transfers of public resources to TLSA by Valec Engenharia, Constru&#231;&#245;es e Ferrovias S.A., Fundo de Investimento
do Nordeste &#8211; FINOR, Fundo Constitucional de Financiamento do Nordeste &#8211; FNE, Fundo de Desenvolvimento do Nordeste
&#8211; FDNE, Banco Nacional de Desenvolvimento Econ&#244;mico e Social &#8211; BNDES and BNDES Participa&#231;&#245;es S.A.&#8211;
BNDESPar. The Company has provided the required clarifications to the TCU and has acted firmly in order that the decision can
be repealed soon and the flow of investments planned can be restored.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">There
is an administrative procedure with the ANTT (National Land Transportation Agency) which evaluates the regular compliance with
the obligations of the Concession Agreement corresponding to System II by Concessionaire TLSA. ANTT&#8217;s technical area, in
a unilateral opinion, understood that non-compliance with the contractual obligations by the Concessionaire is evidenced. The
technical area&#8217;s opinion is under evaluation and, if the irregularity is proven, ANTT may apply the applicable penalties,
among them, forfeiture. The procedure is in fact finding phase and until the moment there is not final decision on the merit.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">In
relation to the rail network I, operated by Ferrovia Transnordestina Log&#237;stica S.A.(&#8220;FTL&#8221;), there is an administrative
procedure with the National Agency for Land Transportation (&#8220;ANTT&#8221;) that analyzes the regular fulfillment of the obligations
of the Concession Agreement by the Concessionaire FTL. In view of a unilateral analysis, ANTT informed that FTL would have failed
to comply with the TAC (Terms of Undertaking) signed in 2013 as a result of the non-compliance with the production target for
2013. ANTT decided to file an administrative proceeding to investigate the non-compliance with the concession agreement and, if
the irregularity is proved, it can apply the related penalties, among them the forfeiture. The Concessionaire has not appealed
against such decision, and the proceeding is at the finding-of-facts stage and, so far, there is no final decision on the merit.</font></p><span></span>
</td>
</tr>
</table>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>28. INSURANCE<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_InsuranceAbstract', window );"><strong>Insurance</strong></a></td>
<td class="text">&#160;<span></span>
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<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>28.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>INSURANCE
                                         </b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Aiming
to properly mitigate risk and in view of the nature of its operations, the Company and its subsidiaries have taken out several
different types of insurance policies. Such policies are contracted in line with the CSN Risk Management policy and are similar
to the insurance taken out by other companies operating in the same lines of business as CSN and its subsidiaries. The risks covered
under such policies include the following: Domestic Transportation, International Transportation, Life and Casualty, Health Coverage,
Fleet Vehicles, D&#38;O (Civil Liability Insurance for Directors and Officers), General Civil Liability, Engineering Risks, naming
Risks, Export Credit, Insurance guarantee and Port Operator&#8217;s Civil Liability.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
2017, after negotiation with insurers and reinsurers in Brazil and abroad, an insurance policy was issued for the contracting
of a policy of Operational Risk of Property Damages and Loss of Profits, with effect from September 30, 2017 to March 31, 2019.
Under the insurance policy, the LMI (Maximum Limit of Indemnity) is US$600 million and covers the following units and subsidiaries
of the Company: Presidente Vargas steelworks, CSN Minera&#231;&#227;o, and Sepetiba Tecon. CSN takes responsibility for a range
of retention of US$375 million in excess of the deductibles for property damages and loss of profits.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">In view of their nature, the risk
assumptions adopted are not part of the scope of an audit of the financial statements and, accordingly, were not audited by our
independent auditors.</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for insurance contracts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>29. ADDITIONAL INFORMATION TO CASH FLOWS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionalInformationToCashFlowsAbstract', window );"><strong>Additional Information To Cash Flows</strong></a></td>
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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

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<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td nowrap="nowrap" style="vertical-align: bottom; width: 52%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
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    <td nowrap="nowrap" style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td></tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Acquisition
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for a statement of cash flows.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Section Presentation of a statement of cash flows<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=sect_Presentationofastatementofcashflows&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777032032">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>30. INDEPENDENT INVESTIGATION - CONSTRUCTION OF THE LONG STEEL PLANT<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IndependentInvestigationConstructionOfLongSteelPlantAbstract', window );"><strong>Independent Investigation - Construction Of Long Steel Plant</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DisclosureOfIndependentInvestigationConstructionOfLongSteelPlantExplanatory', window );">INDEPENDENT INVESTIGATION - CONSTRUCTION OF THE LONG STEEL PLANT</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>30.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>INDEPENDENT
                                         INVESTIGATION &#8211; CONSTRUCTION OF THE LONG STEEL PLANT</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Considering
the information from a Company&#8217;s executive published in the press in April 2017, based on testimonials to the Court, the
Audit Committee decided to engage a specialized forensic service to conduct an external independent investigation of the contractual
relationship related to the construction of CSN&#8217;s Long Steel Plant (contract on which there would have been alleged undue
payments, in the form of bonus, in order to reimburse payments made to political parties), as well as to analyze the extent of
the business relationships between the contracting parties. The conclusion of the investigation is that nothing from the testimonials
referred to above was confirmed, and there are no contingencies deriving from the issues investigated. Consequently, the Company
understands that there is no basis to justify the recording of any provision for losses or the disclosure of contingency. In October
2017, following what was determined by the Federal Supreme Court in Brazil, the Federal Police Department initiated an investigation
to clear the facts mentioned in the given testimony. Until this date, nothing was confirmed by the investigation.</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6789619280">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>31. SUBSEQUENT EVENTS<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SubsequentEventsAbstract', window );"><strong>Subsequent Events</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory', window );">SUBSEQUENT EVENTS</a></td>
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<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>31.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>SUBSEQUENT
                                         EVENTS</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 14.2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Debt
                                         renegotiation</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
February 2018 the Company concluded the renegotiation of its debt of R$4.9 billion with Banco do Brasil S.A. (&#8220;BB&#8221;)
related to the issuance of its own Export Credit Notes as well as the issuances of its subsidiary CSN Minera&#231;&#227;o, moving
maturity dates from 2018 through 2022 to dates until December 2024, giving as collateral some of our preferred shares of Usiminas
(USIM5). Additionally, the Company is under similar negotiation with Caixa Econ&#244;mica Federal (&#8220;CEF&#8221;) to postpone
maturity dates of its debt, having the primary conditions favorably appreciated by the Directive Council of CEF.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 14.2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Debt
                                         issuance</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
February 2018 the Company issued debt instruments (&#8220;Notes&#8221;) through its wholly-owned subsidiary CSN Resources S.A.
in the amount of US$350 million, with maturity date in 2023 and annual interests of 7.625%. In conjunction with the debt issuance,
the Company made a repurchase offer (&#8220;Tender Offer&#8221;) of the outstanding Notes previously issued by CSN Islands XI
Corp and CSN Resources S.A., wholly-owned subsidiaries of the Company, having been repurchased US$350 million in Notes with maturities
scheduled for 2019 and 2020. The Notes are unconditionally and irrevocably guaranteed by the Company.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#8226;
Debt Amortization</b></font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 54pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
Company paid in advance on February 15 and March 5, 2018 the amounts of US$ 208 million and US$ 148 million, respectively, of
foreign debt (&#34;Bonds&#34;) totaling US$ 356 million.</font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><b>&#8226;&#160;&#160;&#160;&#160;Transaction
with the related party Banco Fibra</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">During the first quarter of 2018 we purchased US$23 million of
8,125% p.a. of Notes issued by Banco Fibra, with maturity date in February 2028.<br />
&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#8226;&#160;&#160;&#160;&#160;Sale of shares held in treasury</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0">In April 2018 we sold 22,981,500 shares that
were held in treasury at the unit average price of R$7.86, equivalent to R$181MM, and were sold at the unit average price of R$9.29,
totaling cash inflows in the amount of R$213MM. The surplus of R$32MM between the sale price of the shares and their purchase price
was recognized in the capital reserve.</p>



<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for events after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 10<br> -IssueDate 2017-01-01<br> -Section Disclosure<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=10&amp;date=2017-03-01&amp;anchor=sect_Disclosure&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6809537280">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfSignificantAccountingPoliciesPoliciesAbstract', window );"><strong>Summary Of Significant Accounting Policies Policies</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory', window );">Basis of preparation</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.a)
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<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
consolidated financial statements have been prepared and are being presented in accordance with International Financial Reporting
Standards &#8220;IFRS&#8221; issued by the International Accounting Standards Board (IASB). All the relevant information of the
financial statements, and only this information, are being highlighted and correspond to those used by the Company's management.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also
requires management to exercise its judgment in the process of applying the Company&#8217;s accounting policies. It is disclosed
in the notes to this report all subjects involving a high degree of judgment or complexity or when assumptions and estimates are
significant to the consolidated financial statements, those subjects are related to the allowance for doubtful debts, provision
for inventory losses, provision for labor, civil, tax, environmental and social security contingences, depreciation, amortization,
depletion, provision for impairment, deferred taxes, financial instruments and employee benefits. Actual results may differ from
these estimates.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
financial statements are presented in thousands of Brazilian Reais (R$). Depending on the applicable IFRS standard, the measurement
criteria used in preparing the financial statements considers the historical cost, net realizable value, fair value or recoverable
amount. When the IFRS allows us to option between acquisition cost and other measurement criteria, the acquisition cost was the
criteria used.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">The
consolidated financial statements were approved by the Board of Directors on April 30, 2018.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBasisOfConsolidationExplanatory', window );">Consolidated financial statements</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.b)
Consolidated financial statements </b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
accounting policies have been consistently applied to all consolidated companies. The consolidated financial statements for the
years ended December 31, 2017 and 2016 include the following direct and indirect subsidiaries, joint ventures and joint operations,
as well as the exclusive funds, as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>

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    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
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<tr style="vertical-align: middle">
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<tr style="background-color: #DDEBF7">
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<tr>
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<tr>
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<tr>
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<tr style="background-color: #DDEBF7">
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<tr style="vertical-align: middle; background-color: #DDEBF7">
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<tr>
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<tr style="vertical-align: middle; background-color: #DDEBF7">
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<tr style="vertical-align: middle">
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<tr style="vertical-align: middle">
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<tr style="vertical-align: middle; background-color: #DDEBF7">
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    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: middle; background-color: #DDEBF7">
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</table>


<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
They are Dormant Companies, therefore they do not appear in the note 8.a, where is disclosed business information under the equity
method and classified as available for sale.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
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<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(1)
On February 6, 2018, the Spanish commercial registry recognized the merger by absorption of the companies by CSN Steel, S.L.U.,
date from which the companies were considered legally extinct. In addition, before third parties and for the purposes of commercial
law, the merger is retroactive to the date of December 28, 2017;</font></p>

<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(2)
Transfer of 1 share in August 2017;</font></p>

<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(3)
Company sold to the CSN Minera&#231;&#227;o and in August 2017 was incorporated by the same subsidiary;</font></p>

<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(4)
Companies liquidated in July 2017;</font></p>

<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(5)
New corporate name of Namisa International Min&#233;rios SLU, amended in September 2017;</font></p>

<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(6)
Companies constituted in 2017;</font></p>

<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#8226;
Exclusive funds</b>&#160;</font></p>

<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
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<tr style="background-color: #DDEBF7">
    <td nowrap="nowrap" style="width: 48%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exclusive
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    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Core
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<tr style="background-color: white">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DDEBF7">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;100.00
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Investment
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<tr style="background-color: white">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;100.00
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;100.00
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<tr style="background-color: #DDEBF7">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;100.00
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</table>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
preparing the consolidated financial statements, we have adopted the following consolidation procedures:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Unrealized
gains on transactions with subsidiaries, joint ventures and associates are eliminated to the extent of CSN&#8217;s equity interests
in the related entity by the consolidation process. Unrealized losses are eliminated in the same manner as unrealized gains, although
only to the extent that there are not indications of impairment. The Company eliminates the effect on profit or loss of transactions
carried out with joint ventures and, as a result, reclassifies part of the equity in results of joint ventures to financial costs,
cost of sales and income tax and social contribution.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
base date to the financial statements of the subsidiaries and joint ventures is the same as of the Company, and their accounting
policies are also in line with the policies adopted by the CSN.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Subsidiaries</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Subsidiaries
are all entities (including special purpose entities) which financial and operating policies can be conducted by the Company and
when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to use its
power to affect its returns. The existence and effect of potential voting rights that are actually exercisable or convertible
are taken into consideration when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from
the date when the control is transferred to the Company and are deconsolidated from the date when such control ceases. &#9;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Joint
ventures and joint operations</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Joint
arrangements are all entities over which the Company has joint control with one or more other parties. The investments in joint
arrangements are classified as joint operations or joint ventures depending on the contractual rights and obligations of each
investor.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Joint
operations are accounted for in the financial statements in order to represent the Company's contractual rights and obligations.
Therefore, the assets, liabilities, revenues and expenses related to its interests in joint operations are accounted for individually
in the financial statements.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Joint
ventures are accounted for under the equity method and are not consolidated.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company eliminates the effect on profit or loss of transactions carried out with joint ventures and, as a result, eliminates part
of the equity in results of joint ventures to financial costs, cost of sales, net sales and income tax and social contribution.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Associates</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Associates
are all entities over which the Company has significant influence but not control, generally through a shareholding percentage
from 20% up to 50% of the voting rights. Investments in associates are accounted for under the equity method and are initially
recognized at cost.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>Transactions and non-controlling interests</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company treats transactions with non-controlling interests as transactions with owners of the Company. For purchases from non-controlling
interests, the difference between any consideration paid and the relevant share acquired of the carrying value of subsidiary net
assets is recorded in shareholders' equity. Gains and losses on disposals to non-controlling interests are also recognized directly
in shareholders' equity.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">When
the Company no longer holds control, any retained interest in the entity is remeasured to its fair value, with the change in the
carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting
for the retained interest in an associate, joint venture or financial asset. In addition, any amounts previously recognized in
other comprehensive income in respect of that entity are accounted for as if the Company had disposed of the related assets or
liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory', window );">Foreign currencies</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
c) Foreign currencies </b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif"><b>i.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Functional and presentation currency</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Items
included in the financial statements are related to each one of the Company's subsidiaries are measured using the currency of
the primary economic environment in which the subsidiary operates (&#8220;functional currency&#8221;). The consolidated financial
statements are presented in Brazilian Reais (R$), which is the Company&#8217;s functional currency and the Group&#8217;s presentation
currency.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif"><b>ii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Transactions and balances</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Transactions
in foreign currencies are translated into the functional currency using the exchange rates in effect at the dates of the transactions
or valuations when their values are remeasured. Foreign exchange gains and losses resulting from the settlement of those transactions
and from the translation at exchange rates in effect as of December 31, 2017 related to monetary assets and liabilities denominated
in foreign currencies are recognized in the income statement, except when they are recognized in shareholders' equity as a result
of foreign operation characterized as foreign investment.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
balances of assets and liabilities are translated by exchange rates prevailing at the end of the reporting period. As of December
31, 2017, US$1 is equal to R$3.3080 (R$3.2591 at December 31, 2016) and &#8364;1 is equal to R$3.9693 (R$3.4384 at December 31,
2016).</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">All
other foreign exchange gains and losses, including foreign exchange gains and losses related to borrowings and cash and cash equivalents,
are presented in the income statement as financial income or costs.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Changes
in the fair value of monetary securities denominated in foreign currency, classified as available-for-sale, are segregated into
exchange differences related to the amortized cost of the security and other changes in the carrying amount of the security. Exchange
differences related to amortized cost are recognized in profit or loss, and other changes in the carrying amount are recognized
in shareholders' equity.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Exchange
differences on non-monetary financial assets and liabilities classified as measured at fair value through profit or loss are recognized
in profit or loss as part of the gain or loss on the fair value. Exchange differences on investments classified as available-for-sale
are included in comprehensive income in shareholders' equity.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif"><b>iii.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Group companies</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
results and financial position of all the Group&#8217;s entities (none of which has the currency of a hyper-inflationary economy)
that have a functional currency different from the presentation currency are translated into the presentation currency as follows:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
The assets and liabilities of each balance sheet presented are translated by exchange rate at the end of the reporting period;
</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
The income and expenses of each income statement are translated at average exchange rates (unless this average is not a reasonable
approximation of the cumulative effect of the rates at the transaction dates, in which case income and expenses are translated
at the rate in effect at the transaction dates); </font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
All resulting exchange differences are recognized as a separate component in other comprehensive income; and</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Gains and losses accumulated in shareholders' equity are included in the income statement when the foreign operation is partially
disposed or sold.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On
consolidation, exchange differences resulting from the translation of monetary items with characteristics of net investment in
foreign operations are recognized in shareholders' equity. When a foreign operation is partly disposed of or sold, exchange differences
previously recorded into other comprehensive income are recognized in the income statement as part of the gain or loss on sale.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
d) Cash and cash equivalents</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Cash
and cash equivalents include cash on hand, in bank accounts and other short-term highly liquid investments redeemable within 90
days from the end of the reporting period, readily convertible into a known amount of cash and subject to an insignificant risk
of change in value. Bank certificates of deposit and government securities that do not meet the above criteria are not considered
cash equivalents and are classified as financial investments, according to note 4.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory', window );">Trade receivables</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
e) Trade receivables</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Trade
receivables are initially recognized at fair value, including the related taxes and expenses. Foreign currency-denominated trade
receivables are adjusted at the exchange rate in effect at the end of the reporting period. The allowance for estimated losses
on doubtful debts were recognized in an amount considered sufficient to cover any losses. Management&#8217;s assessment takes
into consideration the customer&#8217;s history and financial position, as well as the opinion of their legal counsel regarding
the collection of these receivables for recognizing the allowance for estimated losses.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories', window );">Inventories</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
f) Inventories</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Inventories
are carried at the lower of cost and net realizable value. Cost is determined using the weighted average cost method on the acquisition
of raw materials. The costs of finished goods and work in process comprise raw materials, labor and other direct costs (based
on the normal production capacity). Net realizable value represents the estimated selling price in the normal course of business,
less estimated costs of completion and costs necessary to make the sale. The allowance for estimated losses on slow-moving or
obsolete inventories are recognized when considered necessary.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Stockpiled
ore inventories are accounted for as processed when removed from the mine. The cost of finished goods comprises all direct costs
necessary to transform stockpiled inventories into finished goods.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory', window );">Investments</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
g) Investments</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Investments
in subsidiaries, joint ventures and associates are accounted for under the equity method of accounting and are initially recognized
at cost. The gains or losses are recognized in profit or loss as operating income (or expenses). In the case of foreign exchange
differences arising on translating foreign investments that have a functional currency different from the Company&#8217;s, changes
in investments due exclusively to foreign exchange differences, as well as adjustments to pension plans and available-for-sale
investments that impact the subsidiaries&#8217; shareholders' equity, are recognized in line item &#8220;Cumulative translation
adjustments&#8221;, in the Company&#8217;s shareholders' equity, and are only recognized in profit or loss when the investment
is disposed or written off due to impairment loss. Other investments are recognized at cost or fair value.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">When
necessary, the accounting policies of subsidiaries, joint ventures and associates are changed to ensure consistency with the policies
adopted by the Company.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory', window );">Business combination</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2h)
Business combination</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
acquisition method is used to account for on each business combination conducted by the Company. The payment obligation transferred
by acquiring an entity is measured by the fair value of the assets transferred, liabilities incurred and equity instruments issued
by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration
arrangement, where applicable. Acquisition-related costs are recognized in profit or loss for the year, as incurred. Identifiable
assets acquired and liabilities assumed in a business combination are initially measured at their fair values at the acquisition
date.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory', window );">Property, plant and equipment</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
i) Property, plant and equipment</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Property,
plant and equipment are carried at cost of acquisition, formation or construction, less accumulated depreciation or depletion
and any impairment loss. Depreciation is calculated under the straight-line method based on the remaining economic useful economic
lives of assets, as mentioned in note 9. The depletion of mines is calculated based on the quantity of ore mined. Land is not
depreciated since their useful life is considered indefinite. However, if the tangible assets are mine-specific, that is, used
in the mining activity, they are depreciated over the shorter between the normal useful lives of such assets and the useful life
of the mine. The Company recognizes in the carrying amount of property, plant and equipment the cost of replacement and consequently
reducing the carrying amount of the part that is replaced if it is probable that future economic benefits embodied therein will
revert to the Company, and if the cost of the asset can be reliably measured. All other disbursements are expensed as incurred.
Borrowing costs related to funds obtained for construction in progress are capitalized until these projects are completed.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">If
some components of property, plant and equipment have different useful lives, these components are accounted for in separate line
items of property, plant and equipment.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Gains
and losses on disposal are determined by comparing the sale value less the residual value and are recognized in &#8216;Other operating
income (expenses)&#8217;.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Exploration
expenditures are recognized as expenses until the viability of mining activities is established, after this period the subsequent
development costs are capitalized. Exploration and valuation expenditures include:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Research and analysis of historical data related to area exploration;</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Topographic, geological, geochemical and geophysical studies;</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Determine the mineral asset&#8217;s volume and quality/grade;</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Examine and test the extraction processes and methods;</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Topographic surveys of transportation and infrastructure needs;</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Market and financial studies;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
development costs from new mineral deposits or from capacity expansion in mine operations are capitalized and amortized using
the produced (extracted) units method based on the probable and proven ore quantities. The development stage includes:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Drillings to define the ore body;</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Access and draining plans;</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Advance removal of overburden (top soil and waste material removed prior to initial mining of the ore body) and waste material
(non-economic material that is intermingled with the ore body).</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Stripping
costs (the costs associated with the removal of overburden and other waste materials) incurred during the development of a mine,
before production commences, they are capitalized as part of the depreciable cost of developing the property. Such costs are subsequently
amortized over the useful life of the mine based on proven and probable reserves.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Stripping
costs in the production phase are included in the cost of the inventory produced, except when a specific extraction campaign is
made to access deeper deposits of where ore body is located. In these cases, costs are capitalized and taken to noncurrent
assets when the mineral ore deposit is extracted and are amortized over the useful life of the ore body.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company holds spare parts that will be used to replace parts of property, plant and equipment and that used to increase the asset&#8217;s
useful life when it exceeds 12 months. These spare parts are classified in property, plant and equipment and not in inventories.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory', window );">Intangible assets</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
j) Intangible assets</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Intangible
assets comprise assets acquired from third parties, including through business combinations.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">These
assets are recognized at cost of acquisition or formation, less amortization calculated on a straight-line basis method based
on the estimated periods of exploration or recovery</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Mineral
rights acquired are classified in line item &#8220;other assets&#8221; in intangible assets.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Intangible
assets with indefinite useful lives and goodwill based on expected future profitability are not amortized.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 14.2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Goodwill</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Goodwill represents the positive difference between the amount paid and/or payable for the acquisition of a business and the
net fair values of the acquiree&#180;s assets and liabilities. Goodwill on acquisitions from business combination is recognized
as intangible assets in the consolidated financial statements. The gain from a bargain purchase is recognized directly in
the statement of income at the acquisition date. Goodwill is annually tested for impairment. Impairment losses on goodwill
are not reversed. Gains and losses on the disposal of a Cash-Generating Unit (CGU) include the carrying amount of goodwill
related to the CGU sold.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Goodwill
is allocated to CGUs for impairment testing purposes. The allocation is made to CGUs of CGUs that are expected to benefit from
the business combination in which the goodwill arose, and recalling that unit is not greater than the operating segment.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 14.2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Software</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Software
licenses purchased are capitalized based on the costs incurred to purchase the software and make it ready for use. These costs
are amortized on a straight-line basis over the estimated useful lives from one to five years.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory', window );">Impairment of non-financial assets</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
k) Impairment of non-financial assets </b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Assets
with infinite useful lives, such as goodwill, are not subject to amortization and are annually tested for impairment. Assets subject
to amortization and/or depreciation, such as property, plant and equipment, are tested for impairment whenever events or changes
in circumstances indicate that their carrying amounts may not be recoverable. An impairment loss is recognized by determining an asset&#180;s recoverable amount. The recoverable amount is the higher of the fair value of an asset less costs to
sell and its value in use. For impairment testing purposes, assets are grouped at their lowest levels for which there are separately
identifiable cash flows (Cash Generating Units, or CGUs). Non-financial assets, except for goodwill, are subsequently reviewed
for possible reversal of the impairment at the reporting date.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory', window );">Employee benefits</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
l) Employee benefits</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 14.2pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>i.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Employee
                                         benefits </b></font></td></tr></table>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Defined
contribution plans </b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">A
defined contribution plan is as a post-employment benefit plan whereby an entity pays fixed contributions to a separate entity
(pension fund) and will not have any legal or constructive obligation to pay additional amounts. Obligations for contributions
to defined contribution pension plans are recognized as employee benefit expenses in the periods during which services are provided
by employees. Contributions paid in advance are recognized for an asset since it is agreed that either cash reimbursement or future
reduction on payables will flow back to CSN. Contributions to a defined contribution plan that is expected to mature twelve (12)
months after the end of the period in which the employee provides services are discounted to their present values.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Defined
benefit plans</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">A
defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company&#8217;s net obligation
regarding defined pension benefit plans is calculated individually for each plan by estimating the value of the future benefit
that the employees accrue as return for services provided in the current period and in prior periods; such benefit is discounted
to its present value. The discount rate is the yield presented at the end of the reporting period for top line debt securities
whose maturity dates approximate the terms and conditions of the Company&#8217;s obligations and which are denominated in the
same currency as the one in which it is expected that the benefits will be paid. The calculation is made annually by a qualified
actuary using the projected unit credit method. When the calculation results in a benefit for the Company, the asset to be recognized
is limited to the total amount of any unrecognized costs of past services and the present value of the economic benefits available
in the form of future plan reimbursements or reduction in future contributions to the plan. The present value of economic benefits
is calculated taking into account the funding requirements applicable to the Company&#8217;s plans. An economic benefit is available
to the Company if it is realizable during the life of the plan or upon settlement of the plan&#8217;s liabilities.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company and some of its subsidiaries offered a postretirement healthcare benefit to its employees. The right to these benefits
is usually contingent to their remaining in employment until the retirement age and the completion of the minimum length of service.
The expected costs of these benefits are accumulated during the employment period, and are calculated using the same accounting
method used for defined benefit pension plans. These obligations are annually valued by qualified independent actuaries.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">When
the benefits of a plan are increased, the portion of the increased benefit related to past services of employees is recognized
in profit or loss until the benefits become vested. When benefits became vesting rights, all actuarial gains or losses are immediately
recognized in profit or loss.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company recognizes all actuarial gains and losses resulting from defined benefit plans immediately in other comprehensive income.
If the plan is extinguished, actuarial gains and losses are recognized in profit or loss.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 14.2pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>ii.</b></font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Profit
                                         sharing and bonus</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Employee
profit sharing and executives&#8217; variable compensation are linked to the achievement of operating and financial targets. The
Company recognizes a liability and an expense substantially allocated to production cost and, where applicable, to general and
administrative expenses when such goals are met.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory', window );">Provisions</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
m) Provisions</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Provisions
are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that
the Company will be required to settle the obligation and it has reliable cost estimation.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
amount recognized as a provision is the best value estimation required to settle the present obligation at the end of the reporting
period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash
flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect
of the time value of money is material). Success fees are accrued to the extent that they make it probable that disbursements
will occur. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third
party, a receivable is recognized as an asset if it is probable that reimbursement will be received and that the amount of the
receivable can be measured reliably.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory', window );">Concessions</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
n) Concessions</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company has governmental concessions to provide the following types of services: railway and port transportation managed by Company&#180;s
subsidiaries and joint-ventures. The concessions included in the consolidated financial statements are related to the rail network
in the Northeast area, managed by the subsidiary FTL, the container terminal in Itagua&#237;, managed by the subsidiary Sepetiba
Tecon and the port terminal TECAR for exporting ore and importing coal, which is managed by the subsidiary CSN Minera&#231;&#227;o.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company&#180;s concession contracts are not within the scope of the international interpretative standard IFRIC 12, considering
that the grantor (refers to the government) has effectively no control over what, to whom and at what price the services will
be provided by the dealer (refers to the private part) to the customers. In essence, all concession contracts has operating leasing
characteristics. Therefore, the accounting should follow the accounting rules applicable to leases. Our concession agreements
provide for the use of a specific asset for an agreed period of time, but without any transfer of ownership to the Company or
option to buy these assets after the completion of these contracts.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Payments
made under operating leases are recognized in the income statement on a straight line basis over the period of the contracts.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">There
are assets related to our concessions which are subject to reversion to the grantor at the end of the concession agreement.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
residual carrying amounts of these assets on December 31, 2017 are listed below with an indication of their classification in
our financial statements:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Concession</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Net
    book value (R$)</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Classification
    in balance sheet</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Sepetiba
    Tecon S.A. (TECON)</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;313
    </font></td>
    <td nowrap="nowrap" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">million</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Fixed
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<tr style="background-color: #DCE6F1">
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<tr>
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr style="background-color: #DCE6F1">
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<tr>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">MRS
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</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
amount of fixed and intangible assets is recognized in TLSA&#8217;s financial statements. We recognize our interest in the net
assets of TLSA under the equity method and our investment balance in TLSA as of December 31, 2017 was R$1,473,298.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
amount of fixed and intangible assets is recognized in MRS&#8217;s financial statements. We recognize our interest in the net
assets of MRS by the  equity method and our investment balance consolidated in MRS as of December 31, 2017 was R$ 1,325,032.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory', window );">Share capital</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
o) Share capital </b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 24pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Common
shares are classified in shareholders' equity.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Incremental
costs directly attributable to the issue of new shares or options are shown in shareholders' equity as a deduction to the amount
received, net of taxes.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">When
any Company of the Group buys Company shares (treasury shares), the amount paid, including any directly additional costs (net
of income tax), is deducted from shareholders' equity attributable to owners of the Company until the shares are canceled or sold.
When these shares are subsequently sold, any amount received, net of any directly attributable additional transaction costs and
the related income tax and social contribution effects, is included in shareholders' equity attributable to owners of the Company.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue', window );">Revenue recognition</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
p) Revenue recognition</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Operating
revenue from the sale of goods in the normal course of business is measured at the fair value of the receivables. Revenue is recognized
when there is convincing evidence that the most significant risks and rewards of ownership of goods have been transferred to the
buyer, it is probable that future economic benefits will flow to the entity, the associated costs and possible return of goods
can be reliably estimated, there is no continued involvement with the goods sold, and the amount of the operating revenue can
be reliably measured. If it is probable that discounts will be granted and the value thereof can be reliably measured, then the
discount is recognized as a reduction of the operating revenue as sales are recognized. Revenue from services provided is recognized
as it is realized.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The appropriate timing for transfer
of risks and rewards varies depending on the individual terms and conditions of the sales contract. For international sales, this
timing depends on the type of term of the contract term.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory', window );">Financial income and financial expenses</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
q) Financial income and financial expenses </b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Financial
income includes interest income from funds invested (except available-for-sale financial assets), dividend income not accounted
for under the equity method, gains on disposal of available-for-sale financial assets, changes in the fair value of financial
assets measured at fair value through profit or loss, and gains on derivative instruments that are recognized in profit or loss.
Interest income is recognized in profit or loss under the effective interest method. Dividend income is recognized in profit or
loss when the Company&#8217;s right to receive payment has been established. Distributions received from investees accounted for
under the equity method reduce the investment value.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Financial
expenses comprise interest expenses on borrowings,  losses on the fair
value of financial instruments measured at fair value through profit or loss, impairment losses recognized in financial assets,
and losses on derivative instruments that are recognized in profit or loss. Borrowing costs that are not directly attributable
to the acquisition, construction or production of a qualifying asset are measured through profit or loss under the effective interest
method.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Foreign
exchange gains and losses are reported on a net basis.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory', window );">Income tax and social contribution</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
r) Income tax and social contribution</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Current
income tax and social contribution are calculated based on the tax laws enacted by the end of the reporting period, including
in the countries where the Group entities operate and generate taxable profit. Management periodically assesses the positions
taken in the tax calculations with respect to situations where applicable tax regulations are open to interpretations. The Group
recognizes provisions where appropriate, based on the estimated payments to tax authorities. The income tax and social contribution
expense comprises current and deferred taxes. Current and deferred taxes are recognized in profit or loss unless they are related
to business combinations or items recognized directly in shareholders' equity.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Current
tax is the expected tax payable or receivable on taxable profit or loss for the year at tax rates that have been enacted by the
end of the reporting period and any adjustment to taxes payable in relation to prior years.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Deferred
tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements
and the corresponding tax bases used in the computation of taxable profit. Deferred tax is not recognized for the following temporary
differences: initial recognition of assets and liabilities in a transaction that is not a business combination and does not affect
either the accounting or taxable profit or loss, and differences associated with investments in subsidiaries and joint ventures
when it is probable that they will not reverse in the foreseeable future.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Moreover,
a deferred tax liability is not recognized for taxable temporary differences resulting from the initial recognition of goodwill.
The deferred tax is measured at the rates that are expected to be applied on temporary differences when they reverse, based on
the laws enacted by the end of the reporting period.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Current
income tax and social contribution are carried at their net amounts by the taxpayer, in liabilities when there are amounts payable
or in assets when prepaid amounts exceed the total amount due at the end of the reporting period.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Deferred
tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current
tax liabilities and when they relate to income taxes levied by the same taxation authority on the same entity subject to taxation.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">A
deferred income tax and social contribution asset is recognized for all tax losses, tax credits, and deductible temporary differences
to the extent that it is probable that taxable profits will be available against which those tax losses, tax credits, and deductible
temporary differences can be utilized. Annually, the Company reviews and verifies the existence of future taxable income and a
provision for loss is recognized when the realization of these credits is not likely.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory', window );">Earnings/(Loss) per share</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
s) Earnings/(Loss) per share </b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Basic
earnings/loss per share are calculated by means of the profit/loss for the year attributable to owners of the Group and the weighted
average number of common shares outstanding in the related period. Diluted earnings/loss per share are calculated by means of
the average number of shares outstanding, adjusted by instruments potentially convertible into shares, with diluting effect, in
the reported periods. The Group does not have any instruments potentially convertible into shares and, accordingly, diluted earnings/loss
per share are equal to basic earnings/loss per share.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DescriptionOfAccountingPolicyForEnvironmentalAndRestorationCostsExplanatory', window );">Environmental and restoration costs</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
t) Environmental and restoration costs </b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company recognizes a provision for the recovery costs and fines when a loss is probable and the amounts of the related costs can
be reliably measured. Generally, the period when the provision for recovery is recognized coincides with the end of a feasibility
study or the commitment to adopt a formal action plan.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Expenses
related to compliance with environmental regulations are charged to profit or loss or capitalized, as appropriate. Capitalization
is considered appropriate when the expenses refer to items that will continue to benefit the Group and that are basically related
to the acquisition and installation of equipment to control and/or prevent pollution.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company make the provisions for asset retirement
obligations which refer to estimated costs for decommissioning, retirement or restoration of areas upon the termination of activities
of our mining resources. The initial measurement is recognized as a liability discounted to present value and subsequently through
increase in expenses over time. The asset retirement cost equivalent to the initial liability is capitalized as part of the carrying
amount of the asset and is depreciated over the useful life of the asset.</p>



<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory', window );">Research and development</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
u) Research and development</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Research
expenditures are recognized as expenses when incurred. Expenditures on project developments (related to the design and testing
stages of new or improved products) are recognized as intangible assets when it is probable that projects will be successful,
based on their commercial and technological feasibility, and only when the cost can be reliably measured. When capitalized, development
expenditures are amortized from the start of a product commercial production, on a straight-line basis and over the period of
the expected benefit.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory', window );">Financial instruments</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
v) Financial instruments </b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif"><b>i)&#160;&#160;&#160;&#160;
Financial assets </b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Financial
assets are classified into the following categories: measured at fair value through profit or loss, loans and receivables, held-to-maturity
and available-for-sale. The classification depends on the purpose for which the financial assets were acquired. Management determines
the classification of its financial assets at the time of initial recognition.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Recognition
                                         and measurement</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company classifies, at initial recognition, its financial assets into four categories: i) fair value through profit or loss, ii)
loans and receivables, iii) held-to-maturity assets, and iv) available-for-sale financial assets. Assets are recognized at fair
value, plus (with the exception of assets recognized at fair value through profit or loss) transaction costs that are directly
attributable to the acquisition or issuance of financial asset.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
the subsequent measurement, loans and receivables are carried at amortized cost using the effective
interest method.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/107% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Gains
or losses resulting from changes in the fair value of financial assets measured at fair value through profit or loss are presented
in the income statement under &#8220;financial income&#8221; in the period in which they arise. Dividend income from financial
assets at fair value through profit or loss is recognized in the income statement as part of other financial income when the Company&#8217;s
right to receive the dividends has been established.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
changes in the fair value of available-for-sale financial assets are recognized as follows: (i) the effects of foreign exchange
differences and the changes in the fair value of the investment in the investee&#8217;s capital are recognized directly in the
Company&#8217;s shareholders&#8217; equity, in &#8220;Other comprehensive income&#8221; and; (ii) the effects of foreign exchange
differences and the changes in the option&#8217;s fair value are recognized in the income statement for the year.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Interest
on available-for-sale securities, calculated under the effective interest method, is recognized in the income statement as part
of other income. Dividends from available-for-sale equity instruments, such as shares, are recognized in the income statement
as part of other financial income when the Company&#8217;s right to receive payments has been established.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
fair values of publicly quoted investments are based on current purchase prices. If the market for a financial asset (and for
instruments not listed on a stock exchange) is not active, the Company establishes the fair value by using valuation techniques.
These techniques include the use of recent transactions contracted with third parties, reference to other instruments that are
substantially similar, analysis of discounted cash flows, and option pricing models that make maximum use of market inputs and
relies as little as possible on entity-specific inputs.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Regular
purchases and sales of financial assets are recognized at the trading date on which the Company undertakes to buy or sell the
asset.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Derecognized</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Financial
assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred, in the
latter case, provided that the Company has transferred significantly all risks and rewards of ownership.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Financial
                                         assets measured at fair value through profit or loss</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Financial
assets at fair value through profit or loss are financial assets held for active and frequent trading. Derivatives are also categorized
as held for trading and, accordingly, are classified in this category unless they have been designed as cash flow hedging instruments.
Assets in this category are classified in current assets.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Loans
                                         and receivables</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
category includes loans and receivables that are non-derivative financial assets with fixed or determinable payments not quoted
in an active market. They are included in current assets, except those with maturity of more than 12 months after the end of the
reporting period (which are classified as non-current assets). Loans and receivables include loans to associates, trade receivables,
other receivables and cash and cash equivalents, except short-term investments. Cash and cash equivalents are recognized at fair
value. Loans and receivables are carried at amortized cost using the effective interest method.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Held-to-maturity
                                         assets</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">These
are basically financial assets acquired with the positive intent and ability to hold to maturity. Held-to-maturity investments
are initially recognized at their value plus any directly attributable transaction costs. Subsequent to initial recognition, they
are measured at amortized cost using the effective interest method, less any impairment loss.</font></p>




<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Available-for-sale
                                         financial assets</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">These
are non-derivative financial assets, designated as available-for-sale, that are not classified in any other category established.
They are included in non-current assets when they are strategic investments for the Company, unless Management intends to dispose
of the investment within 12 months from the end of the reporting period. Available-for-sale financial assets are recognized at
fair value.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif"><b>ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Impairment of financial assets</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company evaluates  at each reporting period whether there is an evidence of impairment in a financial asset or a group of
financial assets. This evaluation should consider objective evidence of the occurrence of events that may impact the
estimated cash flows of an individual financial asset or group of financial assets.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assets
                                         measured at amortized cost</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">A
financial asset or a group of financial assets is impaired and impairment losses are incurred only if there are evidences of impairment
as a result of one or more events that occurred after the initial recognition of the asset (a &#8220;loss event&#8221;), such
loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets and
the future cash flow estimation can be reliably calculated.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
criteria used by CSN to determine whether there are evidences of impairment loss includes:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">significant
                                         financial weakness related to the issuer or counterparty;</font></td></tr></table>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 14.2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">a
                                         breach of contract, such as default or delinquency at interest or principal payments;</font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 14.2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the
                                         issuer, for economic or legal reasons relating to the borrower&#8217;s financial weakness,
                                         grants to the borrower a concession that the lender would not otherwise consider;</font></td></tr></table>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 14.2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">it
                                         becomes probable that the borrower will incur in bankruptcy or other financial reorganization;</font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 14.2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the
                                         disappearance of an active market for the related financial asset because of financial
                                         weakness; or</font></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 14.2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">observable
                                         data indicating that there is a measurable decrease in the estimated future cash flows
                                         from a portfolio of financial assets since the initial recognition of such assets, although
                                         the decrease cannot yet be identified with the individual financial assets in the portfolio,
                                         including:</font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><font style="font: 10pt Times New Roman, Times, Serif">-
Adverse changes in the payment status of borrowers in the portfolio;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 14.2pt"><font style="font: 10pt Times New Roman, Times, Serif">-
National or local economic conditions that correlate with defaults on the assets in the portfolio.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
amount of the loss is measured by the difference between the carrying amount of the asset and the present value of estimated future
cash flows (excluding future credit losses that have not been incurred) discounted at the original effective interest rate of
the financial asset. The carrying amount of the asset is reduced and the amount of the loss is recognized in the income statement.
If a loan or held-to-maturity investment has a variable interest rate, the discount rate to measure an impairment loss is the
current effective interest rate determined pursuant to the contract. As a practical expedient, the Company may measure impairment
on the basis of an instrument&#8217;s fair value using an observable market price.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">If,
in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring
after the impairment was recognized (such as an improvement in the debtor&#8217;s credit rating), the previously recognized impairment
loss is reversed and recognized in the consolidated income statement.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assets
                                         classified as available-for-sale</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
the case of equity securities classified as available-for-sale, a significant or prolonged decline at the fair value of an investment
in an equity instrument below of its cost is also an evidence of impairment. Determining what is considered a &#8220;significant&#8221;
or &#8220;prolonged&#8221; decline requires judgment. For this judgment we assess, among other factors, the historical changes
in the equity prices, the duration and proportion in which the fair value of the investment is lower than its cost as well as
the financial health and short-term business prospects for the investee, including factors such as: industry and segment performance,
changes in technology and operating/financial cash flows. If any of the impairment evidences is observed for available-for-sale
financial assets, the cumulative loss&#8212;measured as the difference between the acquisition cost and the current fair value,
less any impairment loss on the financial asset previously recorded in profit or loss&#8212;is reclassified from equity to profit
or loss. Impairment losses recognized in the income statement as available-for-sale instruments are not reversed.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">CSN
tested for impairment its available-for-sale investment in Usiminas shares, see note 12 &#8211; Financial Instruments.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif"><b>iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Financial liabilities</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Financial
liabilities are classified under the following categories &#8216;&#8217;measured at fair value through profit or loss&#8217;&#8217;
and &#8216;&#8217;other financial liabilities&#8217;&#8217;. Management determines the classification of its financial liabilities
at the time of initial recognition.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 14.2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Financial
                                         liabilities measured at fair value through profit or loss</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Financial
liabilities classified in category fair value through profit or loss are financial liabilities held for trading or those designated
at the time of initial recognition.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Derivatives
are also classified as trading securities, and thereby are classified so, unless they have been designated as effective hedging
instruments.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Gains
and losses on financial liabilities classified at fair value through profit or loss are recognized in profit or loss</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 14.2pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Other
                                         financial liabilities</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Other
financial liabilities are measured at amortized cost using the effective interest method. The Company holds the following non-derivative
financial liabilities: borrowings, financing and debentures as well as trade payables.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Write-off
of financial liabilities</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Financial
liabilities are written off only when the obligations are terminated and canceled or when they mature. The difference between
the carrying amount of the financial liability written off and the consideration paid and payable is recognized in profit or loss.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Offsetting
                                         of financial instruments</b></font></td></tr></table>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Financial
assets and financial liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable
right to set off the recognized amounts as well as the intention to either settle them on a net basis or to realize the asset
and settle the liability simultaneously.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif"><b>iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Derivative instruments and hedging activities</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Derivatives
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<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Derivatives
are initially recognized at fair value on the date when a derivative contract is entered, thereafter they are subsequently measured
at their fair value and any changes are recognized as &#8220;Financial income (costs)&#8221; in the income statement.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Cash
                                         flow Hedge </b></font></td></tr></table>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company adopts hedge accounting and designates certain financial liabilities as a hedging instrument of a foreign exchange risk
associated to the cash flows from forecast, highly probable exports (cash flow hedges).</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">At
the inception of the transaction, the Company documents the relationships between the hedging instruments and the hedged items,
as well as its risk management objectives and strategy for undertaking hedging transactions. The Company also documents its assessment,
both at the inception of the hedge and on an ongoing basis, of whether the hedging transactions are highly effective in offsetting
changes in the cash flows of the hedged items.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
effective portion of the changes in the fair value of financial liabilities designated and qualifying as cash flow hedge is recognized
on equity, in line item &#34;Hedge accounting&#8221;. Any gain or loss related to the ineffective portion is recognized immediately
in other operational income(expenses), if applicable.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
amounts accumulated in equity are reclassified to the income statement in the periods when the forecast exports affect profit
or loss.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">When
a hedging instrument expires, is settled in advance or the hedging relationship no longer meets the hedge accounting criteria,
or even when Management decides to discontinue hedge accounting, all cumulative gains or losses recorded in equity at the time
remain recognized in equity and, from that moment, the exchange variations are recorded in the financial income (expenses). When
the forecast transaction is completed, the gain or loss is reclassified to profit or loss. When a forecast transaction is no longer
expected to take place, the cumulative gain or loss previously recognized in shareholders&#8217; equity is immediately transferred
to the income statement, in line item &#8220;Other operating income (expenses)&#8221;.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
movements in the hedge amounts designated as exporting cash flow hedges are stated in note 12 &#8211; Financial instruments.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Net
                                         investment hedge </b></font></td></tr></table>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
net investment hedge, the Company designates part of its financial liabilities as hedging instruments of its overseas investments
with functional currencies other than the Group&#8217;s functional currency, according to IAS39. Such relationship occurs since
the financial liabilities are related to the investments in the amounts required for the effective relationship.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">At
the inception of the hedge relationship, the Company documents the relationship between the hedging instrument and the hedged
item, along with its risk management objectives and its strategy for undertaking out hedge transactions. Furthermore, at the inception
of the hedge and on an ongoing basis, the Company documents whether the hedging instrument is highly effective in offsetting changes
in fair values of the hedged item.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
effective portion of changes in the fair value of financial liabilities that are designated and qualify as a net investment hedge
is recognized in equity in line item &#8220;Hedge Accounting&#8221;. The gain or loss relating to the ineffective portion is recognized
in financial income (costs), when applicable. If at some point of the hedging relationship the balance of the debt is higher than
the balance of the investment, the exchange variation on the excess debt will be reclassified to the statement of profit or loss
as Other operating income/(expenses) (ineffectiveness of the hedge).</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
amounts accumulated in equity will be realized in the statement of profit or loss upon disposal or partial disposal of the foreign
operation.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
changes in the amounts of hedge denominated as Net investment hedge are shown in note 12 &#8211; Financial Instruments.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory', window );">Segment information</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
w) Segment information</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">An
operating segment is a component of the Group committed to the business activities from which it can obtain revenues and incur
expenses, including revenues and expenses related to transactions with any other components of the Group. All the operating results
of operating segments are reviewed regularly by the Executive Officers of CSN to enable decisions regarding resources to be allocated
to the segment and assessment of its performance. The Company maintains distinct financial information for the distinct segments.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants', window );">Government grants</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
x) Government grants </b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Government
grants are not recognized until there is reasonable assurance that the Company will comply to the conditions attaching to them
and assurance that the grants will be received, so then they will be recognized in profit or loss on a systematic basis over the
periods in which the Company recognizes as expenses the related costs that the grants are intended to compensate.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 25.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company has state tax incentives in the North and Northeast regions, which are recognized in profit or loss as a reduction of
the corresponding costs, expenses and taxes.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory', window );">Noncurrent assets held for sale and discontinued operations</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
y) Noncurrent assets held for sale and discontinued operations</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Noncurrent
assets and groups of assets are classified as held for sale if their carrying amount is recovered mainly through a sale transaction
and not through continued use.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
criteria for classification of items held for sale are considered to be met only when the sale is highly probable and the asset
or group of assets is available for immediate sale.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Assets
and liabilities classified as held for sale are presented separately as current items in the balance sheet.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Classification
as a discontinued operation occurs through disposal, or when the transaction meets the criteria to be classified as held for sale
if this occurs earlier. A discontinued operation is a component of a Group business which comprises operations and cash flows
that may be clearly distinct from the rest of the Group and represent a separate business line or geographical area of &#8203;&#8203;operations.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
result of discontinued operations is presented in a single amount in the income statement, including the total income after income
tax of these operations, less any impairment loss.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations', window );">New standards and interpretations issued and not yet adopted</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>2.
z) New standards and interpretations issued and not yet adopted </b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
following standards and interpretations have been issued and will be mandatory for subsequent accounting periods and were not
early adopted by the Group for the year ended December 31, 2017:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
    <td style="width: 21%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt/116% Times New Roman, Times, Serif"><b>Standard</b></font></td>
    <td style="width: 60%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt/116% Times New Roman, Times, Serif"><b>Main
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<tr>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">IFRS
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        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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                                         standard retains but simplifies the combined measurement model and establishes two main
                                         measurement categories of financial assets: amortized cost and fair value. The classification
                                         basis depends on the entity business model and the characteristics of the financial asset&#8217;s
                                         contractual cash flow.</font></p>
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        value of the financial liabilities must be segregated so that the fair value portion related to the entities credit risk
        is recognized in &#8220;other comprehensive income&#8221; and not in profit or loss for the period.</font></p>
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        it is no longer necessary for a credit event to have occurred before a credit loss is recognized. Finally, IFRS 9 introduces
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        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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<tr>
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                                         new standard introduces the principles that an entity will apply to determine the revenue
                                         measurement and when such revenue shall be recognized.</font></p>
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        <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td>
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        1, 2018</font></p></td></tr>
<tr>
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        new standard defines the principles for recognition, measurement, presentation and disclosure of leases and introduces
        a single model for the accounting of leases in the balance sheet for the lessees. A lessee recognizes a right-of-use asset
        that represents his obligation to make lease payments. Optional exemptions are available for short- term leases and low-value
        items. For lessors, accounting treatment remains practically the same, with the classification of leases as operating
        leases or financial leases, and accounting for these two types of lease differently. IFRS 16 replaces existing lease standards,
        including IAS 17 &#8211; L<i>easing Operations</i> and IFRIC 4, SIC 5 and SIC 27 &#8211; <i>Complementary Aspects of Leasing
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        <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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<tr>
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    Interpretation covers foreign currency transactions (or part of them) when an entity recognizes a non-monetary asset or non-monetary
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<tr>
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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
following information presents the possible impacts on the adoption of IFRS 9 and IFRS 15 which were available at the time of
the preparation of these financial statements. In this way, these preliminary assessments and their potential impacts are subject
to change until the initial adoption be disclosed in the 2018 financial statements.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"><font style="font: 10pt Times New Roman, Times, Serif">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>IFRS 9 &#8211; Financial Instruments</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Classification
and measurement of financial assets: Management evaluated the classification and measurement of financial assets offered by the
new pronouncement based on its diagnosis, business model, expectations of the company&#8217;s cash flow and the financial assets
management model. In this way, was concluded that the investment in Usiminas shares would be appropriately classified in the category
of &#34;fair value through profit or loss&#34; and that the loans and receivables would be classified in the category of measured
at &#34;amortized cost&#34;.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the classification of the category of &#34;fair
value through profit or loss&#34;, the gains or losses arising from the variation of the quotation of the shares are recorded directly
in the statement of income at the time of adoption and throughout all future periods. On the other hand, since it is an initial
adoption, the Company evaluated the possible impacts related to the investment in Usiminas shares and the gain of R$1.5 billion
previously recognized and accumulated in Other comprehensive income was reclassified to &#8220;Other operating income&#8221; in
the statement of income on January 1st, 2018. , arising from the recording of the accumulated balance currently recognized in other
comprehensive income.</p>



<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"><font style="font: 10pt Times New Roman, Times, Serif">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>IFRS 15 - Revenue from Contracts with Customers</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company's Management evaluated all stages of the new standard for the recognition of revenue from contracts with customers. Based
on this analysis, the Company did not identify material measurement impacts on the application of this standard.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
observed impacts are related to the review of internal procedures, with the objective to ensure that the new contracts with clients
will be properly evaluated and accounted in accordance with the principles of the new standard.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"><font style="font: 10pt Times New Roman, Times, Serif">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>IFRS 16 &#8211; Leases</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During
2018, the Company will evaluate, in the main contracts, the effects of applying the new standard.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company does not expect material impacts arising from the application of the new standard.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify; text-indent: -18pt"><font style="font: 10pt Times New Roman, Times, Serif">-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
<b>IFRIC 22 - Foreign Currency Transaction and Advance Consideration</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">For
IFRIC 22, the Company will evaluate the effects of applying the new interpretation during 2018, in its operations in foreign currency.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><font style="font-size: 10pt">-</font><font style="font-size: 8pt">&#160;&#160;&#160;&#160;&#160;&#160;
</font><font style="font-size: 10pt"><b>IFRIC 23 - Uncertainty over Income Tax Treatments</b></font></p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">For IFRIC 23, during 2018 the Company will study this interpretation
to assets how it applies to the Brazilian tax environment.</p>

<p style="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;<font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company does not expect material impacts arising from the application of the interpretation.</font></p><span></span>
</td>
</tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for employee benefits. Employee benefits are all forms of consideration given by an entity in exchange for services rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for finance income and costs. [Refer: Finance income (cost)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for financial instruments. [Refer: Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for foreign currency translation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for government grants, including the methods of presentation adopted in the financial statements. [Refer: Government [member]; Government grants]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 20<br> -IssueDate 2017-01-01<br> -Paragraph 39<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=20&amp;date=2017-03-01&amp;anchor=para_39_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForGovernmentGrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for the impairment of non-financial assets. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for income tax.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for intangible assets and goodwill. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for investment in associates and joint ventures. [Refer: Associates [member]; Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for issued capital. [Refer: Issued capital]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForIssuedCapitalExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for measuring inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 36<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_36_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for non-current assets or disposal groups classified as held for sale and discontinued operations. [Refer: Discontinued operations [member]; Non-current assets or disposal groups classified as held for sale]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for recognising revenue. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_a&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for research and development expense. [Refer: Research and development expense]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for service concession arrangements. [Refer: Service concession arrangements [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<tr>
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<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy for trade and other receivables. [Refer: Trade and other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 117<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_117_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<tr>
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<td style="white-space:nowrap;">ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the entity's accounting policy used to determine the components of cash and cash equivalents. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 46<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_46&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the initial application of an IFRS. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the basis used for consolidation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfSubsidiariesJointVenturesAndJointOperationsTableTextBlock', window );">Subsidiaries, joint ventures and joint operations</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
consolidated financial statements for the years ended December 31, 2017 and 2016 include the following direct and indirect subsidiaries,
joint ventures and joint operations, as well as the exclusive funds, as follows:</font></p>




<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: middle">
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<tr style="vertical-align: middle">
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<tr style="background-color: #DDEBF7">
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<tr style="vertical-align: middle; background-color: #DDEBF7">
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<tr style="vertical-align: middle">
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<tr style="vertical-align: middle; background-color: #DDEBF7">
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<tr style="vertical-align: middle">
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<tr style="vertical-align: middle">
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<tr style="vertical-align: middle">
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<tr style="vertical-align: middle">
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<tr style="background-color: #DDEBF7">
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<tr>
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<tr style="background-color: #DDEBF7">
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<tr>
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<tr style="background-color: #DDEBF7">
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<tr>
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<tr style="background-color: #DDEBF7">
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<tr style="vertical-align: middle">
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<tr style="vertical-align: middle; background-color: #DDEBF7">
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<tr style="vertical-align: middle">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: middle">
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    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: middle">
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<tr style="vertical-align: middle; background-color: #DDEBF7">
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<tr style="vertical-align: middle">
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<tr style="vertical-align: middle; background-color: #DDEBF7">
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<tr style="vertical-align: middle">
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: middle">
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    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
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<tr style="vertical-align: middle; background-color: #DDEBF7">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">MRS Log&#237;stica
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;16.30</font></td>
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<tr style="vertical-align: middle">
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: middle">
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    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="font-size: 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr>
<tr style="vertical-align: middle; background-color: #DDEBF7">
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</table>


<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
They are Dormant Companies, therefore they do not appear in the note 8.a, where is disclosed business information under the equity
method and classified as available for sale.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfExclusiveFundsTableTextBlock', window );">Exclusive funds</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
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<tr style="background-color: #DDEBF7">
    <td nowrap="nowrap" style="width: 48%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exclusive
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    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: white">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DDEBF7">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;100.00
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: white">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;100.00
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<tr style="background-color: #DDEBF7">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;100.00
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfConcessionsTableTextBlock', window );">Concessions</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
residual carrying amounts of these assets on December 31, 2017 are listed below with an indication of their classification in
our financial statements:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;313
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    <td nowrap="nowrap" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">million</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">intangible:
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr style="background-color: #DCE6F1">
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<tr>
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<tr style="background-color: #DCE6F1">
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</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

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<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
amount of fixed and intangible assets is recognized in MRS&#8217;s financial statements. We recognize our interest in the net
assets of MRS by the equity method and our investment balance consolidated in MRS as of December 31, 2017 was R$ 1,325,032.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfNewStandardsAndInterpretationsIssuedAndNotYetAdoptedTableTextBlock', window );">New standards and interpretations issued and not yet adopted</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
following standards and interpretations have been issued and will be mandatory for subsequent accounting periods and were not
early adopted by the Group for the year ended December 31, 2017:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
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    <td style="width: 60%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt/116% Times New Roman, Times, Serif"><b>Main
    items introduced by the standard</b></font></td>
    <td style="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt/116% Times New Roman, Times, Serif"><b>Effective
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<tr>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">IFRS
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        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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        <p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td>
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                                         standard retains but simplifies the combined measurement model and establishes two main
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                                         basis depends on the entity business model and the characteristics of the financial asset&#8217;s
                                         contractual cash flow.</font></p>
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        <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">IFRS
        9 retains most of IAS 39 requirements for financial liabilities. The main change refers to those cases where the fair
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        is recognized in &#8220;other comprehensive income&#8221; and not in profit or loss for the period.</font></p>
        <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
        standard introduces an expected credit loss model for the measurement of the impairment of financial assets. However,
        it is no longer necessary for a credit event to have occurred before a credit loss is recognized. Finally, IFRS 9 introduces
        a new hedge accounting model that is designed to be more closely aligned with how entities undertake risk management activities
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        <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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        <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td>
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">January
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<tr>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">IFRS15
                                         &#8211; Revenue from Contracts with Customers</font></p>
        <p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td>
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">This
                                         new standard introduces the principles that an entity will apply to determine the revenue
                                         measurement and when such revenue shall be recognized.</font></p>
        <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">IFRS
        15 replaces IAS 11 &#8211; <i>Construction Contracts</i>, IAS 18 - <i>Revenue</i> and related interpretations.</font></p>
        <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td>
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">January
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<tr>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt/115% Times New Roman, Times, Serif">IFRS16
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    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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        new standard defines the principles for recognition, measurement, presentation and disclosure of leases and introduces
        a single model for the accounting of leases in the balance sheet for the lessees. A lessee recognizes a right-of-use asset
        that represents his obligation to make lease payments. Optional exemptions are available for short- term leases and low-value
        items. For lessors, accounting treatment remains practically the same, with the classification of leases as operating
        leases or financial leases, and accounting for these two types of lease differently. IFRS 16 replaces existing lease standards,
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        <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>&#160;</i></font></p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 1.45pt 0 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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<tr>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt/115% Times New Roman, Times, Serif">IFRIC
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    Interpretation covers foreign currency transactions (or part of them) when an entity recognizes a non-monetary asset or non-monetary
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    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt/115% Times New Roman, Times, Serif">January
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<tr>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt/115% Times New Roman, Times, Serif">IFRIC
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    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Can
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    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 1.45pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt/115% Times New Roman, Times, Serif">January
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</table><span></span>
</td>
</tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777241712">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>3. CASH AND CASH EQUIVALENTS (Tables)<br></strong></div></th>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777093616">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>4. FINANCIAL INVESTMENTS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInvestmentsTablesAbstract', window );"><strong>Financial Investments Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DetailInformationOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory', window );">FINANCIAL INVESTMENTS</a></td>
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<tr>
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<tr>
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<p style="font: 8pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

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<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">(1)</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Financial
                                         investments linked to Bank Certificates of Deposit (CDBs), to be used as a collateral
                                         to a guarantee letter, of certain loans.</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">(2)</font></td><td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Financial
                                         investments in Public Securities (Financial Treasury Bills) managed by its exclusive
                                         funds. In 2016, in addition to the Financial Treasury Bills, the Company had a financial
                                         investment in Public Securities managed by its exclusive funds which were used as collateral
                                         for future CDI rate&#8217;s contracts in the period as detailed in note 12 (b). These
                                         investments were settled in October 2017.</font></td></tr></table><span></span>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6776913904">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>5. TRADE RECEIVABLES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_TradeReceivablesTablesAbstract', window );"><strong>Trade Receivables Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfTradeReceivablesTableTextBlock', window );">Trade receivables</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 4%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white">
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    parties</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 16pt"><font style="font: 10pt Times New Roman, Times, Serif">Domestic
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt/115% Times New Roman, Times, Serif">1,290,823
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<tr style="background-color: white">
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<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Other
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
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<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Advances
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">33,942
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34,607
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<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Other
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,667</font></td>
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<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>79,137
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>92,586
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<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,276,215
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,997,216
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</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
Refers mainly to dividends from CSN Minera&#231;&#227;o S.A. totaling R$ 837,084 received in February 2018.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfGrossTradeReceivablesFromThirdPartiesTableTextBlock', window );">Gross trade receivables from third parties</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
breakdown of gross trade receivables from third parties is as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 62%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Current</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;1,391,839
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;1,381,255
    </font></td></tr>
<tr>
    <td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Past-due
    up to 180 days</font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;310,106
    </font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">245,012
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Past-due
    over 180 days</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;571,724
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">321,308
    </font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;2,273,669
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;1,947,575
    </b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfChangesInAllowanceForDoubtfulDebtsTableTextBlock', window );">Changes in allowance for doubtful debts</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
movements in the Group&#8217;s allowance for doubtful debts are as follows:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 63%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Opening
    balance</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;(172,782)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(151,733)</b></font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Estimated
    losses</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(36,697)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(25,474)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Recovery
    of receivables </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,425</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Closing
    balance</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;(191,979)</b></font></td>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(172,782)</b></font></td></tr>
</table><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6678365824">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>6. INVENTORIES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_InventoriesTablesAbstract', window );"><strong>Inventories Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfInventoryTableTextBlock', window );">Inventory</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 49%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017&#160;</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016&#160;</b></font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,308,802
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<tr>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,135,589
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">674,860
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<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,124,158
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<tr>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">814,725
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">824,478
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<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">278,041
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">255,029
    </font></td></tr>
<tr>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,514
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,168
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">(-)
    Provision for losses </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(135,840)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(101,176)</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,464,419
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>3,964,136
    </b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfChangesInProvisionForInventoryLossesTableTextBlock', window );">Changes in provision for inventory losses</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
movements in the provision for inventory losses are as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 63%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Opening
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;(101,176)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(111,427)</b></font></td></tr>
<tr>
    <td style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Reversal
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(34,664)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,251</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Closing
    balance</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;(135,840)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(101,176)</b></font></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6776908960">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>7. OTHER CURRENT AND NON-CURRENT ASSETS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

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<tr>
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    <td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
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    <td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
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<tr style="background-color: #DCE6F1">
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    deposits (Note 16)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46,774</font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">866,986
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">780,715</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">401,071
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">386,872</font></td></tr>
<tr>
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    expenses</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">50,078
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">27,011</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">30,741
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20,421</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Actuarial
    asset - related party (Note 18 b)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">111,281
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">119,854</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Derivative
    financial instruments (Note 12 I)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,298</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DBE5F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,952
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,966</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">144,499
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">144,499</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Northeast
    Investment Fund &#8211; FINOR</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">26,598
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">26,598</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Other
    receivables (Note 12 I)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20,024
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,291</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Loans
    with related parties (Note 18 b and 12 I)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,441
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">554,694
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">479,960</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Other
    receivables from related parties (Note 18 b)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,577
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,768</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">30,770
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">32,020</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Monetary
    adjustment related to the Eletrobr&#225;s's compulsory loan (Note 23)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">755,151
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Other</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">67,544
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">33,255</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">67,521
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">72,273</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>993,578
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>852,013</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,528,475
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,675,820</b></font></td></tr>
</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><font style="font: 10pt Times New Roman, Times, Serif">(1)&#160;
Refers to the excess of judicial deposit originated by the 2009 REFIS (Tax Debt Refinancing Program). After the settlement of
the tax debt refinancing program, the amount related to one of the lawsuits was fully redeemed through a judicial authorization.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

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Long-term iron ore inventories that will be used after the construction of the processing plant, which will produce pellet feed,
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6788891728">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>8. INVESTMENTS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt">&#160;</td>
    <td style="vertical-align: bottom; background-color: #DCE6F1; padding: 0.75pt; text-align: right">&#160;</td>
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<tr>
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    <td style="vertical-align: bottom; padding: 0.75pt">&#160;</td>
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    <td style="vertical-align: bottom; padding: 0.75pt">&#160;</td>
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<p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(1) Company terminated in 2016;<br />
(2) Merger of the companies by the subsidiary CSN Steel S.L.U. in December 2017, according to note 2;</p>

<p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">(3) Company sold in July 2017, to the subsidiary
CSN Minera&#231;&#227;o.</p>



<p style="margin: 0pt"></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfChangesOfInvestmentsBalancesInSubsidiariesJointVenturesJointOperationsAssociatesAndOtherInvestmentsTableTextBlock', window );">Changes of investments balances in subsidiaries, joint ventures, joint operations, associates and other investments</a></td>
<td class="text"><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>Changes
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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

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<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Opening
    balance of investments</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,568,451</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>3,998,239</b></font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Capital
    increase/acquisition of shares </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20,579</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">190,651</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Dividends
    <sup>(1)</sup></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(79,189)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(36,765)</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Comprehensive
    income <sup>(2)&#160;&#160;&#160;&#160;</sup></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">850,640</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">713,442</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Equity
    in results of affiliated companies <sup>(4)</sup></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">147,800</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">108,031</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Amortization
    of fair value &#8211; investment in MRS</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(11,746)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(11,746)</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Amortization
    of fair value &#8211; investment in CGPAR</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,940)</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Impairment
    of the Fair Value of Transnordestina <sup>(3)</sup></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(387,989)</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Others</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,460</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,472)</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Closing
    balance of investments</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>5,499,995</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,568,451</b></font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>5,499,995</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,568,451</b></font></td></tr>
</table>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(1)
In 2017 refers to the allocation of dividends from subsidiaries Sepetiba Tecon, MRS Logistica, CSN Energia, It&#225; Energ&#233;tica,
CBSI &#8211; Companhia Brasileira de Servi&#231;os de Infraestrutura, CSN Minerals, CSN Steel, CSN Metals, CSN Minera&#231;&#227;o
and CSN Americas.</font></p>

<p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(2)
Refers to the mark-to-market of investments classified as available for sale and translation to the reporting currency of the
foreign investments (the functional currency of which is not the Brazilian Reais), actuarial gain/loss and gain/loss on net investment
hedge from investments measured by equity method.</font></p>

<p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(3)
Refers to impairment of the fair value of Transnordestina Log&#237;stica S.A, see note 8.d).</font></p>

<p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(4)
The reconciliation of the equity in results of affiliated companies included on investment balance with the amount disclosed in
the income statement and it is due to the elimination of the results of the CSN&#180;s transactions with these companies</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfEquityInResultsTableTextBlock', window );">Equity in results</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="width: 51%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 21%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="width: 9%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Equity
    in results of affiliated companies</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; background-color: #DCE6F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; background-color: #DCE6F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">MRS
    Log&#237;stica S.A.</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;171,905
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;155,617
    </font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">CBSI
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    <td nowrap="nowrap" style="background-color: #DCE6F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,785
    </font></td>
    <td nowrap="nowrap" style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="background-color: #DCE6F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,953
    </font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Transnordestina</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(21,357)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(52,127)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Arvedi
    Metalfer do Brasil</font></td>
    <td nowrap="nowrap" style="background-color: #DCE6F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(4,368)</font></td>
    <td nowrap="nowrap" style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="background-color: #DCE6F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,372
    </font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Others</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(165)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;216
    </font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; background-color: #DCE6F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>147,800</b></font></td>
    <td nowrap="nowrap" style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; background-color: #DCE6F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>108,031</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Eliminations</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">To
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfJointVenturesAndJointOperationsFinancialInformationTableTextBlock', window );">Joint ventures and joint operations financial information</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
balances of the balance sheets and income statements of joint venture and joint operation are presented as follows and refer to
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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
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<tr style="background-color: #DDEBF7">
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    <td style="vertical-align: bottom; text-align: center">&#160;</td>
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    <td style="vertical-align: bottom; text-align: center">&#160;</td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: #DDEBF7">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: #DDEBF7">
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&#160;</td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&#160;</td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&#160;</td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&#160;</td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&#160;</td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&#160;</td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&#160;</td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&#160;</td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&#160;</td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&#160;</td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&#160;</td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&#160;</td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&#160;</td></tr>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #DDEBF7">
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: #DDEBF7">
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<tr style="vertical-align: bottom">
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    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #DDEBF7">
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</table>


<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#9;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfAssumptionsForInvestmentImpairmentTestTableTextBlock', window );">Assumptions for impairment test</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Measurement
of recoverable value:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 50%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; layout-grid-mode: line"><font style="font: 10pt/116% Times New Roman, Times, Serif"><b>Cash
    Flow Projection</b></font></td>
    <td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; layout-grid-mode: line"><font style="font: 10pt/116% Times New Roman, Times, Serif"><b>Until
    2057</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line"><font style="font: 10pt/116% Times New Roman, Times, Serif">Gross
    Margin</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line"><font style="font: 10pt/116% Times New Roman, Times, Serif">Based
    on market studies to capture operations costs and loads, according studied of market trends.</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line"><font style="font: 10pt/116% Times New Roman, Times, Serif">Estimated
    Costs</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line"><font style="font: 10pt/116% Times New Roman, Times, Serif">Costs
    based on studies and market trends.</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line"><font style="font: 10pt/116% Times New Roman, Times, Serif">Growth
    rate in perpetuity</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line"><font style="font: 10pt/116% Times New Roman, Times, Serif">Growth
    rate was not considered due to the projection model until the end of the concession. </font></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line"><font style="font: 10pt/116% Times New Roman, Times, Serif">Discount
    rate</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; layout-grid-mode: line"><font style="font: 10pt/116% Times New Roman, Times, Serif">Between
    5.1% to 6.25% in real terms.</font></td></tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_InvestmentsTablesAbstract">
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</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6804267520">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>9. PROPERTY, PLANT AND EQUIPMENT (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr>
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<tr style="background-color: white">
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<tr style="background-color: #DDEBF7">
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    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt">&#160;</td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt">&#160;</td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt">&#160;</td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt">&#160;</td>
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<tr style="background-color: #DDEBF7">
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    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt">&#160;</td>
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    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt">&#160;</td>
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<tr style="background-color: white">
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<tr style="background-color: #DDEBF7">
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<tr style="background-color: white">
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    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt">&#160;</td>
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<tr style="background-color: #DDEBF7">
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</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0">(*) Refer basically to railway assets such as courtyards, tracks and
leasehold improvements, vehicles, hardware, mines, ore deposits, and spare part inventories.</p>



<p style="margin: 0pt"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfConstructionInProgressTableTextBlock', window );">Construction in progress</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
breakdown of the projects that comprise construction in progress is as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
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<tr style="background-color: white">
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr>
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<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
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<tr style="background-color: white">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DBE5F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>399,227</b></font></td></tr>
<tr style="background-color: white">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DBE5F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;554,865
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<tr style="background-color: white">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2011</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">24,961</font></td></tr>
<tr style="background-color: #DBE5F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>554,592</b></font></td></tr>
<tr style="background-color: white">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: white">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="border-bottom: Black 1.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;2,475,935
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1.5pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,260,864</b></font></td></tr>
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<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(1)
Estimated completion date of the Central Plant Step 1;</font></p>

<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(2)
Estimated completion date of phase 60 Mtpa;</font></p>

<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(3)
Refers substantially to the reforming of batteries for coke ovens and reuse of the carbochemical cooling waters;</font></p>

<p style="font: 7pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(4)
Refers substantially to the acquisition of new Integrated Cement Plants</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfEstimatedUsefulLivesTableTextBlock', window );">Estimated useful lives</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
average estimated useful lives are as follows (in years):</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 54%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 23%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 21%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">41</font></td></tr>
<tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">18</font></td></tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td></tr>
<tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">17
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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6791029728">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>10. INTANGIBLE ASSETS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
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    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
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    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
    143,636 </b></font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
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    395 </b></font></td>
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    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;7,422,266
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    3,974,128 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    549,302 </font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    173,154 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    143,636 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    3,185,700 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    395 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    8,026,315 </font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;Accumulated
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    (260,776)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (136,026)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    (97,917)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    (494,719)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
    at December 31, 2015 </b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    413,276 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    75,237 </b></font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
    143,636 </b></font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    3,185,700 </b></font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    395 </b></font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;7,422,266
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<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Effect
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (74,167)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
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<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Acquisitions
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    3,119 </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    297,660 </b></font></td>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
    116,196 </b></font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    440 </b></font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;7,258,404
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    3,834,234 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    444,635 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    183,166 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    116,196 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    3,185,700 </font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    440 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="text-align: right; text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;7,258,404
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    41,916 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    183 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    65 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    60,105 </font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    622 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    622 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="vertical-align: bottom; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Transfer
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    26,183 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    26,183 </font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="vertical-align: bottom; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Disposals</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    (38,701)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    (21,986)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (56)</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (56)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    3,590,931 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    300,875 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    73,185 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
    134,137 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    3,172,469 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    449 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;7,272,046
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;Cost
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    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    3,834,234 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    513,068 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    167,162 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    134,137 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    3,185,701 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    449 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;7,834,751
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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;Accumulated
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    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    (133,973)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    (212,193)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    (93,977)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (13,232)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;Adjustment
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    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    (109,330)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    (109,330)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
    at December 31,2017</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    3,590,931 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    300,875 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    73,185 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
    134,137 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    3,172,469 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    449 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; text-indent: 8.05pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;7,272,046
    </b></font></td></tr>
</table>


<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfEstimatedUsefulLivesOfIntangibleAssetsTableTextBlock', window );">Estimated useful lives</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
estimated average useful lives by nature are as follows (in years):</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 45%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 26%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 26%; padding-right: 3.5pt; padding-left: 3.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Software</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8
    </font></td></tr>
<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Customer
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13
    </font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfCashGeneratingUnitsTableTextBlock', window );">Cash generating units</a></td>
<td class="text"><p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
CGU with intangible assets in this situation are as follows:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 7%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Segment</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017
    </b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016
    </b></font></td>
    <td style="width: 2%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td nowrap="nowrap" style="width: 2%; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017
    </b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016
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<tr style="background-color: white">
    <td nowrap="nowrap" style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Packaging
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Steel</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">158,748</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">158,748</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Long
    steel (2)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Steel</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">235,595</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">369,732</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">351,791</font></td></tr>
<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Mining
    (3)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Mining</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,196,588</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,196,588</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,196,588</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,196,588</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>3,590,931</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>3,707,127</b></font></td></tr>
</table>
<p style="font: 6pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 6pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(2)
The goodwill and trademark that are recorded in line item intangible assets at long steel segment, those transactions are derived
from the business combination of <i>Stahlwerk Thuringen</i> GmbH (&#34;SWT&#34;) and Gallardo Sections CSN. The assets mentioned
are considered to have indefinite useful lives as they are expected to contribute indefinitely to the Company's cash flows.</font></p>

<p style="font: 6pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 6pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(3)
Refers to the goodwill based on expectations for future profitability, resulting from the acquisition of Namisa by CSN Minera&#231;&#227;o,
an operation that was concluded in December 2015. From 2016, the balance started to be tested annually for impairment analysis.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfAssumptionsForIntangibleAssetImpairmentTestTableTextBlock', window );">Assumptions for impairment test</a></td>
<td class="text"><p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
main assumptions used in calculations of value in use at December 31, 2017 are as follows:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Arial, Helvetica, Sans-Serif">
<tr style="background-color: white">
    <td style="font-size: 9pt; font-weight: bold; vertical-align: bottom; border: Black 0.5pt solid; text-align: center; width: 17%"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="font-size: 9pt; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt; width: 29%"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;Metal
    Packaging&#160;</b></font></td>
    <td style="font-size: 9pt; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt; width: 27%"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;Long
    Steel (**)&#160;</b></font></td>
    <td style="font-size: 9pt; font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-left-color: Black; border-left-width: 0.5pt; width: 27%"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;Mining&#160;</b></font></td></tr>
<tr style="vertical-align: middle; background-color: #DDEBF7">
    <td style="font-size: 9pt; font-weight: bold; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Measurement
    of recoverable value</b></font></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Discounted
    Cash Flow</font></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Discounted
    Cash Flow</font></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Discounted
    Cash Flow</font></td></tr>
<tr style="vertical-align: middle; background-color: white">
    <td style="font-size: 9pt; font-weight: bold; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Cash
    flow projection</b></font></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Until
    2028</font></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Until
    2028</font></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Until
    2056</font></td></tr>
<tr style="vertical-align: middle; background-color: #DDEBF7">
    <td style="font-size: 9pt; font-weight: bold; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Gross
    Margin</b></font></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Gross
    margin updated based on historical data, impacts of business restructuring and market trends</font></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Gross
    margin updated based on historical data and market trends.</font></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Average
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    price and exchange rate curves from industry reports.</font></td></tr>
<tr style="vertical-align: middle; background-color: white">
    <td style="font-size: 9pt; font-weight: bold; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Cost
    Atualization</b></font></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Cost
    based on historical data of each product and impacts of business restructuring.</font></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Costs
    based on historical data and market trends.</font></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Costs
    based on historical data, mix of products and market trends.</font></td></tr>
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    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Without
    growth in real terms, only updated by long term inflation of 4.0% .</font></td>
    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Without
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    <td style="border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-left-color: Black; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 10pt Times New Roman, Times, Serif">The
    growth rate was not considered.</font></td></tr>
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    cash flows were considered using a discount rate after taxes between 7% and 13% in real terms. The discount rate was based
    on the weighted average cost of capital (&#34;WACC&#34;) that reflects the specific risk of each segment.</font></td></tr>
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<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0"></p>

<p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
Refer to assets of subsidiary SWT, located in Germany. The discount rate was applied on the discounted cash flow prepared in Euros,
the functional currency of this subsidiary.</font></p><span></span>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777261248">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>11. BORROWINGS, FINANCING AND DEBENTURES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 38%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">137,126</font></td>
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<tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">379,822</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">1.2%
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">251,630</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">95,983</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">197,130</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">259,262</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,566,302</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>787,291</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>13,214,981</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>13,820,151</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>LOCAL
    CURRENCY</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">BNDES/FINAME</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">1,3%
    + TJLP and fixed rate 2.5% to 6% + 1,5% </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">71,121</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">73,736</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">960,872</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,012,268</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Debentures</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">110.8%
    to 113.7% of CDI</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">523,252</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">538,003</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">770,767</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,270,383</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Prepayment
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">109.5%
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,789,737</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">570,778</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,378,333</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,080,000</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">CCB
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">112.5%
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,601,352</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">181,143</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,693,000</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,200,000</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,985,462</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,363,660</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>9,802,972</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>14,562,651</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total
    borrowings and financing (Note 12 I)</b></font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>6,551,764</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,150,951</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>23,017,953</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>28,382,802</b></font></td></tr>
<tr>
    <td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Transaction
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(24,862)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(33,503)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(34,011)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(59,232)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total
    borrowings and financing + transaction costs</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>6,526,902</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,117,448</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>22,983,942</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>28,323,570</b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfMaturitiesOfBorrowingsFinancingAndDebenturesTableTextBlock', window );">Maturities of borrowings, financing and debentures</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As
of December 31, 2017, the breakdown of principal plus interest of long-term liabilities as borrowings, financing and debentures
by maturity date is presented as follows:&#9;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 20%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Prepayment</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Bonds</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Perpetual
    Bonds</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>CCB</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Othes</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2,824,551</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2,238,034</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">(*)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">1,507,000</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">670,383</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,239,968</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">31%</font></td></tr>
<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">2020</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2,409,959</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">3,374,308</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">(*)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">1,508,000</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">280,243</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,572,510</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">33%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">2021</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">1,276,969</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">774,000</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">177,659</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,228,628</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10%</font></td></tr>
<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">964,363</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">784,000</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">95,484</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,843,847</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">2023</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">120,000</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">56,631</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">176,631</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1%</font></td></tr>
<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">After
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">648,369</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">648,369</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3%</font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">3,308,000</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,308,000</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">14%</font></td></tr>
<tr>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>7,475,842</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>100%</b></font></td></tr>
</table>
<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
In February 2018, the Company concluded the renegotiation of its debt with Banco do Brasil S.A (&#8220;BB&#8221;), as well as
the issuance of debt instruments and repurchase of US$350 million (<i>Tender Offer</i>), as described in more detail in note 31
- Events subsequent.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfNewFundingTransactionsAndAmortizationTableTextBlock', window );">New funding transactions and amortization</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
table below presents the new funding transactions and amortization during the year:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 52%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 20%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 24%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DDEBF7">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Opening
    balance</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;30,441,018
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;34,282,515
    </b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Funding
    Transactions</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;538,771
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;30,034
    </font></td></tr>
<tr style="background-color: #DDEBF7">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Forfaiting
    funding / Drawee Risk</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;78,240
    </font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Repayment</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(1,528,023)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(695,938)</font></td></tr>
<tr style="background-color: #DDEBF7">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Payments
    - Forfaiting / Drawee Risk</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(407,155)</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Payment
    of interest and other charges</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,634,931)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,044,342)</font></td></tr>
<tr style="background-color: #DDEBF7">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Payment
    of interest and other charges &#8211; Forfaiting / Drawee</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(5,694)</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Provision
    of interest and other charges</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,438,555
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,156,120
    </font></td></tr>
<tr style="background-color: #DDEBF7">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Provision
    of charges - &#160;Forfaiting / Drawee Risk</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4,237
    </font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Others
    (1)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;255,454
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,956,999)</font></td></tr>
<tr style="background-color: #DDEBF7">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Closing
    balance</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;29,510,844
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;30,441,018
    </b></font></td></tr>
</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(1)
Includes unrealized monetary and foreign exchange variations.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfGroupCapturesAndAmortizedLoansTableTextBlock', window );">Group captures and amortized loans</a></td>
<td class="text"><p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
2017, the Group captures and amortized loans as shown below:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;
<b>Funding</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 41%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 17%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 13%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Transaction</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Financial
    institution</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Date</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Maturity</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;CDC
    - ERSA </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;BANCO
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">August/17</font></td>
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<tr style="vertical-align: bottom">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #DCE6F1">
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<tr style="vertical-align: bottom">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom">
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
The operation was amortized in February 02, 2018</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0cm"><font style="font: 10pt Times New Roman, Times, Serif">&#183;&#160;&#160;&#160;&#160;&#160;
<b>Amortization</b></font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 53%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 25%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Transaction</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Payment
    of principal</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Debt
    charges</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Bonds</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">578,482</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Fixed
    Rate Notes</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">90,028</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">12,736</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Debentures</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">479,617</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">201,118</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Bank
    Credit Bill</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">869,717</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Export
    Credit Note</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">400,000</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">668,325</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Pre
    - Export Payment</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">490,803</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">226,894</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">BNDES/FINAME</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">67,575</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">75,539</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Advance
    contract exchange (ACC)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2,120</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,528,023</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,634,931</b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfBorrowingsFinancingAndDebenturesAmortizationTableTextBlock', window );">Borrowings, financing and debentures amortization</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company is liable for guarantees of its subsidiaries and joint ventures as follows:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Currency</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Maturities</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Borrowings</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Tax
    foreclosure</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Other</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 6%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
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    in R$</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,613,905</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,624,637</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>25,376</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>26,169</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>58,714</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>55,640</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,697,995</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,706,446</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">CSN
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">US$</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">750,000</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">750,000</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">750,000</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">750,000</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">CSN
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">US$</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,000,000</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,000,000</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,000,000</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,000,000</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">CSN
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">US$</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,200,000</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,200,000</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,200,000</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">CSN
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">EUR</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">120,000</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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</table><span></span>
</td>
</tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6808714000">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
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    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    4,871,162 </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="text-indent: 16pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Short
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    4 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    735,712 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    760,391 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="text-indent: 16pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Trade
    receivables</font></td>
    <td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    5 </font></td>
    <td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,197,078 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    2,197,078 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    1,904,630 </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="text-indent: 16pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Derivative
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,298 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="text-indent: 16pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Trading
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    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,952 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,966 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,966 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="vertical-align: bottom; text-indent: 16pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Loans
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    7 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,441
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,441 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="vertical-align: bottom; text-indent: 16pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Dividends
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    <td nowrap="nowrap" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    5 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    41,528 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    41,528 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    37,679 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    37,679 </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="text-indent: 16.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,952 </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    6,346,803 </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    41,528 </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;
    6,391,283 </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    5,264 </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    7,536,183 </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    37,679 </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    7,579,126 </b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Non-current</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="text-indent: 16pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
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    <td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    7 </font></td>
    <td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    20,024 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    20,024 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    15,291 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    15,291 </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="text-indent: 16pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Investments</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    8 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    2,222,433 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    2,222,433 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    1,374,268 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    1,374,268 </font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="vertical-align: bottom; text-indent: 16pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Loans
    - related parties</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    7 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">554,694
    </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    554,694 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">479,960
    </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    479,960 </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="text-indent: 16.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    2,222,433 </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    574,718 </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;
    2,797,151 </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    1,374,268 </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    495,251 </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    1,869,519 </b></font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
    Assets</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    2,222,433 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,952 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    6,921,521 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    41,528 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;
    9,188,434 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    1,374,268 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    5,264 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    8,031,434 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    37,679 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    9,448,645 </b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Liabilities</b></font></td>
    <td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="text-indent: 16.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Current</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    11 </font></td>
    <td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    6,551,764 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    6,551,764 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    2,150,951 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    2,150,951 </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="text-indent: 24pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Derivative
    financial instruments</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    121 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    121 </font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="vertical-align: bottom; text-indent: 24pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Trade
    payables</font></td>
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    2,460,774 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    2,460,774 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    1,763,206 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    1,763,206 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="vertical-align: bottom; text-indent: 24pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Dividends
    and interest on capital</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    13 </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    510,692 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    510,692 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    484,570 </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    484,570 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="text-indent: 16.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td nowrap="nowrap" style="text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    9,523,230 </b></font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;
    9,523,230 </b></font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    121 </b></font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    4,398,727 </b></font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    4,398,848 </b></font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="text-indent: 16.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Non-current</b></font></td>
    <td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-indent: 8pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="text-indent: 24pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Borrowings
    and financing </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    11 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    23,017,953 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;23,017,953
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    28,382,802 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    28,382,802 </font></td></tr>
<tr style="vertical-align: bottom; background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="text-indent: 16.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td nowrap="nowrap" style="text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-indent: 8.05pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    23,017,953 </b></font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;23,017,953
    </b></font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    28,382,802 </b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
    28,382,802 </b></font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
    Liabilities</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    32,541,183 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;32,541,183
    </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    121 </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    32,781,650 </b></font></td></tr>
</table>


<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfFinancialInstrumentsAtFairValueThroughProfitOrLossTableTextBlock', window );">Financial instruments at fair value through profit or loss</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
following table shows the financial instruments recognized at fair value through profit or loss using a valuation method:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td colspan="2" rowspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1pt; text-align: center; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>
        <p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1pt; text-align: center; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></p></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Level
    1</b></font></td>
    <td style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Level
    2</b></font></td>
    <td style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balances</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Level
    1</b></font></td>
    <td style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Level
    2</b></font></td>
    <td style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balances</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td colspan="2" style="padding-right: 3.5pt; padding-left: 1pt; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assets</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td colspan="2" style="padding-right: 3.5pt; padding-left: 1pt; text-indent: 7.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Current
    assets</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt"><p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1pt; text-indent: 7.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Financial
                                         assets at fair value through </b></font></p>
        <p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1pt; text-indent: 7.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>profit
        or loss</b></font></p></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 1pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Derivative
    financial instruments</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 1pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Trading
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    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
    <td colspan="2" style="padding-right: 3.5pt; padding-left: 1pt; text-indent: 7.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Non-current
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    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: center; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Investments</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">2,222,433
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">2,222,433
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">1,374,268</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">1,374,268</font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-&#160;&#160;&#160;</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,225,385
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,377,234</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,298</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: white">
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 1pt; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 1pt; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td colspan="2" style="padding-right: 3.5pt; padding-left: 1pt; text-indent: 7.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Current
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt"><p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1pt; text-indent: 7.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Financial
                                         liabilities at fair value </b></font></p>
        <p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1pt; text-indent: 7.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>through
        profit or loss</b></font></p></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 1pt; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 1pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Derivative
    financial instruments</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">121</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">121</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td colspan="2" style="padding-right: 3.5pt; padding-left: 1pt; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total
    liabilities</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-&#160;&#160;&#160;</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>-&#160;&#160;&#160;</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>121</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-align: right; text-indent: -1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>121</b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfInvestmentsInFinancialInstrumentsClassifiedAsAvailableForSaleTableTextBlock', window );">Investments in financial instruments classified as available-for-sale</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
impairment recorded as of December 31, 2015 amounted R$555,298.</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
    <td rowspan="2" style="border-top: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Class
    of shares</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td rowspan="2" style="border-top: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Quantity</b></font></td>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td rowspan="2" style="border-top: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Quantity</b></font></td>
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    <td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Variation
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<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Share
    price</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Closing
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Share
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Closing
    Balance</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Share
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Variation
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<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">107,156,651</font></td>
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    <td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,160,506</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">107,156,651</font></td>
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    <td nowrap="nowrap" style="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">885,114</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 18%; padding-right: 3.5pt; padding-left: 3.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.57</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 8%; padding-right: 3.5pt; padding-left: 3.5pt; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">275,392</font></td></tr>
<tr>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Preferred</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">114,280,556</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,039,953</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">114,280,556</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">468,550</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.00</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">571,403</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>221,437,207</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,200,459</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>221,437,207</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,353,664</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>846,795</b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfForeignExchangeExposureTableTextBlock', window );">Foreign exchange exposure</a></td>
<td class="text"><p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>
        <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;12/31/2017</b></font></p></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Foreign
    Exchange Exposure</b></font></td>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(Amounts
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(Amounts
    in &#8364;&#8217;000)</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Cash
    and cash equivalents overseas</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">777,310</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,857</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Trade
    receivables </font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">310,642</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,799</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
    assets</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,283</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,636</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
    assets</b></font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>1,091,235</b></font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>9,292</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Borrowings
    and financing</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(4,332,686)</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(73,186)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Trade
    payables</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(97,622)</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,941)</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
    liabilities</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,984)</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,368)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
    liabilities</b></font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>(4,434,292)</b></font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>(78,495)</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Foreign
    exchange exposure</b></font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(3,343,057)</b></font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(69,203)</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Cash
    flow hedge accounting</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,317,667</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
    Investment hedge accounting</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>72,000</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Net
    foreign exchange exposure</b></font></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(2,025,390)</b></font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2,797</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Perpetual
    Bonds </font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,000,000</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Net
    foreign exchange exposure excluding perpetual bonds</b></font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(1,025,390)</b></font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>2,797</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="width: 56%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 3%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 3%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 16%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 3%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 19%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>


<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfDerivativeFinancialInstrumentsTableTextBlock', window );">Derivative financial instruments</a></td>
<td class="text"><p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="width: 24%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 6%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 8%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Appreciation
    (R$)</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Fair
    value</b><br />
    <b>(market)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Appreciation
    (R$)</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Fair
    value</b><br />
    <b>(market)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td rowspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Impact
    on finance income (cost) in 2017</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Counterparties</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Functional
    Currency</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Notional
    amount</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Asset</b><br />
    <b>position</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Liability</b><br />
    <b>position</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amounts
    receivable / (payable)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Notional
    amount</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Asset</b><br />
    <b>position</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Liability</b><br />
    <b>position</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amounts
    receivable / (payable)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><i>BNPP</i></font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Dollar</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    10,250 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    33,435 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    (31,137)</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,298 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (229)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    10,250 </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    33,435 </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    (31,137)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,298 </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (229)</b></font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><i>BM&#38;FBovespa</i></font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Real</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    1,641,378 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    -&#160;&#160; </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    -&#160;&#160; </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (121)</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    28,503 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b><i>Total
    DI future </i></b></font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    1,641,378 </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    -&#160;&#160; </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    -&#160;&#160; </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (121)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    28,503 </b></font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" colspan="3" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    33,435 </b></font></td>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    (31,137)</b></font></td>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,177 </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    28,274 </b></font></td></tr>
</table>


<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfDollarEuroSwapTableTextBlock', window );">Dollar x Euro swap</a></td>
<td class="text"><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt/116% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><font style="font: 10pt Times New Roman, Times, Serif">&#183;</font></td><td style="text-align: justify"><font style="font: 10pt/116% Times New Roman, Times, Serif"><b>Classification
                                         of the derivatives in the balance sheet and statement of income</b></font></td></tr></table>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 36%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 12%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 11%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 17%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td></tr>
<tr>
    <td rowspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Instruments</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Liabilities</b></font></td>
    <td style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td rowspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Net
    Financial Income (Note 24)</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Current</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Current</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><i>Dollar
    - to - euro swap</i></font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(229)</font></td></tr>
<tr>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><i>Future
    DI</i></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">28,503</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>28,274</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr>
    <td rowspan="2" style="border-top: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Instruments</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assets</b></font></td>
    <td style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Liabilities</b></font></td>
    <td style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td rowspan="2" style="border-top: Black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Net
    Financial Income (Note 24)</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Current</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Current</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><i>Future
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(63)</font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(121)</font></td>
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<tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(121)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(121)</b></font></td>
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</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
Swap positions were settled in October 2017.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfHedgingInstrumentsTableTextBlock', window );">Hedging instruments</a></td>
<td class="text"><p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 6%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Designation
    Date</b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Hedging
    Instrument</b></font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Hedged
    item</b></font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Type
    of hedged risk</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Hedged
    period</b></font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Exchange
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    amounts (US$&#8217;000)</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortizated
    part (USD'000)</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Effect
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Impact
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3/11/2014</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.4442</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">500,000
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(133,334)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">53,203
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(316,726)</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1/12/2014</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
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    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">October
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    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">07/21/2015</font></td>
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    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
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    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">07/23/2015</font></td>
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    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(2,300)</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">07/23/2015</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.2850</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">30,000
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(690)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">07/24/2015</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    2018 - October 2022 </font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.3254</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">100,000
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,740
    </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">07/27/2015</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;October
    2018 - October 2022 </font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.3557</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">25,000
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,193
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">07/27/2015</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;October
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    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.3557</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">70,000
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,339
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">07/27/2015</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;October
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    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.3557</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">30,000
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,431
    </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">07/28/2015</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;October
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    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.3815</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,205
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1/8/2015</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><sup>&#160;(1)
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    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.3940</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(9,000)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(774)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3/8/2015</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Export
    prepayments in US$ to third parties</font></td>
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Part
    of the highly probable future monthly iron ore exports</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    exchange - R$ vs. US$ spot rate</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;October
    2018 - October 2022 </font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.3940</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">355,000
    </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">30,530
    </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>1,566,000
    </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(248,333)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>92,140
    </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(395,524)</b></font></td></tr>
</table>


<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfChangesInHedgeAccountingTableTextBlock', window );">Changes in hedge accounting</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
movements in the hedge accounting amounts recognized in shareholders&#8217; equity as of December 31, 2017 are as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 25%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td>
    <td nowrap="nowrap" style="vertical-align: top; width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Movement</b></font></td>
    <td nowrap="nowrap" style="vertical-align: top; width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Realization</b></font></td>
    <td nowrap="nowrap" style="width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="vertical-align: top; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Movement</b></font></td>
    <td style="vertical-align: top; width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 12%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Realization</b></font></td>
    <td style="vertical-align: top; width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Cash
    flow hedge accounting </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; background-color: #DBE5F1">1,520,089</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,005,968)</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(77,444)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">436,677</font></td>
    <td style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">50,987</font></td>
    <td style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(92,140)</font></td>
    <td style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">395,524</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair
    value of cash flow hedge, net of taxes</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,520,089</b></font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(1,005,968)</b></font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(77,444)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>436,677</b></font></td>
    <td style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>50,987</b></font></td>
    <td style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(92,140)</b></font></td>
    <td style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>395,524</b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfNonDerivativeFinancialLiabilitiesTableTextBlock', window );">Non-derivative financial liabilities</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Non-derivative
financial liabilities have been designated represented by loan agreements with financial institutions in the amount of &#8364;
120 million. The carrying amounts on December 31, 2017 are:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12/31/2017</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Designation
    Date</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Hedging
    Instrument</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Hedged
    Item</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Type
    of Hedged Risk</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Exchange
    Rate on designation</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Designated
    amounts (EUR'000)</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Amortized
    part (USD&#8217;000)</font></td>
    <td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Impact
    on shareholders' equity</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">09/01/2015</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Non-derivative
    financial<br />
    liabilities in EUR &#8211; Debt contract</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Investments
    in subsidiaries which<br />
    EUR is the functional currency</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Foreign
    exchange -<br />
    R$ vs. EUR spot rate</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.0825</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">120,000</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(48,000)</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(17,911)</font></td></tr>
<tr>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>120,000</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(48,000)</b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(17,911)</b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfChangesInNetInvestmentHedgeTableTextBlock', window );">Changes in net investment hedge</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
changes in the amounts related to net investment hedge as of December 31, 2017 are presented below:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 25%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td>
    <td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Movement</b></font></td>
    <td style="vertical-align: top; width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Realization</b></font></td>
    <td style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td nowrap="nowrap" style="width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Movement</b></font></td>
    <td nowrap="nowrap" style="width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Realization</b></font></td>
    <td nowrap="nowrap" style="width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Net
    investment hedge accounting</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20,148</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(77,952)</font></td>
    <td style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(57,804)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">39,893</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(17,911)</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair
    value of net investment hedge in foreign operations</b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>20,148</b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(77,952)</b></font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(57,804)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>39,893</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(17,911)</b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfCurrenciesUsedInSensitivityAnalysisTableTextBlock', window );">Currencies used in sensitivity analysis</a></td>
<td class="text"><p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 20%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 19%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 19%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 19%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 19%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Currency</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Exchange
    rate</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Probable
    scenario</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Scenario
    1</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Scenario
    2</b></font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">USD</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.3080</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.2381</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4.1350</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4.9620</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">EUR</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 25%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 25%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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</table>


<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfInterestsUsedInSensitivityAnalysisTableTextBlock', window );">Interests used in sensitivity analysis</a></td>
<td class="text"><p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
effects on income statement, considering the scenarios 1 and 2 are shown below:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td nowrap="nowrap" style="width: 40%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 11%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 11%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 11%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 12%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td></tr>
<tr>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Notional</b></font></td>
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    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Risk</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Probable
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Scenario
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Scenario
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<tr style="background-color: #DCE6F1">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Hedge
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,317,667</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Dollar</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(92,105)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Currency
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,343,057)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Dollar</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,764,708)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">(not
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    <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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    <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
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<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
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<tr style="vertical-align: bottom; background-color: #DCE6F1">
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">(*) The probable sceneries were
calculated considering the following variations to the specified risks: Real x Dollar &#8211; appreciation of Real in 2.11% /
Real x Euro &#8211; appreciation of Real in 1.52%. Source: Quotation from Central Bank of Brazil and Central Bank of Europe on
02/16/2018.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfSensitivityAnalysisEffectsOnIncomeStatementTableTextBlock', window );">Sensitivity analysis effects on income statement</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company considered the scenarios 1 and 2 as 25% and 50% of evolution for volatility of the interest as of December 31, 2017.</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
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<tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Impact
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<tr>
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    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 6%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>%
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    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assets</b></font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Liabilities</b></font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 17%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Probable
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    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 10%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Scenario
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    <td nowrap="nowrap" style="width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Scenario
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<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">TJLP</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(35,130)</font></td></tr>
<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Libor</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.84</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,844,015)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(44,657)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(22,247)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(44,494)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">CDI</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.89</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">644,525</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(13,550,383)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(206,061)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(222,303)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(444,606)</font></td></tr>
</table>
<p style="font: 9pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
The sensitivity analysis is based on the assumption of maintaining as probable scenario the market rates at December 31, 2017
recorded in the Company&#180;s assets and liabilities.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfSensitivityAnalysisOfInterestRateSwapsTableTextBlock', window );">Sensitivity analysis of interest rate swaps</a></td>
<td class="text"><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
following table shows the contractual maturities of financial liabilities, including accrued interest.</font></p>

<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 10.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>At
    December 31, 2016</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Less
    than one</b><br />
    <b>year</b></font></td>
    <td nowrap="nowrap" colspan="2" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>From
    one to</b><br />
    <b>two years</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>From
    two to five</b><br />
    <b>years</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Over
    five years</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Borrowings,
    financing and debentures</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,551,764
    </font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">14,812,478
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,249,106
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,956,369
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29,569,717
    </font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Trade
    payables</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.460,774</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,460,774</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Dividends
    and interest on capital</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">510,692</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">510,692</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfSensitivityAnalysisOfChangesInInterestRatesTableTextBlock', window );">Sensitivity analysis of changes in interest rates</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
estimated fair values for certain consolidated long-term borrowings and financing were calculated at prevailing market rates,
taking into consideration the nature, terms and risks similar to those of the recorded contracts, as below:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td nowrap="nowrap" style="width: 37%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 12%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Carrying
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Carrying
    amount</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair
    value</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Perpetual
    bonds</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,312,503
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,602,090
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,263,536
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,702,134
    </font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Fixed
    rate notes</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,751,526
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,207,946
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,666,506
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,907,339
    </font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfContractualMaturitiesOfFinancialLiabilitiesTableTextBlock', window );">Contractual maturities of financial liabilities</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
table below shows the evolution of the capital structure of the Company in the last three years, with financing by equity and
third-party capital.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td nowrap="nowrap" style="width: 66%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Thousands
    of reais</b></font></td>
    <td nowrap="nowrap" style="width: 17%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td>
    <td nowrap="nowrap" style="width: 17%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Shareholder's
    equity (equity)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,288,229</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,384,521</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Borrowings
    and Financing&#160;&#160;(Third-party capital)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29,510,844</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">30,441,018</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Gross
    Debit/Shareholder's equity </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.56</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4.12</font></td></tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_FinancialInstrumentsTablesAbstract</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfChangesInNetInvestmentHedgeTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfChangesInNetInvestmentHedgeTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfContractualMaturitiesOfFinancialLiabilitiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfContractualMaturitiesOfFinancialLiabilitiesTableTextBlock</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfCurrenciesUsedInSensitivityAnalysisTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfCurrenciesUsedInSensitivityAnalysisTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfDerivativeFinancialInstrumentsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfDerivativeFinancialInstrumentsTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfDollarEuroSwapTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfFinancialInstrumentsAtFairValueThroughProfitOrLossTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfFinancialInstrumentsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfFinancialInstrumentsTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfForeignExchangeExposureTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfForeignExchangeExposureTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfHedgingInstrumentsTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfInterestsUsedInSensitivityAnalysisTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfInvestmentsInFinancialInstrumentsClassifiedAsAvailableForSaleTableTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfNonDerivativeFinancialLiabilitiesTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfSensitivityAnalysisEffectsOnIncomeStatementTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfSensitivityAnalysisOfChangesInInterestRatesTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfSensitivityAnalysisOfInterestRateSwapsTableTextBlock</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6776983696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>13. OTHER PAYABLES (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_OtherPayablesTablesAbstract', window );"><strong>Other Payables Tables</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
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<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
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<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
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    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
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    to related parties (Note 18 b)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">57,008</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,927</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Derivative
    financial instruments (Note 12 I)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">121</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">510,692</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">484,570</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Advances
    from customers</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">68,521</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">90,720</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Taxes
    in installments (Note 15)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21,551</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">24,444</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">79,242</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">83,312</font></td></tr>
<tr>
    <td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Profit
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">42,699</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">211,791</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
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    provision</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">81,699</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">57,586</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">152,205</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DBE5F1">
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">231</font></td>
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<tr>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">123,945</font></td>
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<tr style="background-color: #DBE5F1">
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,021,724</b></font></td>
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<tr>
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    <td style="width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6678100672">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>14. INCOME TAX AND SOCIAL CONTRIBUTION (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionTablesAbstract', window );"><strong>Income Tax And Social Contribution Tables</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfIncomeTaxAndSocialContributionIncomeExpenseTableTextBlock', window );">Income tax and social contribution income (expense)</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
income tax and social contribution recognized in profit or loss for the year are as follows:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 57%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif; color: #333333"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td>
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        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td>
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<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Income
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(358,981)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(206,178)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(135,671)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Deferred</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(50,128)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(60,368)</font></td>
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<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(409,109)</b></font></td>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(2,903,216)</b></font></td></tr>
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<td class="text"><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
reconciliation of consolidated income tax and social contribution expenses and income and the result from applying the effective
rate to profit before income tax and social contribution are as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

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    <td nowrap="nowrap" style="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(Loss)/Profit
    before income tax and social contribution</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>520,338</b></font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(576,951)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,685,341</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Tax
    rate</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34%</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34%</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34%</font></td></tr>
<tr style="background-color: #DCE6F1">
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    tax and social contribution at combined statutory rate</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(176,915)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>196,163</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(573,016)</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Adjustment
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white">
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    in results of affiliated companies</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">42,431</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,072</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">394,492</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Profit
    with differentiated rates or untaxed</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">37,605</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(287,502)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">798,603</font></td></tr>
<tr style="background-color: white">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Transfer
    pricing adjustment</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(34,746)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(63,638)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(66,447)</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Tax
    loss carryforwards without recognizing deferred taxes</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(368,612)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(821,920)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(89,978)</font></td></tr>
<tr style="background-color: white">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Limit
    of Indebtedness </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(39,378)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(35,391)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(54,091)</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Unrecorded
    deferred taxes on temporary differences </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">541,655</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">643,990</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,133,091)</font></td></tr>
<tr style="background-color: white">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">(Losses)/Reversal
    for deferred income and social contribution tax credits</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(403,080)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">44,691</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,949,003)</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Refis
    Effect and early discharge program </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,586)</font></td></tr>
<tr style="background-color: white">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Income
    tax and social contribution on foreign profit</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(29,964)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(35,613)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">72,376</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Fair
    value gain of 59.76% interest held in Namisa </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">855,551</font></td></tr>
<tr style="background-color: white">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Goodwill
    amortization of Metalic </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">31,439</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">31,439</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Tax
    incentives</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">14,358</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,673</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Reversal
    of deferred tax in Namisa</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(107,773)</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Reversal
    of deferred tax in Prada</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(46,681)</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Other
    permanent deductions (additions)</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,537</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">16,490</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,571)</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Income
    tax and social contribution in profit for the period</b></font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(409,109)</b></font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(266,546)</b></font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(2,903,216)</b></font></td></tr>
<tr style="background-color: white">
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</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfDeferredIncomeTaxAndSocialContributionTableTextBlock', window );">Deferred income tax and social contribution</a></td>
<td class="text"><p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 5%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 7%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Opening
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    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Closing
    Balance </b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td>
    <td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Profit
    or loss </b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Others</b></font></td>
    <td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Shareholders
    ' Equity</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Profit
    or loss </b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Others</b></font></td>
    <td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Deferred</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    417,256 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    556,397 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (2,853)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    970,800 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    245,846 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    (79,412)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    1,137,234 </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Social
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    161,769 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    179,887 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (1,027)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    340,629 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    94,843 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    (28,588)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    406,884 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Temporary
    differences </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    (1,572,992)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    71,769 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    (796,652)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;
    9,700 </b></font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    5,758 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    86,851 </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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    87,152 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    6,756 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    88,433 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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    29,048 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    5,234 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    35,703 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    10,111 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    45,814 </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (5,454)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    3,154 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (2,300)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,388 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (912)</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    947,989 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (242,060)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    705,929 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    316,563 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    1,022,492 </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    164,167 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (15,387)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    (14,202)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    134,578 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    180,834 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    (41,065)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    (1,289)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    273,058 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
    Acrrued supplies and services</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (566,173)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (1,893,980)</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    114,627 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    44,691 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (3,013,730)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    82,769 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    (123,056)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (3,054,017)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
    Business Combination</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    (1,058,088)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    (14,736)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (1,072,824)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    32,288 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (1,040,536)</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-
    Others</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    212,620 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,923 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    (33,458)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    8,064 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    190,149 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (8,573)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    (107,976)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (940)</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    72,660 </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
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    (993,967)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    71,769 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    (60,368)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;
    5,820 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (976,746)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    26,778 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
    (50,128)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    (110,344)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    (1,110,440)</b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    78,066 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    70,151 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    63,119 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    (1,072,033)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (1,046,897)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (1,173,559)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
    Deferred&#160; </b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    (993,967)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (976,746)</b></font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    (1,110,440)</b></font></td></tr>
</table>


<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfDeferredTaxAssetsOnTaxLossesAndTemporaryDifferencesTableTextBlock', window );">Deferred tax assets on tax losses and temporary differences</a></td>
<td class="text"><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
deferred tax assets on tax losses and temporary differences refers mainly to the following:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 50%; border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Nature</b></font></td>
    <td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt/115% Times New Roman, Times, Serif"><b>Description</b></font></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt/115% Times New Roman, Times, Serif">Tax
    losses</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt/115% Times New Roman, Times, Serif">In
    recent periods, the Company started to incur in tax losses, mostly because of high financial expenses, as substantially all
    our loans and financings are on this level.</font></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt/115% Times New Roman, Times, Serif">Exchange
    difference expenses</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Since
                                         2012 the Company opted by the taxation on a cash basis. As the Company have operated
                                         without taxable profit, it would not make sense to use this deductibility year by year
                                         (accrual basis). As a result of the cash basis tax treatment, taxes are only due and
                                         expenses are only deductible at the time of debt settlement.</font></p>
        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt/115% Times New Roman, Times, Serif">Losses
    on Usiminas shares</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
                                         losses on Usiminas shares are recognized on an accrual basis, but the taxable event will
                                         occur only at the time of divestment, expected to occur in the period projected to compensate
                                         the deferred taxes.</font></p>
        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td></tr>
<tr style="vertical-align: top">
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><font style="font: 10pt/115% Times New Roman, Times, Serif">Other
    provisions</font></td>
    <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Various
                                         accounting provisions are recognized on an accrual basis, but their taxation occurs only
                                         at the time of its realization, such as provisions for contingencies, impairment losses,
                                         environmental liabilities, etc.</font></p>
        <p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DisclosureOfInventoriesIncomeTaxAndSocialContributionRecognizedInShareholdersEquityExplanatory', window );">Income tax and social contribution recognized in shareholders' equity</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
income tax and social contribution recognized directly in shareholders' equity are as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="3" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="width: 77%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Income
    tax and social contribution</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Actuarial
    gains on defined benefit pension plan</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">171,473</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">30,234</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Estimated
    losses for deferred income and social contribution tax credits - actuarial gains </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(175,649)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(33,400)</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Changes
    in the fair value on available-for-sale financial assets </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(525,107)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(33,796)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Actuarial
    gains and assets available for sale by incorporation</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">525,107</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">33,796</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Exchange
    differences on translating foreign operations </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(369,017)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(425,510)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Cash
    flow hedge accounting</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">134,478</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">109,813</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Estimated
    losses for deferred income and social contribution&#160;&#160;tax credits - cash flow hedge</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(134,478)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(109,813)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(373,193)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(428,676)</b></font></td></tr>
</table><span></span>
</td>
</tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6804200992">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>15. TAX INSTALLMENTS PROGRAMS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_TaxInstallmentsProgramsTablesAbstract', window );"><strong>Tax Installments Programs Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfTaxesInInstallmentsTableTextBlock', window );">Taxes in installments</a></td>
<td class="text"><p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
position of the REFIS debts (refinancing program) and other tax installment payment plans, were recorded in current and non-current
liabilities, as mentioned in note 13, are as follows:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
    <td nowrap="nowrap" style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="4" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Current</b></font></td>
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<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Federal
    REFIS Law 11.941/09 </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,552
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,956</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20,083
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">19,779</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Federal
    REFIS Law 12.865/13 </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,984
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,572</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">56,381
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">57,905</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Other
    refinancing program </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,015
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,916</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,778
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,628</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>21,551
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>24,444</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>79,242
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>83,312</b></font></td></tr>
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</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6678355712">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>16. PROVISION FOR TAX, SOCIAL SECURITY, LABOR, CIVIL AND ENVIRONMENTAL RISKS AND JUDICIAL DEPOSITS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksAndJudicialDepositsTablesAbstract', window );"><strong>Provision For Tax Social Security Labor Civil And Environmental Risks And Judicial Deposits Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfAccruedAmountsAndJudicialDepositsTableTextBlock', window );">Accrued amounts and judicial deposits</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Claims
of different nature are being challenged at the appropriate courts. Details of the accrued amounts and related judicial deposits
are as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
    <td nowrap="nowrap" style="width: 52%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Accrued
    liabilities</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Judicial
    deposits</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">113,451
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">119,523</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">52,542
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">62,035</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Social
    security </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">74,522
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">62,574</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">50,098
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">48,614</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Labor</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">451,173
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">485,422</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">202,104
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">186,823</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Civil</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">148,212
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">137,857</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,752
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23,179</font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">37,733
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,716</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,826
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,220</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Deposit
    of a guarantee</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,029
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,387</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 32%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Classification:</b></font></td>
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    <td nowrap="nowrap" style="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
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    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">108,607
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
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    current</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">704,485
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">339,351
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">331,258
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<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>825,091
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>813,092
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>339,351
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>331,258
    </b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfChangesInProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksTableTextBlock', window );">Changes in the provision for tax, social security, labor, civil and environmental risks</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
changes in the provision for tax, social security, labor, civil and environmental risks in the year ended December 31, 2017 were
as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 21%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 12%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 16%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 18%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Current
    + Non- current</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Nature</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Additions</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Accrued
    charges</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfLegalMattersWithPossibleRiskOfLossTableTextBlock', window );">Legal matters with possible risk of loss</a></td>
<td class="text"><p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Installments
    MP 470 - alleged insufficiency of tax losses</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Offset
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    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    499,006 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">ICMS
    - Refers to the transfer of imported raw material at an amount lower than the price disclosed in the import documentation</font></td>
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    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    275,233 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Disallowance
    of the tax losses arising on adjustments to the SAPLI</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Assessment
    Notice - ICMS - shipping and return merchandise for Industrialization</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    816,199 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    749,492 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Assessment
    Notice- Income tax- Capital Gain of CFM vendors located outside</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    203,185 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">CFEM
    - Divergence on the understanding between CSN and DNPM on the calculation basis </font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    290,249 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    348,512 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
    tax (federal, state, and municipal) lawsuits</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    3,065,131 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,727,258 </font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Assessment
    Notice&#160; - ICMS - Questions about sales to incentive zone</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    170,330 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Social
    security lawsuits</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    278,600 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    263,951 </font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Law
    suit applied by Brazilian antitrust authorities (CADE)</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    98,189 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    96,316 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
    civil lawsuits</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    1,111,944 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    814,440 </font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Labor
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    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    1,569,712 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,138,155 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; background-color: white; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Environmental
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    216,878 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    203,486 </font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Tax
    foreclosures&#160; - Fine of Volta Grande&#160; IV (3)</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    67,620 </font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    58,045 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="vertical-align: bottom; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Others
    Enviromental lawsuits</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    117,858 </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    113,741 </font></td></tr>
<tr style="background-color: #DDEBF7; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    30,639,075 </b></font></td>
    <td nowrap="nowrap" style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    25,845,585 </b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;1.&#160;&#160;&#160;&#160;In
February 2017, we were notified of the judgment of the Amendment of Judgment filed due the CARF&#8217;s decision on case, in which
the Federal Revenue Service of Brazil challenges the capital gain on the alleged sale of 40% of NAMISA (currently CSN Minera&#231;&#227;o
S.A.). The CARF, in short, agreed with the infringement notice. The Company, however, is taking of the lawfulness of the operation
and, therefore, is evaluating the appropriate legal and procedural measures to reverse the decision. Currently we have been discussing
the subject in several processes and there is a fiscal execution by which a portion of our assets, such as buildings, equipment,
land, vehicles and fixtures and furniture, has been given as a guarantee. This processual scenario does not change our assessment
and, accordingly, we maintain that contingency as possible.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">2.&#160;&#160;&#160;&#160;&#160;
In 1995, the Municipality of Volta Redonda filed a civil action requesting compliance with the requirements of the Environmental
Compensation Program (PAC) agreed between the municipality and CSN. In May 2008, despite the fact that CSN had demonstrated its
compliance with the TAC / 1995, involving an approximate amount of R$ 16 million, the Municipality of Volta Redonda disagreed
and requested payment of the obligations considered by the Municipality as outstanding. After the initial discussions, the Municipality
of Volta Redonda filed a petition to execute the allegedly unfulfilled items, in the original amount of R$ 172 million, which
was duly contested by the Company. The First Instance Judge appointed a team of experts to determine the outstanding obligations
and the respective value involved. Currently, the process is suspended, at the request of both parties, with a view to negotiations
for a possible agreement.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">3.&#160;&#160;&#160;&#160;&#160;
On April 8, 2013, INEA imposed on CSN a fine of R$ 35 million in respect of the aspects involving the Volta Grande IV condominium,
determining that the actions already considered and discussed in the civil suit filed in July 2012. In connection with the application
of this fine, an annulment action was distributed, in January 2014, to the 10th Civil Court of the State of Rio de Janeiro, seeking
the annulment of the fine and its effects. In parallel, INEA filed a tax enforcement action in order to enforce the amount of
the fine imposed. The aforementioned Tax Enforcement action was distributed in May 2014 to the 4th Volta Redonda Active Debt Registry
in the State of Rio de Janeiro. Currently, said enforcement action is suspended until the judgment of the annulment action, in
order to avoid conflicting decisions.</font></p>



<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksAndJudicialDepositsTablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6804203392">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>17. PROVISION FOR ENVIRONMENTAL LIABILITIES AND ASSET RETIREMENT OBLIGATIONS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6804197408">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>18. RELATED-PARTY BALANCES AND TRANSACTIONS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByTransactionAssetsAndLiabilitiesTableTextBlock', window );">Transactions with subsidiaries, joint ventures, associates, exclusive funds and other related parties, by transaction - assets and liabilities</a></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DDEBF7">
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: white">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">111,281
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">119,854</font></td></tr>
<tr style="background-color: #DDEBF7">
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">315,319</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">53
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">315,319</font></td></tr>
<tr style="background-color: white">
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    <sup>(note 7)</sup></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,441</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">554,694
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">479,960</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">557,135
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">479,960</font></td></tr>
<tr style="background-color: #DDEBF7">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Other
    receivables <sup>(note 7)</sup></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,577
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,768</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">30,770
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">32,020</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34,347
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">37,788</font></td></tr>
<tr style="background-color: white">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>162,987
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>488,603</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>696,745
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>631,834</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>859,732
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,120,437</b></font></td></tr>
<tr style="background-color: #DDEBF7">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Liabilities</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white">
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    payables <sup>(Note 13)</sup></b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DDEBF7">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;Accounts
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">57,008
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,927</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">57,008
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,927</font></td></tr>
<tr>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">81,063
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">50,623</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">81,063
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">50,623</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Actuarial
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByTransactionStatementOfIncomeTableTextBlock', window );">Transactions with subsidiaries, joint ventures, associates, exclusive funds and other related parties, by transaction - statement of income</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>By
transaction &#8211; Statement of Income</b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
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<tr style="background-color: #DDEBF7">
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<tr style="background-color: #DDEBF7">
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<tr style="background-color: white">
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<tr style="background-color: #DDEBF7">
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<tr style="background-color: white">
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<tr style="background-color: #DDEBF7">
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<tr style="background-color: white">
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</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByCompanyAssetsAndLiabilitiesTableTextBlock', window );">Transactions with subsidiaries, joint ventures, associates, exclusive funds and other related parties, by company - assets and liabilities</a></td>
<td class="text"><p style="margin: 0pt"></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
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    <td style="width: 1%; border-bottom: Black 1pt solid">&#160;</td>
    <td style="width: 11%; border-bottom: Black 1pt solid">&#160;</td>
    <td style="width: 1%; border-bottom: Black 1pt solid">&#160;</td>
    <td style="width: 9%; border-bottom: Black 1pt solid">&#160;</td>
    <td style="width: 1%">&#160;</td>
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    <td style="width: 11%; border-bottom: Black 1pt solid">&#160;</td>
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<tr style="vertical-align: top">
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: top">
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<tr style="vertical-align: top; background-color: #DCE6F1">
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    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
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<tr style="vertical-align: top">
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<tr style="vertical-align: top">
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    <td style="text-align: right">&#160;</td>
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    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 1pt solid; background-attachment: scroll; text-align: right"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif"><b>1,120,437</b></font><font style="font: 10pt Calibri, Helvetica, Sans-Serif">&#160;</font></td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 1pt solid; background-attachment: scroll; text-align: right"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif"><b>61,550</b></font><font style="font: 10pt Calibri, Helvetica, Sans-Serif">&#160;</font></td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 1pt solid; background-attachment: scroll; text-align: right"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif"><b>28,004</b></font><font style="font: 10pt Calibri, Helvetica, Sans-Serif">&#160;</font></td>
    <td style="text-align: right">&#160;</td>
    <td style="border-bottom: Black 1pt solid; background-attachment: scroll; text-align: right"><font style="font: 7.5pt Arial, Helvetica, Sans-Serif"><b>89,554</b></font><font style="font: 10pt Calibri, Helvetica, Sans-Serif">&#160;</font></td></tr>
</table>


<p style="margin: 0pt"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfTransactionsWithSubsidiariesJointVenturesAssociatesExclusiveFundsAndOtherRelatedPartiesByCompanyStatementOfIncomeTableTextBlock', window );">Transactions with subsidiaries, joint ventures, associates, exclusive funds and other related parties, by company - statement of income</a></td>
<td class="text"><p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 5%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 5%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 5%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 5%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 6%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Sales</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Purchases</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Finance
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Sales</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Purchases</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Finance
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Foreign
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Sales</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td colspan="27" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Joint
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">113,563
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(198,378)</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6,424
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(78,391)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">It&#225;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(32,363)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(32,363)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(934,279)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(934,279)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(903,030)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(903,030)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,105)</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">779,503
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Taquari
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(138)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(130)</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(951)</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">60,733
    </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>61,549
    </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(235,236)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(1,099,851)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(18,398)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(181,478)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(1,099,820)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>(264,987)</b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">(1)
Transnordestina Log&#237;stica S.A: Assets: Refers mainly to contracts in R$: interest equivalent to 102.0% and 115.0% of CDI.
On December 31, 2017, the borrowings carrying amounts totaled to R$507,009 (R$459,762 as of December 31, 2016).<br />
(2) Banco Fibra S.A: Assets: Refers to financial investments in CDB and Time deposit &#8211; at market rate<br />
(3) Panatlantica:Receivables from the sale of steel products.</font></p>



<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfKeyManagementPersonnelCompensationTableTextBlock', window );">Key management personnel compensation</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
following is information on the compensation of such personnel and the related balances as of December 31, 2017.</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
    <td nowrap="nowrap" style="vertical-align: bottom; width: 51%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DDEBF7">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Short-term
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">71,852</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">47,578</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Post-employment
    benefits</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">110
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">306</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">311</font></td></tr>
<tr style="background-color: #DDEBF7">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>39,831
    </b></font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6808687408">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>19. SHAREHOLDERS' EQUITY (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"><font style="font: 10pt Times New Roman, Times, Serif">0.65%</font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"><font style="font: 10pt Times New Roman, Times, Serif">274,651,269</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.6pt; text-indent: -3.6pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;Total
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: white">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>100.00%</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.6pt; text-align: right; text-indent: -3.6pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
Controlling group companies.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfShareBuybackProgramsTableTextBlock', window );">Share buyback programs</a></td>
<td class="text"><p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Program</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Board&#8217;s
    Authorization</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Authorized
    quantity</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Program
    period</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Average
    buyback price</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Minimum
    and maximum buyback price</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Number
    bought back</b></font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Share
    cancelation</b></font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Balance
    in treasury</b></font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 6%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1&#186;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3/13/2014</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    70,205,661 </font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 20%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">From
    3/14/2014 to 4/14/2014</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    9.34 </font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 10%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    9.22 and R$ 9.45</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    2,350,000 </font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 3%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    2,350,000 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2&#186;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4/15/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    67,855,661 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">From
    4/16/2014 to 5/23/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    8.97 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    8.70 and R$ 9.48</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    9,529,500 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    11,879,500 </font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3&#186;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">5/23/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    58,326,161 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">From
    5/26/2014 to 6/25/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    9.21 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    8.61 e R$ 9.72</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    31,544,500 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    43,424,000 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">4&#186;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6/26/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    26,781,661 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">From
    6/26/2014 to 7/17/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    10.42 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    9.33 and R$ 11.54</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    26,781,661 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    70,205,661 </font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">7/18/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Not
    applicable</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Not
    applicable</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    60,000,000 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><sup>(1)</sup></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    10,205,661 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">5&#186;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">7/18/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    64,205,661 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">From
    7/18/2014 to 8/18/2014 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    11.40 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
    11.40 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    240,400 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    10,446,061 </font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8/19/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Not
    applicable</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Not
    applicable</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><sup>(1)</sup></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6&#186;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8/19/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    63,161,055 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">From
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
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<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">7&#186;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">9/29/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    56,369,755 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
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<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8&#186;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">12/30/2014</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">From
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">R$
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    30,391,000 </font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">9&#186;
    (*)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">03/31/2015</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;
    32,770,055 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">From
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(*)
There were no share buyback in this program.</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><font style="font: 8pt Times New Roman, Times, Serif">(1)&#160;&#160;&#160;
In 2014 the Board of Directors approved the cancelation of 70,446,061 treasury shares without change in the Company&#8217;s share
capital.</font></p>



<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfPositionOfTreasurySharesTableTextBlock', window );">Position of treasury shares</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As
of December 31, 2017, the position of the treasury shares was as follows:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" rowspan="3" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Quantity
                                         purchased</font></p>
        <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">(in
        units)</font></p></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Amount</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="5" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Share
    price</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Share</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">paid
    for</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">market
    price</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">the
    shares</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Minimum</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Maximum</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Average</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;as
    of 12/31/2017 (*)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="width: 29%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;30,391,000
    </font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 15%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">R$
    238,976 </font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 10%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;R$&#160;&#160;&#160;&#160;&#160;&#160;&#160;4.48
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    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 9%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;R$
    10.07 </font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;R$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7.86
    </font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">R$
    253,765</font></td></tr>
</table>
<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
Using the last share average quotation on B3 S.A. -&#160;Brasil, Bolsa, Balc&#227;o (former BM&#38;FBovespa)&#160;as of December
31, 2017 of R$8.35 per share.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfBasicEarningsLossPerShareTableTextBlock', window );">Basic earnings (loss) per share</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="background-color: #DBE5F1">
    <td style="width: 44%">&#160;</td>
    <td style="width: 18%; border-top: Black 1pt solid"><font style="font-size: 10pt"><b>12/31/2017</b></font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 18%; border-top: Black 1pt solid"><font style="font-size: 10pt"><b>12/31/2016</b></font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 18%; border-top: Black 1pt solid"><font style="font-size: 10pt"><b>12/31/2015</b></font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&#160;</td>
    <td colspan="5" style="text-align: center"><font style="font-size: 10pt"><b>Common Shares</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td><font style="font-size: 10pt"><b>(Loss) profit for the year</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
<tr style="background-color: white">
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<tr>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777207968">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. PAYMENT TO SHAREHOLDERS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
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<tr class="ro">
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
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<tr>
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<tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2015</font></td>
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<tr>
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<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2017
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
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    </b></font></td></tr>
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<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;(*) There is no dividend
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_PaymentToShareholdersTablesAbstract</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfDeliberateAndPaidDividendsTableTextBlock</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6804265456">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>21. NET SALES AND SERVICES REVENUE (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NetSalesAndServicesRevenueTablesAbstract', window );"><strong>Net Sales And Services Revenue Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfNetSalesAndServicesRevenueTableTextBlock', window );">Net sales and services revenue</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Net
sales and services revenue is comprised as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 40%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
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    <td style="width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
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    <td style="width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></p>
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<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;11,487,011
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,206,195</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;10,212,748
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Foreign
    market</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;9,980,572
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,571,630</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,725,818
    </font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;21,467,583
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>19,777,825</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;17,938,566
    </b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Deductions
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(262,989)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(190,415)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(297,957)</font></td></tr>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,679,993)</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,438,461)</font></td>
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<tr style="background-color: white">
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,942,982)</b></font></td>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(2,628,876)</b></font></td>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,676,869)</b></font></td></tr>
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    <td style="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;15,261,697
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</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_NetSalesAndServicesRevenueTablesAbstract</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6771234880">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>22. EXPENSES BY NATURE (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpensesByNatureTablesAbstract', window );"><strong>Expenses By Nature Tables</strong></a></td>
<td class="text">&#160;<span></span>
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<tr>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DisclosureOfDepreciationAmortizationAndDepletionExplanatory', window );">Depreciation, amortization and depletion</a></td>
<td class="text"><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
depreciation, amortization and depletion additions for the year were distributed as follows:</font></p>

<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 50%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 24%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="width: 24%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,376,862</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,241,425</font></td></tr>
<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Sales
    expenses</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,851</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,163</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">General
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23,052</font></td>
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">28,228</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,408,765</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,278,816</b></font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">44,570</font></td>
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<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,453,335</b></font></td>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 10pt Times New Roman, Times, Serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,322,497</b></font></td></tr>
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<p style="font: 9pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">(*) Refers mainly to the amortization
of intangible assets, see note 23.</font></p><span></span>
</td>
</tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777219376">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>23. OTHER OPERATING INCOME (EXPENSES) (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,501
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,200</font></td></tr>
<tr style="background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">Gain
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">66,496</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">3,297,499</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">48,790
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,702</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">Gain
    on sales of assets held for sale</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">252,023</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">Monetary
    adjustment related to the Eletrobr&#225;s compulsory loan (*)</font></td>
    <td nowrap="nowrap" style="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">755,151</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">Other
    revenues</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">18,018
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">61,274
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">50,506</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>824,286
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>663,509
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>3,610,347</b></font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 8pt Times New Roman, Times, Serif"><b>Other
    operating expenses</b></font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">Taxes
    and fees</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(136,348)</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(88,249)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(13,999)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">Write-off
    / (Provision) of judicial deposits</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(38,258)</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(64,886)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(24,145)</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">Expenses
    with environmental liabilities, net </font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(7,156)</font></td>
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    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(41,697)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">Expenses
    from tax, social security, labor, civil and environmental law suits</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(95,744)</font></td>
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    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(151,534)</font></td>
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    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(273,890)</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">Contractual
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    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(16,624)</font></td>
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    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(309)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
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    of unused equipment and amortization of intangible assets (Note 22)</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(44,570)</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(43,681)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(41,068)</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">Write
    off of PP&#38;E and Intangible assets (Note 9 and 10)</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(28,127)</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(88,339)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(6,466)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">Losses
    /reversals estimated in inventories </font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(12,903)</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(17,236)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,154</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">Losses
    on spare parts</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,872)</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(12,080)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(55,790)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">Studies
    and project engineering expenses</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(32,956)</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(31,156)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(38,138)</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">Research
    and development expenses</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,944)</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,269)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,363)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">Advisory
    expenses</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,419)</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(20,865)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(15,888)</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">Healthcare
    plan expenses (Note 28 f) </font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(97,837)</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(80,489)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(56,838)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">Impairment
    of available-for-sale financial assets</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(555,298)</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">REFIS
    effect - Law 11,941/09 and Law 12,865/13</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(4,801)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">Provisions/(Provision)
    for industrial restructuring</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5,807
    </font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">96,390</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(122,854)</font></td></tr>
<tr style="background-color: #DBE5F1; font: 8pt Times New Roman, Times, Serif">
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 7pt"><font style="font: 8pt Times New Roman, Times, Serif">Hedge
    cash flow realized (Note 12 b)</font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(92,140)</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 8pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(77,444)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(*)
This is a net amount, certain and due, arising from the final judicial decision favorable to the Company, which is irreversible
and irrevocable, in order to apply the STJ's consolidated position on the subject, which culminated in sentencing the Eletrobr&#225;s
to the payment of the correct interest and monetary correction of the Compulsory Loan. The final judicial decision, as well as
the certainty about the amounts involved in the settlement of the judgment (judicial procedure to request the satisfaction of
the right), allowed the conclusion that the right to receive this value is certain. Thus, in line with our legal and accounting
advisors, we recognize the credits in noncurrent assets against the result of Other Operating Revenues.</font></p>



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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6804294896">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>24. FINANCIAL INCOME (EXPENSES) (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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<tr>
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr>
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<tr style="background-color: #DCE6F1">
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<tr>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(142,296)</font></td>
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<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
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    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7,865
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<tr style="background-color: #DCE6F1">
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;921,310
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<tr>
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<tr style="background-color: #DCE6F1">
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DBE5F1">
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    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(3,852,882)</b></font></td></tr>
<tr style="background-color: white">
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    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,522,427)</b></font></td>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(3,365,162)</b></font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Statement
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    <td colspan="2" style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 6pt"><font style="font: 10pt Times New Roman, Times, Serif">Dollar-to-CDI
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    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">785,702</font></td></tr>
<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 6pt"><font style="font: 10pt Times New Roman, Times, Serif">Future
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    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(805,760)</font></td>
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<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 6pt"><font style="font: 10pt Times New Roman, Times, Serif">Dollar-to-euro
    swap (NDF)</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 6pt"><font style="font: 10pt Times New Roman, Times, Serif">Dollar-to-euro
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    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(6,467)</font></td>
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<tr style="background-color: #DCE6F1">
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 6pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(229)</b></font></td>
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    <td style="white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(812,227)</b></font></td>
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<tr>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 6pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
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    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(299)</font></td>
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<tr style="background-color: #DCE6F1">
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="white-space: nowrap; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(63)</font></td>
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<tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6775760288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>25. SEGMENT INFORMATION (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
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from 2013, the Company no longer proportionately consolidates the joint ventures MRS and CBSI. For segment information preparation
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presented. For consolidated profit reconciliation purposes, the amounts of these companies were eliminated in the column &#8220;Corporate
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Domestic
    market</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    7,818,552 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    829,268 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    238,240 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,416,612 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    407,671 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    487,129 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (2,491,006)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    8,706,466 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    market</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    5,140,471 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    3,791,703 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    885,961 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    9,818,135 </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
    Net Revenue (note 21)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    12,959,023 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    4,620,971 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    238,240 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,416,612 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    407,671 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    487,129 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    (1,605,045)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    18,524,601 </b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Cost
    of sales and services</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (10,537,547)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (3,005,840)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (156,997)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (1,024,696)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    (285,085)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    (512,762)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    1,926,786 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (13,596,141)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross
    profit</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,421,476 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,615,131 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    81,243 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    391,916 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    122,586 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    (25,633)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    321,741 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    4,928,460 </b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">General
    and administrative expenses</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (963,822)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (158,958)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (27,943)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (94,921)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    (27,098)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    (80,823)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    (877,383)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    (2,230,948)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Depreciation
    (note 22)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    658,587 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    490,805 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    15,752 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    294,571 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    17,265 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    121,801 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    (190,016)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    1,408,765 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    15,345 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    4,644,447 </b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    4,501,551 </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">North
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,009,337 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    2,009,337 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Latin
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    506,951 </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Europe</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    197,701 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    2,762,524 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Others</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    35,996 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,776 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    9,818,135 </b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    7,818,552 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    238,240 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,416,612 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    407,671 </b></font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    487,129 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    8,706,466 </b></font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total</b></font></td>
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    12,959,023 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    4,620,971 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    238,240 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,416,612 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    407,671 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    487,129 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    (1,605,045)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    18,524,601 </b></font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="width: 28%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>P&#38;L</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Steel</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Mining&#160;</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Energy</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cement</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Port</b></font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Railroads</b></font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 1.5pt; padding-left: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; padding-right: 1.5pt; padding-left: 1.5pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Metric
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    36,983,297 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    2,814,476 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (4,062,774)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
    revenues</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Domestic
    market</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    6,980,087 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    542,028 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    207,722 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,319,907 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    269,095 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    490,608 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (2,079,534)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    7,729,913 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Foreign
    market</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    4,535,821 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    4,039,875 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    843,340 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    9,419,036 </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Total
    Net Revenue (note 21)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    11,515,908 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    4,581,903 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    207,722 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,319,907 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    269,095 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    490,608 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
    (1,236,194)</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    17,148,949 </b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Cost
    of sales and services</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (9,393,237)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (3,099,236)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (141,542)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (914,361)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    (195,994)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    (467,373)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    1,571,701 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;
    (12,640,042)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross
    profit</b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,122,671 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,482,667 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    66,180 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    405,546 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    73,101 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    23,235 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    335,507 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    4,508,907 </b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td colspan="2" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">General
    and administrative expenses</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (914,927)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (185,149)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (25,180)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    (83,020)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    (25,196)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
    (74,528)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
    (907,128)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;
    (2,215,128)</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Depreciation
    (note 22)</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    679,074 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    461,287 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    13,430 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    227,792 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    17,140 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    73,030 </font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,758,805 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    550,318 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    65,045 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    21,737 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    4,074,940 </b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    4,393,868 </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">North
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,891,865 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    1,891,865 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Latin
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    259,640 </font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Europe</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    2,324,580 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    434,378 </font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;
    2,758,958 </font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-attachment: scroll; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;
    9,419,036 </b></font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    6,980,087 </b></font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    269,095 </b></font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
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    11,515,908 </b></font></td>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    207,722 </b></font></td>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    1,319,907 </b></font></td>
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    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    269,095 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;
    490,608 </b></font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;
    17,148,949 </b></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: top; width: 1%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; width: 8%; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: top; width: 1%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>101,557</b>&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>(8,346)</b>&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(955,247)&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(69,602)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(20,473)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(89,678)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(23,186)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(72,894)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(669,441)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(1,900,521)&#160;</font></td></tr>
<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(182,687)&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 8%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; background-color: #DCE6F1; font: 8pt Times New Roman, Times, Serif">
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<tr style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 10pt"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">(*)
The ore sales volumes presented in this note take into consideration Company sales and the interest in its subsidiaries and joint
ventures .</font></p>



<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfSegmentEbitdaAndAdjustedEbitdaTableTextBlock', window );">EBITDA and Adjusted EBITDA</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As
required by IFRS 8, the table below shows the reconciliation of the measurement used by the chief operating decision maker with
the results determined using the accounting practices:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 16%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017
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    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016
    </b></font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Net
    income (loss) for the year</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">111,229</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(853,058)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,215,964)</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Result
    from Discontinued Operations</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,561</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,911)</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Depreciation/Amortization/Depletion
    (Note 22)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,408,765</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,278,816</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,130,869</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Income
    tax and social contribution (Note 14)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">409,109</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">266,546</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,903,216</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Financial
    income (cost) (Note 24)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,463,627</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,522,427</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,365,162</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>EBITDA</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>4,392,730</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>3,224,292</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>6,181,372</b></font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Other
    operating (income) expenses (Note 23)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(177,342)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">413,221</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,269,156)</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Equity
    in results of affiliated companies</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(109,111)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(64,918)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,160,272)</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Proportionate
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">538,170</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: white">
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 7pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
The Company discloses its adjusted EBITDA net of its share of investments and other operating income (expenses) because it understands
that these should not be included in the calculation of recurring operating cash generation.</font></p><span></span>
</td>
</tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6811114528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EmployeeBenefitsTablesAbstract', window );"><strong>Employee Benefits Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfActuarialEmployeeBenefitAssetsAndLiabilitiesTableTextBlock', window );">Actuarial employee benefit assets and liabilities</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
actuarial calculations are updated at the end of each annual reporting period by outside actuaries and presented in the financial
statements pursuant to IAS 19 Employee Benefits.</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td nowrap="nowrap" style="width: 42%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Actuarial
    asset</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Actuarial
    liabilities</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Pension
    plan benefits (Note 9 and 15)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(111,281)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(119,854)
    </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;41,937
    </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;28,004
    </font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Post-employment
    healthcare benefits</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;866,784
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;691,262
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(111,281)</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(119,854)
    </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;908,721
    </b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;719,266
    </b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfReconciliationOfEmployeeBenefitsAssetsAndLiabilitiesTableTextBlock', window );">Reconciliation of employee benefits' assets and liabilities</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
reconciliation of employee benefits&#8217; assets and liabilities is as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 69%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 14%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Present
    value of defined benefit obligation</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,077,849
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,872,442</font></td></tr>
<tr>
    <td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Fair
    value of plan assets</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,305,356)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,193,493)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Deficit
    (Surplus)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(227,507)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(321,051)</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Restriction
    to actuarial assets due to recovery limitation</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">158,163
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">229,201</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Liabilities
    (Assets), net</b></font></td>
    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(69,344)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(91,850)</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Liabilities</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">41,937
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">28,004</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Assets</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(111,281)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(119,854)</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(Assets)
    liabilities recognized in the balance sheet</b></font></td>
    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(69,344)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(91,850)</b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfChangesInPresentValueOfDefinedBenefitObligationTableTextBlock', window );">Changes in present value of the defined benefit obligation</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
movement in the present value of the defined benefit obligation during 2017 is as follows:</font></p>

<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 62%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 23%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Present
    value of obligations at the beginning of the year</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,872,442
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,430,381
    </b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Cost
    of service</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,285
    </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,244
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Interest
    cost</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;322,359
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;311,361
    </font></td></tr>
<tr style="vertical-align: bottom">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Benefits
    paid</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(284,777)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(264,287)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Actuarial
    loss/(gain)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;166,540
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;393,743
    </font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Present
    value of obligations at the end of the year</b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,077,849
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,872,442
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</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfChangesInFairValueOfPlanAssetsTableTextBlock', window );">Changes in fair value of the plan assets</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
movement in the fair value of the plan assets during 2017 is as follows:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 70%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair
    value of plan assets at the beginning of the year</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,193,493)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,684,736)</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Interest
    income</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(360,013)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(345,521)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Benefits
    paid</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;284,777
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;264,287
    </font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Expected
    return on plan assets (less interest income)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(36,627)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(427,523)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair
    value of plan assets at the end of the year</b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,305,356)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,193,493)</b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfEmployeeBenefitsRecognizedInIncomeStatementTableTextBlock', window );">Employee benefits recognized in the income statement</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
amounts recognized in the income statement for the year ended December 31, 2017 and 2016 are comprised as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 55%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 12%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="vertical-align: top; width: 4%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Cost
    of current service</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,285
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,244</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,807</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Interest
    cost</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;322,359
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">311,361</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">293,533</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Expected
    return on plan assets</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;(360,013)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">(345,521)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">(322,460)</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Interest
    on the asset ceiling effect</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;26,843
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">22,189</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">18,422</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,526)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(10,727)</b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(8,698)</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total
    unrecognized costs (income) (*)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;6
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">7</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">4</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Total
    (income) recognized in the income statement</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,532)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">(10,734)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">(8,702)</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total
    (income), net (*)</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(9,526)</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(10,727)</b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>(8,698)</b></font></td></tr>
</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
Effect of the limit of IAS 19 <i>Employee Benefits.</i></font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfChangesInActuarialGainsAndLossesTableTextBlock', window );">Changes in actuarial gains and losses</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
movement in the actuarial gains and losses in 2017 is as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 56%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 10%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 18%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="background-color: #DCE6F1; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Actuarial
    losses and (gains)</font></td>
    <td nowrap="nowrap" style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;166,540
    </b></font></td>
    <td nowrap="nowrap" style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>393,743
    </b></font></td>
    <td style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(137,859)</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Return
    on plan assets (less interest income)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(36,627)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(427,523)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">147,728
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Change
    in the asset&#8217;s limit (excluding the interest revenue)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(97,882)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">41,796
    </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,208)</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,031
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>8,016
    </b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>5,661
    </b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Actuarial
    losses and (gains) recognized in other comprehensive income</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,037
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,023
    </font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,665
    </font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Unrecognized
    actuarial (gains) </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(6)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(7)</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total
    cost of actuarial losses and (gains) (*)</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,031
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>8,016
    </b></font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>5,661
    </b></font></td></tr>
</table>
<p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">(*)
Actuarial (gain)/loss results from the fluctuation in the investments comprised in the CBS&#8217;s asset portfolio.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfBreakdownOfActuarialGainsOrLossesTableTextBlock', window );">Breakdown of actuarial gains or losses</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Breakdown
of actuarial gains or losses, required by IAS 19:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 74%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 26%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Loss
    due to change in demographic assumptions</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(3,488)</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Loss
    due to change in financial assumptions </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;264,638
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Loss
    due to experience adjustments</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(94,610)</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Return
    on plan assets (less interest income)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(36,627)</font></td></tr>
<tr style="background-color: #DBE5F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Change
    in the asset&#8217;s limit (excluding the interest revenue)</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(97,882)</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Actuarial
    losses and (gains)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;32,031
    </b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfActuarialAssumptionsUsedTableTextBlock', window );">Actuarial assumptions used</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
main actuarial assumptions used were as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 38%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 34%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Actuarial
    financing method</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Projected
    unit credit</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Projected
    unit credit</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Functional
    currency</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Real
    (R$)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Real
    (R$)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Recognition
    of plan assets</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Fair
    value</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Fair
    value</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Nominal
    discount rate</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Mil&#234;nnium
    Plan : 10.42% Plan 35%: 10.30% and Supplementation: 10.32%</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Milenium
                                         Plan: 11.68%,</font></p>
        <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">Plan
        35% and Suplementation: 11.72%</font></p></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Inflation
    rate</font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.00%</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">5.50%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Nominal
    salary increase rate</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.05%</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">6.56%</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Nominal
    benefit increase rate</font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.00%</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">5.50%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Rate
    of return on investments</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Mil&#234;nnium
    Plan: 10.42% Plan 35% :10.30% and Supplementation: 10.32%</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Milenium
                                         Plan: 11.68%,</font></p>
        <p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Plan
        35% and Suplementation: 11.72%</font></p></td></tr>
<tr>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">General
    mortality table</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">35%
    and Average Salary Supplementation&#160;&#160;Plans :&#160;&#160;AT 2000 segregated by gender (10% smoothed)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Milenium
    Plan, 35% and Average Salary Supplementation Plans: AT 2000 segregated by gender (10% smoothed)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Disability
    table</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Plan
    35% and Supplementation: Light M&#233;dia Mill&#234;nnium Plan: Prudential ( retirement)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Light
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<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Disability
    mortality table</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Winklevoss
    - 1%</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Winklevoss
    - 1%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Turnover
    table</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Millennium
    plan 5% p.a., nil for DB plans</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Millennium
    plan 5% p.a., nil for DB plans</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Retirement
    age</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">100%
    on the first date he/she becomes eligible for programmed retirement benefit under the plan</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">100%
    on the first date he/she becomes eligible for programmed retirement benefit under the plan</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Household
    of active participants</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">95%
    will be married at the time of retirement, with the wife being 4 years younger than the husband</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">95%
    will be married at the time of retirement, with the wife being 4 years younger than the husband</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfAverageLifeExpectancyTableTextBlock', window );">Average life expectancy</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">These
tables represent an average life expectancy in years of employees who retire at the age of 65, as shown below:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr>
    <td style="width: 34%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 16%; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>BD
    Plan (*)</b></font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Mil&#234;nio
    Plan (*)</b></font></td>
    <td style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 10%; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>BD
    Plan (*)</b></font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Mil&#234;nio
    Plan (*)</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Longevity
    at age of 65 for current participants</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Male</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20.45
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">19.55
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20.45
    </font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Female</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23.02
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23.02
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22.17
    </font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Longevity
    at age of 65 for current participants who are 40</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Male</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">42.69
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">41.59
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">42.69
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">41.59
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Female</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46.29
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">46.29
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    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">45.30
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</table>
<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 7pt/116% Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">(*)
The BD Plan is part of the 35% and Average Salary Supplementation Plan and the Mil&#234;nio Plan is part of the Mixed Supplementary
Benefit Plan.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfAllocationOfPlanAssetsTableTextBlock', window );">Allocation of plan assets</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Allocation
of plan assets:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 34%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Variable
    income</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;50,966
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.54%</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;62,904
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.97%</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Fixed
    income</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,085,783
    </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">93.36%</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,966,272
    </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">92.88%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Real
    estate</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;44,083
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.33%</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;42,383
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.33%</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Others</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;124,524
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.77%</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;121,934
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.82%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,305,356
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>100.00%</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,193,493
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>100.00%</b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfQuantitativeSensitivityAnalysisRegardingSignificantAssumptionsForPensionPlansTableTextBlock', window );">Quantitative sensitivity analysis regarding the significant assumptions for the pension plans</a></td>
<td class="text"><p style="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
quantitative sensitivity analysis regarding the significant assumptions for the pension plans as of December 31, 2017 is as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 8pt/116% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017
</b></font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Plan
    covering 35% of the average salary</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average
    salary supplementation plan</b></font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Mixed
    supplementary benefit plan (Mil&#234;nio Plan) </b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:
    Discount rate</b></font></td>
    <td nowrap="nowrap" style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Sensitivity
    level</b></font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-0.5%</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-0.5%</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-0.5%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
    on current service cost and on interest on actuarial obligations</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">246
    </font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(320)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">879
    </font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(919)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(656)</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">491
    </font></td></tr>
<tr>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
    on present value of obligations</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(15,691)</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,342
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(75,107)</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">82,773
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(46,256)</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">49,545
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:
    Salary growth</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Sensitivity
    level</b></font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-0.5%</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-0.5%</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-0.5%</font></td></tr>
<tr>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
    on current service cost and on interest on actuarial obligations</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">330
    </font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(283)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
    on present value of obligations</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,588
    </font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,221)</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Sensitivity
    level</b></font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-0.5%</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-0.5%</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-0.5%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
    on current service cost and on interest on actuarial obligations</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,799
    </font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,646)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,896
    </font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(8,120)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,555
    </font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,993)</font></td></tr>
<tr>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
    on present value of obligations</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">17,563
    </font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(16,073)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">86,537
    </font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(79,006)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">53,031
    </font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(47,660)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:
    Benefit adjustment</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Sensitivity
    level</b></font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.0%</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-1.0%</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.0%</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-1.0%</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.0%</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-1.0%</font></td></tr>
<tr>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
    on current service cost and on interest on actuarial obligations</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,045)</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,041
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,623)</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,564
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(894)</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">904
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 14pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
    on present value of obligations</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10,158)</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,116
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(44,773)</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">44,205
    </font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(9,417)</font></td>
    <td nowrap="nowrap" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,425
    </font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfForecastBenefitPaymentsOfDefinedBenefitPlansTableTextBlock', window );">Forecast benefit payments of the defined benefit plans</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
forecast benefit payments of the defined benefit plans for future years are as follows:</font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Forecast
    benefit payments</b></font></td>
    <td nowrap="nowrap" style="width: 23%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 24%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017
    </b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Year
    1</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;276,660
    </font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Year
    2</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;285,841
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Year
    3</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;294,923
    </font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Year
    4</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;303,858
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Year
    5</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;312,591
    </font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Next
    5 years</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;1,682,216
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total
    forecast payments</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;3,156,089
    </b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfPostEmploymentHealthCarePlanAmountsTableTextBlock', window );">Post-employment health care plan amounts</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
amounts recognized in the balance sheet were determined as follows:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 67%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 16%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Present
    value of obligations</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;866,784
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;691,262
    </font></td></tr>
<tr>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Liabilities</b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;866,784
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;691,262
    </b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfReconciliationOfHealthcareLiabilitiesTableTextBlock', window );">Reconciliation of the healthcare liabilities</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
reconciliation of the healthcare liabilities is as follows:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 67%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 3%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 15%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Actuarial
    liability at the beginning of the year</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">691,262
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">489,074</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Expenses
    recognized in income for the year</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">77,269
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">62,342</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Sponsor's
    contributions transferred in prior year</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">(72,192)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">(70,411)</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Recognition
    of loss/(gain) for the year </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">170,445
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8pt"><font style="font: 10pt Times New Roman, Times, Serif">210,257</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Actuarial
    liability at the end of the year </b></font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>866,784
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; text-indent: 8.05pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>691,262</b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfActuarialGainsAndLossesRecognizedInShareholdersEquityTableTextBlock', window );">Actuarial gains and losses recognized in shareholders' equity</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
actuarial gains and losses recognized in shareholders' equity are as follows:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 59%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 14%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 11%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;Actuarial
    gain (loss) on obligation&#160;&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;170,445
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">210,257</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(97,501)</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;Gain
    (loss) recognized in shareholders' equity&#160;&#160;</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;170,445
    </b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>210,257</b></font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>(97,501)</b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfWeightedAverageLifeExpectancyTableTextBlock', window );">Weighted average life expectancy</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
weighted average life expectancy based on the mortality table used to determined actuarial obligations is as follows:</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 72%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Longevity
    at age of 65 for current participants</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Male</font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;19.55
    </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;19.55
    </font></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Female</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22.17
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;22.17
    </font></td></tr>
<tr>
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Longevity
    at age of 65 for current participants who are 40</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: white">
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Male</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;41.59
    </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;41.59
    </font></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Female</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;45.30
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;45.30
    </font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfActuarialAssumptionsUsedForCalculatingPostEmploymentHealthcareBenefitsTableTextBlock', window );">Actuarial assumptions used for calculating postemployment healthcare benefits</a></td>
<td class="text"><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The
actuarial assumptions used for calculating postemployment healthcare benefits were:</font></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="vertical-align: bottom; width: 51%; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 24%; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 24%; border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #DCE6F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Biometrics</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">General
    mortality table</font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">AT
    2000 segregated by gender</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: -2.8pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">AT
    2000 segregated by gender</font></td></tr>
<tr>
    <td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Disability
    moratality table</font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Winklevoss
    with death probabilities reduced by 1% in all ages</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Winklevoss
    with death probabilities reduced by 1% in all ages</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Financial</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Actuarial
    nominal discount rate</font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10.34%</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="background-color: #DCE6F1">
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Inflation</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.00%</font></td>
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    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.50%</font></td></tr>
<tr>
    <td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Nominal
    increase in medical cost based on age</font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%
    - 3.00%real a.a</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%
    - 3.00%real a.a</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Nominal
    medical costs growth rate</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8.41%</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
    <td style="vertical-align: bottom; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Average
    medical cost</font></td>
    <td nowrap="nowrap" style="background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,001.69</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">698,57
    </font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfQuantitativeSensitivityAnalysisRegardingSignificantAssumptionsForPostEmploymentHealthcarePlansTableTextBlock', window );">Quantitative sensitivity analysis regarding the significant assumptions for the postemployment healthcare plans</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
quantitative sensitivity analysis regarding the significant assumptions for the postemployment healthcare plans as of December
31, 2017 is as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td nowrap="nowrap" style="width: 48%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 25%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 25%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Healthcare
    Plan</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:
    Discount rate</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Sensitivity
    level</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.5%</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-0.5%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" colspan="2" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Effect
    on current service cost and on interest on actuarial obligations</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">248</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;660
    </font></td></tr>
<tr>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 16pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
    on present value of obligations</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(33,996)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;36,985
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:
    Medical Inflation</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Sensitivity
    level</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.0%</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-1.0%</font></td></tr>
<tr>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 16pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
    on current service cost and on interest on actuarial obligations</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;8,150
    </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(6,698)</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Effect
    on present value of obligations</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;78,813
    </font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(67,670)</font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" colspan="2" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assumption:
    Mortality table</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Sensitivity
    level</b></font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.0%</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">-1.0%</font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 16pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
    on current service cost and on interest on actuarial obligations</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(2,059)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;2,040
    </font></td></tr>
<tr>
    <td style="padding-right: 3.5pt; padding-left: 3.5pt; text-indent: 16pt"><font style="font: 10pt Times New Roman, Times, Serif">Effect
    on present value of obligations</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(19,906)</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;19,728
    </font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfForecastBenefitPaymentsOfPostEmploymentHealthcarePlansTableTextBlock', window );">Forecast benefit payments of the postemployment healthcare plans</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
forecast benefit payments of the postemployment healthcare plans for future years are as follows:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td nowrap="nowrap" style="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Forecast
    benefit payments</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 33%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2017</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Year
    1</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;75,009
    </font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Year
    2</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;78,161
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Year
    3</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;81,121
    </font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Year
    4</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;83,850
    </font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Year
    5</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;86,296
    </font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Next
    5 years</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;456,301
    </font></td></tr>
</table>
<p style="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="width: 38%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total
    forecast payments</b></font></td>
    <td nowrap="nowrap" style="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 26%; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;860,738
    </b></font></td></tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_EmployeeBenefitsTablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_EmployeeBenefitsTablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfActuarialAssumptionsUsedForCalculatingPostEmploymentHealthcareBenefitsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfActuarialAssumptionsUsedForCalculatingPostEmploymentHealthcareBenefitsTableTextBlock</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfActuarialAssumptionsUsedTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfActuarialAssumptionsUsedTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfActuarialEmployeeBenefitAssetsAndLiabilitiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfActuarialEmployeeBenefitAssetsAndLiabilitiesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfActuarialGainsAndLossesRecognizedInShareholdersEquityTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfActuarialGainsAndLossesRecognizedInShareholdersEquityTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfAllocationOfPlanAssetsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfAllocationOfPlanAssetsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfAverageLifeExpectancyTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfAverageLifeExpectancyTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfBreakdownOfActuarialGainsOrLossesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfBreakdownOfActuarialGainsOrLossesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfChangesInActuarialGainsAndLossesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfChangesInActuarialGainsAndLossesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfChangesInFairValueOfPlanAssetsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfChangesInFairValueOfPlanAssetsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfChangesInPresentValueOfDefinedBenefitObligationTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfChangesInPresentValueOfDefinedBenefitObligationTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfEmployeeBenefitsRecognizedInIncomeStatementTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfEmployeeBenefitsRecognizedInIncomeStatementTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfForecastBenefitPaymentsOfDefinedBenefitPlansTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfForecastBenefitPaymentsOfDefinedBenefitPlansTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfForecastBenefitPaymentsOfPostEmploymentHealthcarePlansTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfForecastBenefitPaymentsOfPostEmploymentHealthcarePlansTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfPostEmploymentHealthCarePlanAmountsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfPostEmploymentHealthCarePlanAmountsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfQuantitativeSensitivityAnalysisRegardingSignificantAssumptionsForPensionPlansTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfQuantitativeSensitivityAnalysisRegardingSignificantAssumptionsForPensionPlansTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfQuantitativeSensitivityAnalysisRegardingSignificantAssumptionsForPostEmploymentHealthcarePlansTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6776837568">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>27. COMMITMENTS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
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<tr class="ro">
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<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>

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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">877,288</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">854,609</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">732,391</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,602,687</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">621,551</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">563,743</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">246,624</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">36,159</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">36,159</font></td>
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<tr style="background-color: #CCCCFF">
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,012
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">31,563</font></td></tr>
<tr>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,665</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">23,783</font></td></tr>
<tr>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,580,989</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,582,099</b></font></td>
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>1,148,042
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>925,124
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    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfMinimumFuturePaymentsRelatedToGovernmentConcessionsTableTextBlock', window );">Minimum future payments related to government concessions</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Minimum
future payments related to government concessions as of December 31, 2017 fall due according to the schedule set out in the following
table:</font></p>

<p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="width: 11%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Concession</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; width: 30%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Type
    of service</b></font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2018</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2019</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 7%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2020</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>2021</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 8%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>After
    2021</b></font></td>
    <td nowrap="nowrap" style="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 8%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">FTL
    (Ferrovia Transnordestina Log&#237;stica)</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">30-year
    concession granted on December 31, 1997, renewable for another 30 years, to develop public service and operating the railway
    system in northeastern Brazil. The northeastern railway system covers 4238 kilometers of railway network and operates in Maranh&#227;o,
    Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">9,069</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">9,069</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">9,069</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">9,069</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">54,414</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>90,690</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Tecar</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Concession
    to operate the TECAR, a solid bulk terminal, one of the four terminals that make up the Port of Itaguai, located in Rio de
    Janeiro. The concession was renewable and the agreement expires in 2047.</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">107,296</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">107,296</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">107,296</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">107,296</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">2,789,696</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>3,218,880</b></font></td></tr>
<tr style="background-color: #DCE6F1">
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Tecon</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">25-year
    concession started in July 2001. On May 10, 2017,, was approved the Decree n&#186; 9,048, which changes de concession extension
    period for port operations. It was established that the requested extension period, added to the initial period, cannot exceed
    70 years.&#160;&#160;&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">30,958</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">30,958</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">30,958</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">30,958</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">139,309</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>263,141</b></font></td></tr>
<tr>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>147,323</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>147,323</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>147,323</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>147,323</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>2,983,419</b></font></td>
    <td nowrap="nowrap" style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; border-top: Black 1pt solid; border-bottom: Black 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt"><p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p>
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        <p style="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></p></td></tr>
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</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfMinimumFuturePaymentsRelatedToGovernmentConcessionsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfMinimumFuturePaymentsRelatedToGovernmentConcessionsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfTakeOrPayContractsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfTakeOrPayContractsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>77
<FILENAME>R65.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6776987824">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>29. ADDITIONAL INFORMATION TO CASH FLOWS (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionalInformationToCashFlowsTablesAbstract', window );"><strong>Additional Information To Cash Flows Tables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SummaryOfAdditionalInformationRelatedToStatementOfCashFlowsTableTextBlock', window );">Additional information related to statement of cash flows</a></td>
<td class="text"><p style="font: 9pt/116% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
following table provides additional information on transactions related to the statement of cash flows:</font></p>

<p style="font: 10pt/116% Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
    <td nowrap="nowrap" style="vertical-align: bottom; width: 52%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 11%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 19%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="width: 14%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>Consolidated</b></font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2017</b></font></td>
    <td nowrap="nowrap" style="vertical-align: top; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2016</b></font></td>
    <td nowrap="nowrap" style="vertical-align: top; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="vertical-align: top; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>12/31/2015</b></font></td></tr>
<tr style="background-color: #DDEBF7">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Income
    tax and social contribution paid </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">268,847
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">456,227</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">134,920</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Addition
    to PP&#38;E with interest capitalization (note 9 and 24)</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">91,957
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">215,794</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">166,366</font></td></tr>
<tr style="background-color: #DDEBF7">
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Acquisition
    of fixed assets through loans.</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,265
    </font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,437</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">566,413</font></td></tr>
<tr style="background-color: white">
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Capitalization
    in subsidiaries without cash </font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20,264</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,229</font></td></tr>
<tr style="background-color: #DDEBF7">
    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>385,333
    </b></font></td>
    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>679,458</b></font></td>
    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td nowrap="nowrap" style="border-bottom: Black 2.25pt double; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>870,928</b></font></td></tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AdditionalInformationToCashFlowsTablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AdditionalInformationToCashFlowsTablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SummaryOfAdditionalInformationRelatedToStatementOfCashFlowsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SummaryOfAdditionalInformationRelatedToStatementOfCashFlowsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>78
<FILENAME>R66.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6816342544">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 1 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CSN Islands VII Corp.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Financial transactions<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 2 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CSN Islands XI Corp.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Financial transactions<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 3 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CSN Islands XII Corp.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Financial transactions<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 4 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">CSN Minerals S.L.U.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Equity interests<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 5 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">CSN Export Europe, S.L.U.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Financial transactions and Equity interests<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 6 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">CSN Metals S.L.U.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Equity interests and Financial transactions <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 7 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">CSN Americas S.L.U.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">Equity interests and Financial transactions <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 8 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CSN Steel S.L.U.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Equity interests and Financial transactions <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 9 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">TdBB S.A<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">Equity interests<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 10 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sepetiba Tecon S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99.99%<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Port services<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 11 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Min&#233;rios Nacional  S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99.99%<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Mining and Equity interests<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 12 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Companhia Florestal do Brasil<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99.99%<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Reforestation<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 13 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Estanho de Rond&#244;nia S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99.99%<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Tin Mining <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 14 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Companhia Metal&#250;rgica Prada<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99.99%<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Manufacture of containers and distribution of steel products<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 15 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">CSN Gest&#227;o de Recursos Financeiros Ltda.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">99.99%<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">Management of funds and securities portfolio<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 16 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CSN Minera&#231;&#227;o S.A. <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">87.52%<span></span>
</td>
<td class="nump">87.52%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Mining and Equity interests<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 17 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">CSN Energia S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">99.99%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">Sale of electric power<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 18 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">FTL - Ferrovia Transnordestina Log&#237;stica S.A. <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">90.78%<span></span>
</td>
<td class="nump">90.78%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Railroad logistics<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 19 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Nordeste Log&#237;stica S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99.99%<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Port services<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Subsidiary 20 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">CGPAR - Constru&#231;&#227;o Pesada S.A. (3)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">Mining support services and Equity interests<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Joint Operation 1 | Proportionate Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfJointOperation', window );">Joint operations name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">It&#225; Energ&#233;tica S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointOperation', window );">Interest in joint operations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">48.75%<span></span>
</td>
<td class="nump">48.75%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Electric power generation<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Joint Operation 2 | Proportionate Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfJointOperation', window );">Joint operations name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Cons&#243;rcio da Usina Hidrel&#233;trica de Igarapava<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointOperation', window );">Interest in joint operations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">17.92%<span></span>
</td>
<td class="nump">17.92%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Electric power generation<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Joint Venture 1 | Equity Method</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfJointVenture', window );">Joint ventures name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">MRS Logistica S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Interest in joint ventures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18.64%<span></span>
</td>
<td class="nump">18.64%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Railroad transportation<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Joint Venture 2 | Equity Method</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfJointVenture', window );">Joint ventures name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Aceros Del Orinoco S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Interest in joint ventures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">31.82%<span></span>
</td>
<td class="nump">31.82%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dormant company<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Joint Venture 3 | Equity Method</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfJointVenture', window );">Joint ventures name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Interest in joint ventures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">50.00%<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Equity interests and product sales and iron ore<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Joint Venture 4 | Equity Method</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfJointVenture', window );">Joint ventures name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Transnordestina Log&#237;stica S.A. <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Interest in joint ventures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">46.30%<span></span>
</td>
<td class="nump">49.02%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Railroad logistics<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Direct | Associate 1 | Equity Method</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfAssociate', window );">Associates name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Arvedi Metalfer do Brasil S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Interest in associates</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">20.00%<span></span>
</td>
<td class="nump">20.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Metallurgy Equity interests<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 1 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Companhia Sider&#250;rgica Nacional LLC<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Steel<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 2 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text">CSN Europe Lda.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text">Financial transactions, product sales and Equity interests<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 3 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text">CSN Ib&#233;ria Lda.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[5]</sup></td>
<td class="text">Financial transactions, product sales and Equity interests<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 4 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Lusosider Projectos Sider&#250;rgicos S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99.94%<span></span>
</td>
<td class="nump">99.94%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Equity interests and product sales<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 5 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Lusosider A&#231;os Planos, S. A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99.99%<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Steel and Equity interests<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 6 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CSN Resources S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Financial transactions and Equity interests<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 7 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">Companhia Brasileira de Latas<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">99.99%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">Sale of cans and containers in general and Equity interests<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 8 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Companhia de Embalagens Met&#225;licas MMSA <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99.67%<span></span>
</td>
<td class="nump">99.67%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Production and sale of cans and related activities<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 9 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Companhia de Embalagens Met&#225;licas - MTM <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99.67%<span></span>
</td>
<td class="nump">99.67%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Production and sale of cans and related activities<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 10 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CSN Steel Holdings 1, S.L.U. <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Financial transactions, product sales and Equity interests<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 11 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CSN Productos Sider&#250;rgicos S.L.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Financial transactions, product sales and Equity interests<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 12 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Stalhwerk Th&#252;ringen GmbH <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Production and sale of long steel and related activities<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 13 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">CSN Steel Sections UK Limited<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">Sale of long steel<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 14 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CSN Steel Sections Polska Sp.Z.o.o <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Financial transactions, product sales and Equity interests<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 15 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CSN Asia Limited <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Commercial representation<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 16 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="text">CSN Mining Holding, S.L<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="nump">87.52%<span></span>
</td>
<td class="nump">87.52%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[6]</sup></td>
<td class="text">Financial transactions, product sales and Equity interests<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 17 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CSN Mining GmbH <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">87.52%<span></span>
</td>
<td class="nump">87.52%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Financial transactions, product sales and Equity interests<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 18 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CSN Mining Asia Limited <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">87.52%<span></span>
</td>
<td class="nump">87.52%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Commercial representation<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 19 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Aceros M&#233;xico CSN <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Commercial representation,sale of steel and related activity<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 20 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="text">Lusosider Ib&#233;rica S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="nump">99.94%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="text">Steel, commercial and industrial activities and equity interests<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Subsidiary 21 | Full Consolidation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="text">CSN Mining Portugal, Unipessoal Lda.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Interest in subsidiaries</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="nump">87.52%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[7]</sup></td>
<td class="text">Sale and commercial representation<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_IndirectMember', window );">Indirect | Joint Venture 1 | Equity Method</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfJointVenture', window );">Joint ventures name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">MRS Logistica S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Interest in joint ventures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">16.30%<span></span>
</td>
<td class="nump">16.30%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Railroad transportation<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">On February 6, 2018, the Spanish commercial registry recognized the merger by absorption of the companies by CSN Steel, S.L.U., date from which the companies were considered legally extinct. In addition, before third parties and for the purposes of commercial law, the merger is retroactive to the date of December 28, 2017;</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">They are Dormant Companies, therefore they do not appear in the note 8.a, where is disclosed business information under the equity method and classified as available for sale.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Transfer of 1 share in August 2017;</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">Company sold to the CSN Mineracao and in August 2017 was incorporated by the same subsidiary;</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[5]</td>
<td style="vertical-align: top;" valign="top">Companies liquidated in July 2017;</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[6]</td>
<td style="vertical-align: top;" valign="top">New corporate name of Namisa International Minerios SLU, amended in September 2017;</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[7]</td>
<td style="vertical-align: top;" valign="top">Companies constituted in 2017;</td>
</tr>
</table></td></tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the nature of the entity's operations and principal activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 138<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_138_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The name of an associate. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_21_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The name of a joint operation. [Refer: Joint operations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_21_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NameOfJointVenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The name of a joint venture. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_21_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NameOfJointVenture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NameOfSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The name of a subsidiary. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 12<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_12_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 19B<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_19B_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NameOfSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in an associate attributable to the entity. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInAssociate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInJointOperation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a joint operation attributable to the entity. [Refer: Joint operations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInJointOperation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a joint venture attributable to the entity. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInJointVenture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_DirectMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_DirectMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_InterestMethodAxis=SID_FullConsolidationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_InterestMethodAxis=SID_FullConsolidationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries4Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries4Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries5Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries5Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries6Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries6Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries7Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries7Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries8Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries8Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries9Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries9Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries10Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries10Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries11Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries11Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries12Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries12Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries13Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries13Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries14Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries14Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries15Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries15Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries16Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries16Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries17Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries17Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries18Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries18Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries19Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries19Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries20Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries20Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_JointOperations1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_JointOperations1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_InterestMethodAxis=SID_ProportionateAndConsolidationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_InterestMethodAxis=SID_ProportionateAndConsolidationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_JointOperations2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_JointOperations2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_JointVentures1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_JointVentures1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_InterestMethodAxis=SID_EquityMethodMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_InterestMethodAxis=SID_EquityMethodMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_JointVentures2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_JointVentures2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_JointVentures3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_JointVentures3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_JointVentures4Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_JointVentures4Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Associates1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Associates1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_IndirectMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_IndirectMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries21Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_Subsidiaries21Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>79
<FILENAME>R67.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6811118800">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - Direct - Full Consolidation<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Exclusive Funds 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NameOfExclusiveFund', window );">Exclusive fund name</a></td>
<td class="text">Diplic II  - Private credit balanced mutual fund<span></span>
</td>
<td class="text">Diplic II  - Private credit balanced mutual fund<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ProportionOfOwnershipInterestInExclusiveFund', window );">Interest in exclusive fund</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="text">Investment fund<span></span>
</td>
<td class="text">Investment fund<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Exclusive Funds 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NameOfExclusiveFund', window );">Exclusive fund name</a></td>
<td class="text">Caixa V&#233;rtice - Private credit balanced mutual fund<span></span>
</td>
<td class="text">Caixa V&#233;rtice - Private credit balanced mutual fund<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ProportionOfOwnershipInterestInExclusiveFund', window );">Interest in exclusive fund</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="text">Investment fund<span></span>
</td>
<td class="text">Investment fund<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_DirectMember', window );">Exclusive Funds 3</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems', window );"><strong>Disclosure of subsidiaries [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NameOfExclusiveFund', window );">Exclusive fund name</a></td>
<td class="text">VR1 &#150; Private Credit balanced mutual fund<span></span>
</td>
<td class="text">VR1 &#150; Private Credit balanced mutual fund<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ProportionOfOwnershipInterestInExclusiveFund', window );">Interest in exclusive fund</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities', window );">Core business</a></td>
<td class="text">Investment fund<span></span>
</td>
<td class="text">Investment fund<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_NameOfExclusiveFund">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_NameOfExclusiveFund</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ProportionOfOwnershipInterestInExclusiveFund">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ProportionOfOwnershipInterestInExclusiveFund</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the nature of the entity's operations and principal activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 138<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_138_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_DirectMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_DirectMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_ExclusiveFunds1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_ExclusiveFunds1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_InterestMethodAxis=SID_FullConsolidationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_InterestMethodAxis=SID_FullConsolidationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_ExclusiveFunds2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_ExclusiveFunds2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_ExclusiveFunds3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInSubsidiariesAxis=SID_ExclusiveFunds3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>80
<FILENAME>R68.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6791302864">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr><th class="th" colspan="2">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServiceConcessionArrangementsAxis=SID_ServiceConcessionArrangements1Member', window );">Concession 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfServiceConcessionArrangementsLineItems', window );"><strong>Disclosure of detailed information about service concession arrangements [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NameOfServiceConcessionArrangement', window );">Concession name</a></td>
<td class="text">Sepetiba Tecon S.A. (TECON)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ConcessionsNet', window );">Net book value</a></td>
<td class="nump">R$ 313,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfServiceConcessionArrangement', window );">Classification in balance sheet</a></td>
<td class="text">Fixed assets intangible: software<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServiceConcessionArrangementsAxis=SID_ServiceConcessionArrangements2Member', window );">Concession 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfServiceConcessionArrangementsLineItems', window );"><strong>Disclosure of detailed information about service concession arrangements [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NameOfServiceConcessionArrangement', window );">Concession name</a></td>
<td class="text">Tecar<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ConcessionsNet', window );">Net book value</a></td>
<td class="nump">R$ 1,528,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfServiceConcessionArrangement', window );">Classification in balance sheet</a></td>
<td class="text">Fixed assets intangible: software<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServiceConcessionArrangementsAxis=SID_ServiceConcessionArrangements3Member', window );">Concession 3</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfServiceConcessionArrangementsLineItems', window );"><strong>Disclosure of detailed information about service concession arrangements [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NameOfServiceConcessionArrangement', window );">Concession name</a></td>
<td class="text">Ferrovia Transnordestina Log&#237;stica S.A. (FTL)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ConcessionsNet', window );">Net book value</a></td>
<td class="nump">R$ 230,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfServiceConcessionArrangement', window );">Classification in balance sheet</a></td>
<td class="text">Fixed assets<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServiceConcessionArrangementsAxis=SID_ServiceConcessionArrangements4Member', window );">Concession 4</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfServiceConcessionArrangementsLineItems', window );"><strong>Disclosure of detailed information about service concession arrangements [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NameOfServiceConcessionArrangement', window );">Concession name</a></td>
<td class="text">Transnordestina Log&#237;stica S.A. (TLSA)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ConcessionsNet', window );">Net book value</a></td>
<td class="nump">R$ 7,934,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfServiceConcessionArrangement', window );">Classification in balance sheet</a></td>
<td class="text">Investment<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ServiceConcessionArrangementsAxis=SID_ServiceConcessionArrangements5Member', window );">Concession 5</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfServiceConcessionArrangementsLineItems', window );"><strong>Disclosure of detailed information about service concession arrangements [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NameOfServiceConcessionArrangement', window );">Concession name</a></td>
<td class="text">MRS Log&#237;stica S.A. (MRS)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ConcessionsNet', window );">Net book value</a></td>
<td class="nump">R$ 3,428,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfServiceConcessionArrangement', window );">Classification in balance sheet</a></td>
<td class="text">Investment<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The amount of fixed and intangible assets is recognized in TLSA's financial statements. We recognize our interest in the net assets of TLSA under the equity method and our investment balance in TLSA as of December 31, 2017 was R$1,473,298.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">The amount of fixed and intangible assets is recognized in MRS's financial statements. We recognize our interest in the net assets of MRS by the equity method and our investment balance consolidated in MRS as of December 31, 2017 was R$ 1,325,032.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ConcessionsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ConcessionsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_NameOfServiceConcessionArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_NameOfServiceConcessionArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfServiceConcessionArrangement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the service concession arrangement. [Refer: Service concession arrangements [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name SIC<br> -Number 29<br> -IssueDate 2017-01-01<br> -Paragraph 6<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=SIC&amp;num=29&amp;date=2017-03-01&amp;anchor=para_6_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfServiceConcessionArrangement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfServiceConcessionArrangementsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfServiceConcessionArrangementsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ServiceConcessionArrangementsAxis=SID_ServiceConcessionArrangements1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ServiceConcessionArrangementsAxis=SID_ServiceConcessionArrangements1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ServiceConcessionArrangementsAxis=SID_ServiceConcessionArrangements2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ServiceConcessionArrangementsAxis=SID_ServiceConcessionArrangements2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ServiceConcessionArrangementsAxis=SID_ServiceConcessionArrangements3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ServiceConcessionArrangementsAxis=SID_ServiceConcessionArrangements3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ServiceConcessionArrangementsAxis=SID_ServiceConcessionArrangements4Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ServiceConcessionArrangementsAxis=SID_ServiceConcessionArrangements4Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6809210096">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NewIFRSsAxis=SID_NewIFRSs1Member', window );">Standard 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Disclosure of expected impact of initial application of new standards or interpretations [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TitleOfNewIFRS', window );">Standard</a></td>
<td class="text">IFRS 9 &#150; Financial Instruments<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfImpendingChangeInAccountingPolicy', window );">Main items introduced by the standard</a></td>
<td class="text"><p style="margin: 0pt"></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The standard retains but simplifies the combined
measurement model and establishes two main measurement categories of financial assets: amortized cost and fair value. The classification
basis depends on the entity business model and the characteristics of the financial asset&#8217;s contractual cash flow.</p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">IFRS 9 retains most of IAS 39 requirements
for financial liabilities. The main change refers to those cases where the fair value of the financial liabilities must be segregated
so that the fair value portion related to the entities credit risk is recognized in &#8220;other comprehensive income&#8221; and
not in profit or loss for the period.</p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The standard introduces an expected credit
loss model for the measurement of the impairment of financial assets. However, it is no longer necessary for a credit event to
have occurred before a credit loss is recognized. Finally, IFRS 9 introduces a new hedge accounting model that is designed to
be more closely aligned with how entities undertake risk management activities when hedging financial and non-financial risk exposures.</p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The requirements for derecognition of financial
assets and liabilities under IFRS 9 are carried forward from IAS 39.&#160;</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DateByWhichApplicationOfNewIFRSIsRequired', window );">Effective date</a></td>
<td class="text">Jan.  01,  2018<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NewIFRSsAxis=SID_NewIFRSs2Member', window );">Standard 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Disclosure of expected impact of initial application of new standards or interpretations [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TitleOfNewIFRS', window );">Standard</a></td>
<td class="text">IFRS15 &#150; Revenue from Contracts with Customers<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfImpendingChangeInAccountingPolicy', window );">Main items introduced by the standard</a></td>
<td class="text"><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This new standard introduces the principles
that an entity will apply to determine the revenue measurement and when such revenue shall be recognized.</p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">IFRS 15 replaces IAS 11 &#8211; <i>Construction
Contracts</i>, IAS 18 - <i>Revenue</i> and related interpretations.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DateByWhichApplicationOfNewIFRSIsRequired', window );">Effective date</a></td>
<td class="text">Jan.  01,  2018<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NewIFRSsAxis=SID_NewIFRSs3Member', window );">Standard 3</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Disclosure of expected impact of initial application of new standards or interpretations [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TitleOfNewIFRS', window );">Standard</a></td>
<td class="text">IFRS16 - Leases<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfImpendingChangeInAccountingPolicy', window );">Main items introduced by the standard</a></td>
<td class="text"><p style="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">This new standard defines the principles
for recognition, measurement, presentation and disclosure of leases and introduces a single model for the accounting of leases
in the balance sheet for the lessees. A lessee recognizes a right-of-use asset that represents his obligation to make lease payments.
Optional exemptions are available for short- term leases and low-value items. For lessors, accounting treatment remains practically
the same, with the classification of leases as operating leases or financial leases, and accounting for these two types of lease
differently. IFRS 16 replaces existing lease standards, including IAS 17 &#8211; L<i>easing Operations</i> and IFRIC 4, SIC 5
and SIC 27 &#8211; <i>Complementary Aspects of Leasing Operations</i>.</p><span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DateByWhichApplicationOfNewIFRSIsRequired', window );">Effective date</a></td>
<td class="text">Jan.  01,  2019<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NewIFRSsAxis=SID_NewIFRSs4Member', window );">Standard 4</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Disclosure of expected impact of initial application of new standards or interpretations [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TitleOfNewIFRS', window );">Standard</a></td>
<td class="text"><p>
IFRIC 22 &#150; Foreign Currency Transaction and Advance Consideration</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfImpendingChangeInAccountingPolicy', window );">Main items introduced by the standard</a></td>
<td class="text"><p style="margin: 0pt 0">The Interpretation covers foreign currency transactions (or part of them) when an entity recognizes a
non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration before the entity recognizes
the related asset, expense or income (or part of it).</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DateByWhichApplicationOfNewIFRSIsRequired', window );">Effective date</a></td>
<td class="text">Jan.  01,  2018<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NewIFRSsAxis=SID_NewIFRSs5Member', window );">Standard 5</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems', window );"><strong>Disclosure of expected impact of initial application of new standards or interpretations [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TitleOfNewIFRS', window );">Standard</a></td>
<td class="text">IFRIC 23 &#150; Uncertainty over Income Tax Treatments<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfImpendingChangeInAccountingPolicy', window );">Main items introduced by the standard</a></td>
<td class="text"><p style="margin: 0pt 0">Can be unclear how tax law applies to a particular transaction or circumstance. This interpretation complements
the IAS 12 &#8211; Income Tax, clarify how to reflect the effects of uncertainty over income tax treatments.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DateByWhichApplicationOfNewIFRSIsRequired', window );">Effective date</a></td>
<td class="text">Jan.  01,  2019<span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The date by which the entity is required to apply a new IFRS that has been issued but is not yet effective.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_31_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the nature of the impending change or changes in accounting policy due to a new IFRS that has been issued but is not yet effective.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_31_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The title of a new IFRS that has been issued but is not yet effective.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_31_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NewIFRSsAxis=SID_NewIFRSs3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NewIFRSsAxis=SID_NewIFRSs4Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NewIFRSsAxis=SID_NewIFRSs4Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NewIFRSsAxis=SID_NewIFRSs5Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NewIFRSsAxis=SID_NewIFRSs5Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>82
<FILENAME>R70.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777008080">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)<br></strong></div></th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>R$ / $ </div>
<div>R$ / &#8364;</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>R$ / $ </div>
<div>R$ / &#8364;</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_BRLPerUSDMember', window );">BRL/USD</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | R$ / $</a></td>
<td class="nump">3.3080<span></span>
</td>
<td class="nump">3.2591<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_BRLPerEURMember', window );">BRL/EUR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | R$ / &#8364;</a></td>
<td class="nump">3.9693<span></span>
</td>
<td class="nump">3.4384<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClosingForeignExchangeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The spot exchange rate at the end of the reporting period. Exchange rate is the ratio of exchange for two currencies. Spot exchange rate is the exchange rate for immediate delivery.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClosingForeignExchangeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CurrenciesAxis=SID_BRLPerUSDMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CurrenciesAxis=SID_BRLPerUSDMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CurrenciesAxis=SID_BRLPerEURMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CurrenciesAxis=SID_BRLPerEURMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>83
<FILENAME>R71.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6790476384">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>3. CASH AND CASH EQUIVALENTS (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BalancesWithBanks', window );">Cash and banks</a></td>
<td class="nump">R$ 193,702<span></span>
</td>
<td class="nump">R$ 502,480<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents', window );">Short-term investments</a></td>
<td class="nump">3,217,870<span></span>
</td>
<td class="nump">4,368,682<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">3,411,572<span></span>
</td>
<td class="nump">4,871,162<span></span>
</td>
<td class="nump">R$ 7,861,052<span></span>
</td>
<td class="nump">R$ 8,686,021<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=SID_BrazilMember', window );">Brazil</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents', window );">Short-term investments</a></td>
<td class="nump">656,625<span></span>
</td>
<td class="nump">1,408,636<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=SID_BrazilMember', window );">Brazil | Government securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents', window );">Short-term investments</a></td>
<td class="nump">12,100<span></span>
</td>
<td class="nump">17,929<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=SID_BrazilMember', window );">Brazil | Private securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents', window );">Short-term investments</a></td>
<td class="nump">644,525<span></span>
</td>
<td class="nump">1,390,707<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=SID_AbroadMember', window );">Abroad | Time deposits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents', window );">Short-term investments</a></td>
<td class="nump">R$ 2,561,245<span></span>
</td>
<td class="nump">R$ 2,960,046<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BalancesWithBanks">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash balances held at banks.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BalancesWithBanks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of cash equivalents representing short-term investments. [Refer: Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermInvestmentsClassifiedAsCashEquivalents</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_OtherEquitySecuritiesMember</td>
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<td><strong> Name:</strong></td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_TimeDepositsMember</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6771838704">
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<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>4. FINANCIAL INVESTMENTS (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 735,712<span></span>
</td>
<td class="nump">R$ 760,391<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_BankDepositCertificateMember', window );">CDB - Bank deposit certificate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Financial Investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">716,218<span></span>
</td>
<td class="nump">658,476<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_DebtSecuritiesMember', window );">Government securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentInvestments', window );">Financial Investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">R$ 19,494<span></span>
</td>
<td class="nump">R$ 101,915<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Financial investments linked to Bank Certificates of Deposit (CDBs), to be used as a collateral to a guarantee letter, of certain loans.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Financial investments in Public Securities (Financial Treasury Bills) managed by its exclusive funds. In 2016, in addition to the Financial Treasury Bills, the Company had a financial investment in Public Securities managed by its exclusive funds which were used as collateral for future CDI rate's contracts in the period as detailed in note 12 (b). These investments were settled in October 2017.</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_CurrentInvestments</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6791865232">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>5. TRADE RECEIVABLES (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 2,197,078<span></span>
</td>
<td class="nump">R$ 1,904,630<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">79,137<span></span>
</td>
<td class="nump">92,586<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeAndOtherReceivables', window );">Trade and other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,276,215<span></span>
</td>
<td class="nump">1,997,216<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_ThirdPartiesMember', window );">Third parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,273,669<span></span>
</td>
<td class="nump">1,947,575<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_ThirdPartiesMember', window );">Third parties | Domestic market</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,290,823<span></span>
</td>
<td class="nump">1,027,639<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_ThirdPartiesMember', window );">Third parties | Foreign market</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">982,846<span></span>
</td>
<td class="nump">919,936<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_AllowanceForDoubtfulAccountMember', window );">Allowance for doubtful accounts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(191,979)<span></span>
</td>
<td class="num">(172,782)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_SubtotalMember', window );">Subtotal</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,081,690<span></span>
</td>
<td class="nump">1,774,793<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_RelatedPartiesMember', window );">Related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Trade receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">115,388<span></span>
</td>
<td class="nump">129,837<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_DividendsReceivableMember', window );">Dividends receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">41,528<span></span>
</td>
<td class="nump">37,679<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_AdvancesToEmployeesMember', window );">Advances to employees</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">33,942<span></span>
</td>
<td class="nump">34,607<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_OtherReceivablesMember', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReceivables', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 3,667<span></span>
</td>
<td class="nump">R$ 20,300<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Refers mainly to dividends from CSN Mineracao S.A. totaling R$ 837,084 received in February 2018.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount receivable by the entity that it does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherReceivables</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeAndOtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of trade receivables and other receivables. [Refer: Trade receivables; Other receivables]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_h&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeAndOtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TradeReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount due from customers for goods and services sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_ThirdPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_ThirdPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=SID_DomesticMarketMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=SID_DomesticMarketMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=SID_ForeignMarketMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=SID_ForeignMarketMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_AllowanceForDoubtfulAccountMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_AllowanceForDoubtfulAccountMember</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_SubtotalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_SubtotalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_RelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_RelatedPartiesMember</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_DividendsReceivableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_DividendsReceivableMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_AdvancesToEmployeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_AdvancesToEmployeesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_OtherReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_OtherReceivablesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
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<tr>
<td><strong> Period Type:</strong></td>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>86
<FILENAME>R74.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6808802384">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>5. TRADE RECEIVABLES (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Trade receivables</a></td>
<td class="nump">R$ 2,197,078<span></span>
</td>
<td class="nump">R$ 1,904,630<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_ThirdPartiesMember', window );">Third parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Trade receivables</a></td>
<td class="nump">2,273,669<span></span>
</td>
<td class="nump">1,947,575<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_ThirdPartiesMember', window );">Third parties | Current</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Trade receivables</a></td>
<td class="nump">1,391,839<span></span>
</td>
<td class="nump">1,381,255<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_ThirdPartiesMember', window );">Third parties | Past-due up to 180 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Trade receivables</a></td>
<td class="nump">310,106<span></span>
</td>
<td class="nump">245,012<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_ThirdPartiesMember', window );">Third parties | Past-due over 180 days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TradeReceivables', window );">Trade receivables</a></td>
<td class="nump">R$ 571,724<span></span>
</td>
<td class="nump">R$ 321,308<span></span>
</td>
</tr>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount due from customers for goods and services sold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TradeReceivables</td>
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<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_ThirdPartiesMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_CurrentMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_PastDueUpTo180DaysMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_PastDueOver180DaysMember</td>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>87
<FILENAME>R75.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777259280">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>5. TRADE RECEIVABLES (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_TradeReceivablesAbstract', window );"><strong>Trade Receivables</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Allowance for doubtful debts, beginning</a></td>
<td class="num">R$ (172,782)<span></span>
</td>
<td class="num">R$ (151,733)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInOtherProvisions', window );">Estimated losses</a></td>
<td class="num">(36,697)<span></span>
</td>
<td class="num">(25,474)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherReversalsOfProvisions', window );">Recovery of receivables</a></td>
<td class="nump">17,500<span></span>
</td>
<td class="nump">4,425<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherProvisions', window );">Allowance for doubtful debts, ending</a></td>
<td class="num">R$ (191,979)<span></span>
</td>
<td class="num">R$ (172,782)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_TradeReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_TradeReceivablesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ChangesInOtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in other provisions. [Refer: Other provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2017-01-01<br> -Paragraph 84<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2017-03-01&amp;anchor=para_84&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ChangesInOtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of provisions other than provisions for employee benefits. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2017-01-01<br> -Paragraph 84<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2017-03-01&amp;anchor=para_84_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherReversalsOfProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of reversals of provisions that the entity does not separately disclose in the same statement or note. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 98<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_98_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherReversalsOfProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>88
<FILENAME>R76.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6789805248">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>5. TRADE RECEIVABLES (Details Narrative) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_TradeReceivablesDetailsNarrativeAbstract', window );"><strong>Trade Receivables Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_TradeReceivablesTransactionCosts', window );">Trade receivables transaction costs</a></td>
<td class="nump">R$ 181,972<span></span>
</td>
<td class="nump">R$ 263,644<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_TradeReceivablesDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_TradeReceivablesDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_TradeReceivablesTransactionCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_TradeReceivablesTransactionCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>89
<FILENAME>R77.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6791811152">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>6. INVENTORIES (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_InventoriesDetailsAbstract', window );"><strong>Inventories Details</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinishedGoods', window );">Finished goods</a></td>
<td class="nump">R$ 1,308,802<span></span>
</td>
<td class="nump">R$ 1,183,619<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WorkInProgress', window );">Work in progress</a></td>
<td class="nump">1,135,589<span></span>
</td>
<td class="nump">674,860<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RawMaterials', window );">Raw materials</a></td>
<td class="nump">1,050,588<span></span>
</td>
<td class="nump">1,124,158<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SpareParts', window );">Spare parts</a></td>
<td class="nump">814,725<span></span>
</td>
<td class="nump">824,478<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentOreStockpiles', window );">Iron ore</a></td>
<td class="nump">278,041<span></span>
</td>
<td class="nump">255,029<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAdvancesToSuppliers', window );">Advances to suppliers</a></td>
<td class="nump">12,514<span></span>
</td>
<td class="nump">3,168<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provision for losses</a></td>
<td class="num">(135,840)<span></span>
</td>
<td class="num">(101,176)<span></span>
</td>
<td class="num">R$ (111,427)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">R$ 4,464,419<span></span>
</td>
<td class="nump">R$ 3,964,136<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_InventoriesDetailsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_InventoriesDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAdvancesToSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current advances made to suppliers before goods or services are received.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAdvancesToSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentOreStockpiles">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of ore stockpiles. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 37<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentOreStockpiles</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinishedGoods">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of goods that have completed the production process and are held for sale in the ordinary course of business. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 37<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinishedGoods</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 68<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Provisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities of uncertain timing or the amount recognised when: (a) the entity has a present obligation (legal or constructive) as a result of a past event; (b) it is probable (ie more likely than not) that an outflow of resources embodying economic benefits will be required to settle the obligation; and (c) a reliable estimate can be made of the amount of the obligation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Provisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RawMaterials">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of assets to be consumed in the production process or in the rendering of services. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 37<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RawMaterials</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SpareParts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of interchangeable parts that are kept in an inventory and are used for the repair or replacement of failed parts. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 37<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SpareParts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WorkInProgress">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A classification of current inventory representing the amount of assets currently in production, which require further processes to be converted into finished goods or services. [Refer: Current finished goods; Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2017-01-01<br> -Paragraph 37<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=2&amp;date=2017-03-01&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WorkInProgress</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777011344">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>6. INVENTORIES (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_InventoriesDetails1Abstract', window );"><strong>Inventories Details 1</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provision for inventory losses, beginning</a></td>
<td class="num">R$ (101,176)<span></span>
</td>
<td class="num">R$ (111,427)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WritedownsReversalsOfInventories', window );">Reversal / (losses) for slow-moving and obsolescence</a></td>
<td class="num">(34,664)<span></span>
</td>
<td class="nump">10,251<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Provisions', window );">Provision for inventory losses, ending</a></td>
<td class="num">R$ (135,840)<span></span>
</td>
<td class="num">R$ (101,176)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_InventoriesDetails1Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_InventoriesDetails1Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Provisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities of uncertain timing or the amount recognised when: (a) the entity has a present obligation (legal or constructive) as a result of a past event; (b) it is probable (ie more likely than not) that an outflow of resources embodying economic benefits will be required to settle the obligation; and (c) a reliable estimate can be made of the amount of the obligation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Provisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WritedownsReversalsOfInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised resulting from the write-down of inventories to net realisable value or reversals of those write-downs. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 98<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_98_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WritedownsReversalsOfInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6809756000">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>7. OTHER CURRENT AND NON-CURRENT ASSETS (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentNonfinancialAssets', window );">Other current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 993,578<span></span>
</td>
<td class="nump">R$ 852,013<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentNonfinancialAssets', window );">Other non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,528,475<span></span>
</td>
<td class="nump">1,675,820<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_JudicialDepositsMember', window );">Judicial deposits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentNonfinancialAssets', window );">Other current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentNonfinancialAssets', window );">Other non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">339,351<span></span>
</td>
<td class="nump">331,258<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_CreditsWithThePGFNMember', window );">Credits with the PGFN</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentNonfinancialAssets', window );">Other current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentNonfinancialAssets', window );">Other non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">46,774<span></span>
</td>
<td class="nump">46,774<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_RecoverableTaxesMember', window );">Recoverable taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentNonfinancialAssets', window );">Other current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">866,986<span></span>
</td>
<td class="nump">780,715<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentNonfinancialAssets', window );">Other non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">401,071<span></span>
</td>
<td class="nump">386,872<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_PrepaidExpensesMember', window );">Prepaid expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentNonfinancialAssets', window );">Other current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">50,078<span></span>
</td>
<td class="nump">27,011<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentNonfinancialAssets', window );">Other non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30,741<span></span>
</td>
<td class="nump">20,421<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_ActuarialAssetRelatedPartyMember', window );">Actuarial asset - related party</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentNonfinancialAssets', window );">Other current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentNonfinancialAssets', window );">Other non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">111,281<span></span>
</td>
<td class="nump">119,854<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_DerivativeFinancialInstrumentsMember', window );">Derivative financial instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentNonfinancialAssets', window );">Other current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">2,298<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentNonfinancialAssets', window );">Other non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_SecuritiesHeldForTradingMember', window );">Securities held for trading</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentNonfinancialAssets', window );">Other current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,952<span></span>
</td>
<td class="nump">2,966<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentNonfinancialAssets', window );">Other non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_IronOreInventoryMember', window );">Iron ore inventory</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentNonfinancialAssets', window );">Other current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentNonfinancialAssets', window );">Other non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">144,499<span></span>
</td>
<td class="nump">144,499<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_NortheastInvestmentFundFINORMember', window );">Northeast Investment Fund - FINOR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentNonfinancialAssets', window );">Other current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentNonfinancialAssets', window );">Other non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">26,598<span></span>
</td>
<td class="nump">26,598<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_OtherReceivablesMember', window );">Other receivables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentNonfinancialAssets', window );">Other current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentNonfinancialAssets', window );">Other non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">20,024<span></span>
</td>
<td class="nump">15,291<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_LoansWithRelatedPartiesMember', window );">Loans with related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentNonfinancialAssets', window );">Other current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,441<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentNonfinancialAssets', window );">Other non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">554,694<span></span>
</td>
<td class="nump">479,960<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_OtherReceivablesFromRelatedPartiesMember', window );">Other receivables from related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentNonfinancialAssets', window );">Other current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,577<span></span>
</td>
<td class="nump">5,768<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentNonfinancialAssets', window );">Other non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30,770<span></span>
</td>
<td class="nump">32,020<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_MonetaryAdjustmentRelatedToTheEletrobrassCompulsoryLoanMember', window );">Monetary adjustment related to the Eletrobras's compulsory loan</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentNonfinancialAssets', window );">Other current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentNonfinancialAssets', window );">Other non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">755,151<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_OtherMember', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentNonfinancialAssets', window );">Other current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">67,544<span></span>
</td>
<td class="nump">33,255<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentNonfinancialAssets', window );">Other non-current assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 67,521<span></span>
</td>
<td class="nump">R$ 72,273<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Refers to the excess of judicial deposit originated by the 2009 REFIS (Tax Debt Refinancing Program). After the settlement of the tax debt refinancing program, the amount related to one of the lawsuits was fully redeemed through a judicial authorization.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Refers mainly to taxes on revenue (PIS/COFINS) and State VAT (ICMS) recoverable and income tax and social contribution for offset.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Long-term iron ore inventories that will be used after the construction of the processing plant, which will produce pellet feed, expected to start operating in the first half of 2020.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentNonfinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current non-financial assets that the entity does not separately disclose in the same statement or note. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentNonfinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentNonfinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current non-financial assets that the entity does not separately disclose in the same statement or note. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentNonfinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_JudicialDepositsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_JudicialDepositsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_CreditsWithThePGFNMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_CreditsWithThePGFNMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_RecoverableTaxesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_RecoverableTaxesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_PrepaidExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_PrepaidExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_ActuarialAssetRelatedPartyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_ActuarialAssetRelatedPartyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_DerivativeFinancialInstrumentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_DerivativeFinancialInstrumentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_SecuritiesHeldForTradingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_SecuritiesHeldForTradingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_IronOreInventoryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_IronOreInventoryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_NortheastInvestmentFundFINORMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_NortheastInvestmentFundFINORMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_OtherReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_OtherReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_LoansWithRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_LoansWithRelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_OtherReceivablesFromRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_OtherReceivablesFromRelatedPartiesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_MonetaryAdjustmentRelatedToTheEletrobrassCompulsoryLoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_MonetaryAdjustmentRelatedToTheEletrobrassCompulsoryLoanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_OtherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_OtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>92
<FILENAME>R80.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6776859312">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>8. INVESTMENTS (Details) - CGPAR<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems', window );"><strong>Disclosure of detailed information about business combination [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConsiderationPaidReceived', window );">Consideration paid</a></td>
<td class="nump">R$ 99,452<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate', window );">Net assets acquired at book value</a></td>
<td class="num">(64,063)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate', window );">Capital distribution</a></td>
<td class="num">R$ (35,389)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ConsiderationPaidReceived">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of consideration paid or received in respect of both obtaining and losing control of subsidiaries or other businesses. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 40<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_40_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ConsiderationPaidReceived</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for current assets acquired in a business combination. [Refer: Current assets; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount recognised as of the acquisition date for current liabilities assumed in a business combination. [Refer: Current liabilities; Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesRecognisedAsOfAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfBusinessCombinationsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfBusinessCombinationsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BusinessCombinationsAxis=SID_CGPARMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BusinessCombinationsAxis=SID_CGPARMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>93
<FILENAME>R81.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6819118176">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>8. INVESTMENTS (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 45,209,970<span></span>
</td>
<td class="nump">R$ 44,153,623<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,288,229<span></span>
</td>
<td class="nump">7,384,521<span></span>
</td>
<td class="nump">R$ 7,091,288<span></span>
</td>
<td class="nump">R$ 5,734,975<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(111,229)<span></span>
</td>
<td class="nump">853,058<span></span>
</td>
<td class="nump">R$ 1,215,964<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ClassifiedAsAvailableForSaleAbstract', window );"><strong>Classified as available for sale</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_Usiminas', window );">Usiminas</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,200,459<span></span>
</td>
<td class="nump">1,353,664<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_Panatlantica', window );">Panatlantica</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">21,974<span></span>
</td>
<td class="nump">20,604<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Classified as available for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,222,433<span></span>
</td>
<td class="nump">1,374,268<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ClassificationOfInvestmentsInBalanceSheetAbstract', window );"><strong>Classification of investments in the balance sheet</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_InvestmentsInAssets', window );">Investments in assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">22,894,885<span></span>
</td>
<td class="nump">22,703,508<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_InvestmentWithShortTermLiabilites', window );">Investment with short term liabilites</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (1,366,480)<span></span>
</td>
<td class="num">R$ (1,019,299)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries1Member', window );">Subsidiary 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CSN Islands VII Corp.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of common shares held by CSN</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">20,001,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 5,242,890<span></span>
</td>
<td class="nump">R$ 6,436,140<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,421,043<span></span>
</td>
<td class="nump">6,228,374<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(178,153)<span></span>
</td>
<td class="nump">207,766<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (385,919)<span></span>
</td>
<td class="nump">167,767<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries2Member', window );">Subsidiary 2</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">CSN Islands IX Corp.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">R$ (388)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries3Member', window );">Subsidiary 3</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CSN Islands XI Corp.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of common shares held by CSN</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">50,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 2,514,894<span></span>
</td>
<td class="nump">R$ 2,530,563<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,557,398<span></span>
</td>
<td class="nump">2,509,866<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(42,504)<span></span>
</td>
<td class="nump">20,697<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (63,201)<span></span>
</td>
<td class="num">R$ (1,295)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries4Member', window );">Subsidiary 4</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CSN Islands XII Corp.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of common shares held by CSN</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,540<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 2,166,682<span></span>
</td>
<td class="nump">R$ 2,244,240<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,312,505<span></span>
</td>
<td class="nump">3,263,539<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,145,823)<span></span>
</td>
<td class="num">(1,019,299)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (126,524)<span></span>
</td>
<td class="nump">R$ 75,787<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries5Member', window );">Subsidiary 5</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">CSN Minerals S.L.U.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 3,833,669<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,840<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,823,829<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">R$ 331,897<span></span>
</td>
<td class="num">R$ (927,265)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries6Member', window );">Subsidiary 6</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">CSN Export Europe, S.L.U.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 666,362<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30,077<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">636,285<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">R$ 22,600<span></span>
</td>
<td class="num">R$ (185,057)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries7Member', window );">Subsidiary 7</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">CSN Metals S.L.U.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 636,408<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20,668<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">615,740<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">R$ 23,188<span></span>
</td>
<td class="num">R$ (175,236)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries8Member', window );">Subsidiary 8</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">CSN Americas S.L.U.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 1,492,678<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,445<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,488,233<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">R$ 193,652<span></span>
</td>
<td class="num">R$ (220,412)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries9Member', window );">Subsidiary 9</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">CSN Steel S.L.U.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of common shares held by CSN</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">22,042,688<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">R$ 6,905,164<span></span>
</td>
<td class="nump">R$ 2,537,179<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">322,963<span></span>
</td>
<td class="nump">1,585,977<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">6,582,201<span></span>
</td>
<td class="nump">951,202<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">R$ 108,427<span></span>
</td>
<td class="nump">R$ 323,043<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries10Member', window );">Subsidiary 10</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sepetiba Tecon S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of common shares held by CSN</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">254,015,052<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99.99%<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 459,647<span></span>
</td>
<td class="nump">R$ 441,214<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">160,402<span></span>
</td>
<td class="nump">165,172<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">299,245<span></span>
</td>
<td class="nump">276,042<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 29,768<span></span>
</td>
<td class="nump">R$ 22,794<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries11Member', window );">Subsidiary 11</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Min&#233;rios Nacional  S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of common shares held by CSN</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">66,393,587<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99.99%<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 105,586<span></span>
</td>
<td class="nump">R$ 74,738<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">65,290<span></span>
</td>
<td class="nump">28,038<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">40,296<span></span>
</td>
<td class="nump">46,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (13,600)<span></span>
</td>
<td class="num">(12,548)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries12Member', window );">Subsidiary 12</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Fair Value - Min&#233;rios Nacional<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 2,123,507<span></span>
</td>
<td class="nump">R$ 2,123,507<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries13Member', window );">Subsidiary 13</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Estanho de Rond&#244;nia S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of common shares held by CSN</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">121,861,697<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99.99%<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 46,005<span></span>
</td>
<td class="nump">R$ 32,816<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">41,032<span></span>
</td>
<td class="nump">21,552<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,973<span></span>
</td>
<td class="nump">11,264<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (6,291)<span></span>
</td>
<td class="num">R$ (13,061)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries14Member', window );">Subsidiary 14</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Companhia Metal&#250;rgica Prada<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of common shares held by CSN</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">313,651,399<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99.99%<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 655,748<span></span>
</td>
<td class="nump">R$ 769,337<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">485,915<span></span>
</td>
<td class="nump">620,509<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">169,833<span></span>
</td>
<td class="nump">148,828<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (29,258)<span></span>
</td>
<td class="num">R$ (45,783)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries15Member', window );">Subsidiary 15</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CSN Minera&#231;&#227;o S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of common shares held by CSN</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">158,419,480<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">87.52%<span></span>
</td>
<td class="nump">87.52%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 14,273,290<span></span>
</td>
<td class="nump">R$ 13,039,767<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,620,137<span></span>
</td>
<td class="nump">4,943,090<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,653,153<span></span>
</td>
<td class="nump">8,096,677<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 767,568<span></span>
</td>
<td class="nump">R$ 580,146<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries16Member', window );">Subsidiary 16</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CSN Energia S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of common shares held by CSN</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">43,149<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99.99%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 146,130<span></span>
</td>
<td class="nump">R$ 109,290<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">55,030<span></span>
</td>
<td class="nump">39,654<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">91,100<span></span>
</td>
<td class="nump">69,636<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 56,987<span></span>
</td>
<td class="nump">R$ 26,240<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries17Member', window );">Subsidiary 17</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">FTL - Ferrovia Transnordestina Log&#237;stica S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of common shares held by CSN</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">395,302,149<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">90.78%<span></span>
</td>
<td class="nump">90.78%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 419,388<span></span>
</td>
<td class="nump">R$ 484,218<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">138,888<span></span>
</td>
<td class="nump">126,334<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">280,500<span></span>
</td>
<td class="nump">357,884<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (77,384)<span></span>
</td>
<td class="num">R$ (11,376)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries18Member', window );">Subsidiary 18</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Companhia Florestal do Brasil<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of common shares held by CSN</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">41,673,302<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99.99%<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 34,910<span></span>
</td>
<td class="nump">R$ 35,206<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,734<span></span>
</td>
<td class="nump">5,179<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">31,176<span></span>
</td>
<td class="nump">30,027<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (1,499)<span></span>
</td>
<td class="num">R$ (2,215)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries19Member', window );">Subsidiary 19</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Nordeste Log&#237;stica<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of common shares held by CSN</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99,999<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">99.99%<span></span>
</td>
<td class="nump">99.99%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 80<span></span>
</td>
<td class="nump">R$ 81<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">55<span></span>
</td>
<td class="nump">55<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">25<span></span>
</td>
<td class="nump">26<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (1)<span></span>
</td>
<td class="num">R$ (74)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries20Member', window );">Subsidiary 20</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">CGPAR - Constru&#231;&#227;o Pesada S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 40,889<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">27,558<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,331<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">R$ 723<span></span>
</td>
<td class="nump">5,887<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries21Member', window );">Subsidiary 21</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfSubsidiary', window );">Subsidiary name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Fair value fixed assets - CGPAR<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">53,949<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (3,940)<span></span>
</td>
<td class="num">(3,940)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_SubsidiariesTotalMember', window );">Subsidiary Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 827,193<span></span>
</td>
<td class="num">R$ (396,986)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_JointVenturesJointOperation1Member', window );">Joint Venture/Joint Operation 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfJointVenture', window );">Joint venture and joint operation name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">It&#225; Energ&#233;tica S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of common shares held by CSN</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">253,606,846<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">48.75%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Direct equity interest, joint venture and joint operation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">48.75%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 265,476<span></span>
</td>
<td class="nump">R$ 282,383<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18,104<span></span>
</td>
<td class="nump">27,728<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">247,372<span></span>
</td>
<td class="nump">254,655<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 10,789<span></span>
</td>
<td class="nump">R$ 8,591<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_JointVenturesJointOperation2Member', window );">Joint Venture/Joint Operation 2</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfJointVenture', window );">Joint venture and joint operation name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">MRS Log&#237;stica S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of common shares held by CSN</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">26,611,282<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PreferredSharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of preferred shares held by CSN</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,673,312<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18.64%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Direct equity interest, joint venture and joint operation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18.64%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 1,520,264<span></span>
</td>
<td class="nump">R$ 1,411,526<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">857,581<span></span>
</td>
<td class="nump">795,903<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">662,683<span></span>
</td>
<td class="nump">615,623<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 85,974<span></span>
</td>
<td class="nump">R$ 77,828<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_JointVenturesJointOperation3Member', window );">Joint Venture/Joint Operation 3</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfJointVenture', window );">Joint venture and joint operation name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of common shares held by CSN</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,876,146<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Direct equity interest, joint venture and joint operation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 16,005<span></span>
</td>
<td class="nump">R$ 13,574<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">13,654<span></span>
</td>
<td class="nump">11,517<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,351<span></span>
</td>
<td class="nump">2,057<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 1,785<span></span>
</td>
<td class="nump">R$ 2,953<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_JointVenturesJointOperation4Member', window );">Joint Venture/Joint Operation 4</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfJointVenture', window );">Joint venture and joint operation name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Transnordestina Log&#237;stica S.A.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of common shares held by CSN</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">24,168,304<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">46.28%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture', window );">Direct equity interest, joint venture and joint operation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">49.02%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 3,806,380<span></span>
</td>
<td class="nump">R$ 3,786,556<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,604,198<span></span>
</td>
<td class="nump">2,566,315<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,202,182<span></span>
</td>
<td class="nump">1,220,241<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (21,357)<span></span>
</td>
<td class="num">(52,127)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_JointVenturesJointOperation5Member', window );">Joint Venture/Joint Operation 5</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfJointVenture', window );">Joint venture and joint operation name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Fair Value allocated to TLSA in loss of control<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 271,116<span></span>
</td>
<td class="nump">271,116<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_JointVenturesJointOperationMember', window );">Joint Venture/Joint Operation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,608,125<span></span>
</td>
<td class="nump">5,494,039<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,493,537<span></span>
</td>
<td class="nump">3,401,463<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,385,704<span></span>
</td>
<td class="nump">2,363,692<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 77,191<span></span>
</td>
<td class="nump">R$ 37,245<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_Associates1Member', window );">Associate 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NameOfAssociate', window );">Associate name</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Arvedi Metalfer do Brasil<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates', window );">Number of common shares held by CSN</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">46,994,971<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary', window );">Direct equity interest, subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProportionOfOwnershipInterestInAssociate', window );">Direct equity interest, associate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 43,653<span></span>
</td>
<td class="nump">R$ 53,101<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">23,978<span></span>
</td>
<td class="nump">48,258<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">19,675<span></span>
</td>
<td class="nump">4,843<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,368)<span></span>
</td>
<td class="nump">1,372<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_AssociatesMember', window );">Associate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">43,653<span></span>
</td>
<td class="nump">53,101<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">23,978<span></span>
</td>
<td class="nump">48,258<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">19,675<span></span>
</td>
<td class="nump">4,843<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,368)<span></span>
</td>
<td class="nump">1,372<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_SubsidiariesMember', window );">Subsidiary</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">32,970,414<span></span>
</td>
<td class="nump">35,404,795<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Liabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18,184,392<span></span>
</td>
<td class="nump">19,629,927<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">16,909,529<span></span>
</td>
<td class="nump">17,952,324<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">827,193<span></span>
</td>
<td class="num">(396,986)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_EquityAttributableToOwnersOfParentMember', window );">Shareholders' Equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_OthersInvestmentsAbstract', window );"><strong>Others investments</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueFromSubsidiaresInventoriesInvestment', window );">Revenue from subsidiares inventories</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(72,473)<span></span>
</td>
<td class="num">(74,459)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_InvestmentOther', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">63,537<span></span>
</td>
<td class="nump">63,541<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_TotalOtherInvestments', window );">Others investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(8,936)<span></span>
</td>
<td class="num">(10,918)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_TotalInvestments', window );">Total Investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">21,528,405<span></span>
</td>
<td class="nump">21,684,209<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ClassificationOfInvestmentsInBalanceSheetAbstract', window );"><strong>Classification of investments in the balance sheet</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_TotalInvestments', window );">Investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">21,528,405<span></span>
</td>
<td class="nump">21,684,209<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_ProfitLossForTheYearMember', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_OthersInvestmentsAbstract', window );"><strong>Others investments</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueFromSubsidiaresInventoriesInvestment', window );">Revenue from subsidiares inventories</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,985<span></span>
</td>
<td class="nump">7,583<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_InvestmentOther', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(165)<span></span>
</td>
<td class="num">(19,557)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_TotalOtherInvestments', window );">Others investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,820<span></span>
</td>
<td class="num">(11,974)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_TotalInvestments', window );">Total Investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">901,836<span></span>
</td>
<td class="num">(370,343)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ClassificationOfInvestmentsInBalanceSheetAbstract', window );"><strong>Classification of investments in the balance sheet</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_TotalInvestments', window );">Investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 901,836<span></span>
</td>
<td class="num">R$ (370,343)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="6"></td></tr>
<tr><td colspan="6"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Empresa liquidada em 2016</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Fusao das empresas pela controlada CSN Steel S.L.U. em dezembro 2017</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Empresa vendida em julho de 2017, para a controlada CSN Mineracao</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ClassificationOfInvestmentsInBalanceSheetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ClassificationOfInvestmentsInBalanceSheetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ClassifiedAsAvailableForSaleAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ClassifiedAsAvailableForSaleAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_InvestmentOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_InvestmentOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_InvestmentWithShortTermLiabilites">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_InvestmentWithShortTermLiabilites</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_InvestmentsInAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_InvestmentsInAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_OthersInvestmentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_OthersInvestmentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_Panatlantica">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_Panatlantica</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_PreferredSharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_PreferredSharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RevenueFromSubsidiaresInventoriesInvestment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueFromSubsidiaresInventoriesInvestment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_TotalInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_TotalInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_TotalOtherInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_TotalOtherInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_Usiminas">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_Usiminas</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsAvailableforsale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-derivative financial assets that are designated as available for sale or are not classified as (a) loans and receivables; (b) held-to-maturity investments; or (c) financial assets at fair value through profit or loss. [Refer: Derivative financial assets; Financial assets at fair value through profit or loss; Held-to-maturity investments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 8<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_8_d&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsAvailableforsale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NameOfAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The name of an associate. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_21_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NameOfAssociate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NameOfJointVenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The name of a joint venture. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_21_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NameOfJointVenture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NameOfSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The name of a subsidiary. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 12<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_12_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 19B<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_19B_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NameOfSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInAssociate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in an associate attributable to the entity. [Refer: Associates [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInAssociate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInJointVenture">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a joint venture attributable to the entity. [Refer: Joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_21_a_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInJointVenture</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProportionOfOwnershipInterestInSubsidiary">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The proportion of ownership interest in a subsidiary attributable to the entity. [Refer: Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_17_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=27&amp;date=2017-03-01&amp;anchor=para_16_b_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 19B<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_19B_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProportionOfOwnershipInterestInSubsidiary</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares in the entity held by the entity or by its subsidiaries or associates. [Refer: Associates [member]; Subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_vi&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SharesInEntityHeldByEntityOrByItsSubsidiariesOrAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries4Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries4Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries5Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries5Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries6Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries6Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries7Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries7Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries8Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries8Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries9Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries9Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries10Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries10Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries11Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries11Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries12Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries12Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries13Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries13Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries14Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries14Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries15Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries15Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries16Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries16Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries17Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries17Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries18Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries18Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries19Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries19Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries20Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries20Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries21Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Subsidiaries21Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_SubsidiariesTotalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_SubsidiariesTotalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_JointVenturesJointOperation1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_JointVenturesJointOperation1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_JointVenturesJointOperation2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_JointVenturesJointOperation2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_JointVenturesJointOperation3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_JointVenturesJointOperation3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_JointVenturesJointOperation4Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_JointVenturesJointOperation4Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_JointVenturesJointOperation5Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_JointVenturesJointOperation5Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_JointVenturesJointOperationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_JointVenturesJointOperationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_Associates1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_Associates1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_AssociatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_AssociatesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_SubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_SubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_EquityAttributableToOwnersOfParentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_EquityAttributableToOwnersOfParentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_ProfitLossForTheYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_ProfitLossForTheYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>94
<FILENAME>R82.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6808761360">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>8. INVESTMENTS (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_InvestmentsDetails2Abstract', window );"><strong>Investments Details 2</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Investments in associates and joint controlled entities, beginning</a></td>
<td class="nump">R$ 4,568,451<span></span>
</td>
<td class="nump">R$ 3,998,239<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CapitalIncreaseAcquisitionOfShares', window );">Capital increase/acquisition of shares</a></td>
<td class="nump">20,579<span></span>
</td>
<td class="nump">190,651<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsReceivedFromInvestmentsAccountedForUsingEquityMethodClassifiedAsInvestingActivities', window );">Dividends</a></td>
<td class="num">(79,189)<span></span>
</td>
<td class="num">(36,765)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments', window );">Comprehensive income</a></td>
<td class="nump">850,640<span></span>
</td>
<td class="nump">713,442<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EquityPickup', window );">Equity in results of affiliated companies</a></td>
<td class="nump">147,800<span></span>
</td>
<td class="nump">108,031<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AmortizationOfFairValueInvestmentInMrs', window );">Amortization of fair value - investment in MRS</a></td>
<td class="num">(11,746)<span></span>
</td>
<td class="num">(11,746)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AmortizationOfFairValueInvestmentInCgpar', window );">Amortization of fair value - investment in CGPAR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,940)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ImpairmentOfFairValueOfInvestment', window );">Impairment of the Fair Value of Transnordestina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(387,989)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_OtherAdjustmentsToInvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Others</a></td>
<td class="nump">3,460<span></span>
</td>
<td class="num">(1,472)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates', window );">Investments in associates and joint controlled entities, ending</a></td>
<td class="nump">R$ 5,499,995<span></span>
</td>
<td class="nump">R$ 4,568,451<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AmortizationOfFairValueInvestmentInCgpar">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AmortizationOfFairValueInvestmentInCgpar</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AmortizationOfFairValueInvestmentInMrs">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AmortizationOfFairValueInvestmentInMrs</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CapitalIncreaseAcquisitionOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CapitalIncreaseAcquisitionOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_EquityPickup">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_EquityPickup</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ImpairmentOfFairValueOfInvestment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ImpairmentOfFairValueOfInvestment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_InvestmentsDetails2Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_InvestmentsDetails2Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_OtherAdjustmentsToInvestmentsInSubsidiariesJointVenturesAndAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_OtherAdjustmentsToInvestmentsInSubsidiariesJointVenturesAndAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsReceivedFromInvestmentsAccountedForUsingEquityMethodClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow representing dividends received from investments that are accounted for using the equity method, classified as investing activities. [Refer: Investments accounted for using equity method; Dividends received]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 16<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_16&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsReceivedFromInvestmentsAccountedForUsingEquityMethodClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of investments in subsidiaries, joint ventures and associates in an entity's separate financial statements. [Refer: Associates [member]; Joint ventures [member]; Subsidiaries [member]; Investments in subsidiaries]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, before tax, related to gains (losses) from changes in the fair value of investments in equity instruments that the entity has designated at fair value through other comprehensive income. [Refer: Other comprehensive income, before tax]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20_a_vii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6792048016">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>8. INVESTMENTS (Details 3) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethodGross', window );">Equity in results of affiliated companies</a></td>
<td class="nump">R$ 147,800<span></span>
</td>
<td class="nump">R$ 108,031<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EliminationsAbstract', window );"><strong>Eliminations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EliminationsToCostOfSalesFromSubsidiariesJointlyControlledEntitiesAndAssociates', window );">To cost of sales</a></td>
<td class="num">(40,823)<span></span>
</td>
<td class="num">(41,556)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EliminationsToTaxesFromSubsidiariesJointlyControlledEntitiesAndAssociates', window );">To taxes</a></td>
<td class="nump">13,880<span></span>
</td>
<td class="nump">14,129<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_OthersAbstract', window );"><strong>Others</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AmortizationOfFairValueInvestmentInMrs', window );">Amortization of fair value - investment in MRS</a></td>
<td class="num">(11,746)<span></span>
</td>
<td class="num">(11,746)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AmortizationOfFairValueInvestmentInCgpar', window );">Amortization of fair value - investment in CGPAR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,940)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Equity in results</a></td>
<td class="nump">109,111<span></span>
</td>
<td class="nump">64,918<span></span>
</td>
<td class="nump">R$ 1,160,272<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_MRSLogisticaSAMember', window );">MRS Logistica S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethodGross', window );">Equity in results of affiliated companies</a></td>
<td class="nump">171,905<span></span>
</td>
<td class="nump">155,617<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_CBSIMember', window );">CBSI - Companhia Brasileira de Servicos de Infraestrutura</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethodGross', window );">Equity in results of affiliated companies</a></td>
<td class="nump">1,785<span></span>
</td>
<td class="nump">2,953<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_TransnordestinaMember', window );">Transnordestina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethodGross', window );">Equity in results of affiliated companies</a></td>
<td class="num">(21,357)<span></span>
</td>
<td class="num">(52,127)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_ArvediMetalferDoBrasilMember', window );">Arvedi Metalfer do Brasil</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethodGross', window );">Equity in results of affiliated companies</a></td>
<td class="num">(4,368)<span></span>
</td>
<td class="nump">1,372<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_OthersMember', window );">Others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethodGross', window );">Equity in results of affiliated companies</a></td>
<td class="num">R$ (165)<span></span>
</td>
<td class="nump">R$ 216<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AmortizationOfFairValueInvestmentInCgpar">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AmortizationOfFairValueInvestmentInCgpar</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AmortizationOfFairValueInvestmentInMrs">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AmortizationOfFairValueInvestmentInMrs</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_EliminationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_EliminationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_EliminationsToCostOfSalesFromSubsidiariesJointlyControlledEntitiesAndAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_EliminationsToCostOfSalesFromSubsidiariesJointlyControlledEntitiesAndAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_EliminationsToTaxesFromSubsidiariesJointlyControlledEntitiesAndAssociates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_EliminationsToTaxesFromSubsidiariesJointlyControlledEntitiesAndAssociates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_OthersAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_OthersAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethodGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethodGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of associates and joint ventures accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Joint ventures [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39M<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39M_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_MRSLogisticaSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_MRSLogisticaSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_CBSIMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_CBSIMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_TransnordestinaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_TransnordestinaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_ArvediMetalferDoBrasilMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_ArvediMetalferDoBrasilMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_OthersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_OthersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>96
<FILENAME>R84.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6818244336">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>8. INVESTMENTS (Details 4) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">R$ 3,411,572<span></span>
</td>
<td class="nump">R$ 4,871,162<span></span>
</td>
<td class="nump">R$ 7,861,052<span></span>
</td>
<td class="nump">R$ 8,686,021<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAdvancesToSuppliers', window );">Advances to suppliers</a></td>
<td class="nump">12,514<span></span>
</td>
<td class="nump">3,168<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Total current assets</a></td>
<td class="nump">11,881,496<span></span>
</td>
<td class="nump">12,444,918<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Investments, PP&amp;E and intangible assets</a></td>
<td class="nump">17,964,839<span></span>
</td>
<td class="nump">18,135,879<span></span>
</td>
<td class="nump">17,826,226<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Tota non-current assets</a></td>
<td class="nump">33,328,474<span></span>
</td>
<td class="nump">31,708,705<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">45,209,970<span></span>
</td>
<td class="nump">44,153,623<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermBorrowings', window );">Borrowings and financing</a></td>
<td class="nump">6,526,902<span></span>
</td>
<td class="nump">2,117,448<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Total current liabilities</a></td>
<td class="nump">10,670,050<span></span>
</td>
<td class="nump">5,496,683<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings and financing</a></td>
<td class="nump">22,983,942<span></span>
</td>
<td class="nump">28,323,570<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Total non-current liabilities</a></td>
<td class="nump">26,251,691<span></span>
</td>
<td class="nump">31,272,419<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="nump">8,288,229<span></span>
</td>
<td class="nump">7,384,521<span></span>
</td>
<td class="nump">R$ 7,091,288<span></span>
</td>
<td class="nump">R$ 5,734,975<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">Total liabilities and shareholders' equity</a></td>
<td class="nump">45,209,970<span></span>
</td>
<td class="nump">44,153,623<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_ItaEnergeticaMember', window );">Ita Energetica | Joint Operation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">16,231<span></span>
</td>
<td class="nump">17,689<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAdvancesToSuppliers', window );">Advances to suppliers</a></td>
<td class="nump">22<span></span>
</td>
<td class="nump">99<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentAssets', window );">Other current assets</a></td>
<td class="nump">16,447<span></span>
</td>
<td class="nump">16,054<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Total current assets</a></td>
<td class="nump">32,700<span></span>
</td>
<td class="nump">33,842<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentAssets', window );">Other non-current assets</a></td>
<td class="nump">27,459<span></span>
</td>
<td class="nump">29,219<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Investments, PP&amp;E and intangible assets</a></td>
<td class="nump">484,406<span></span>
</td>
<td class="nump">516,186<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Tota non-current assets</a></td>
<td class="nump">511,865<span></span>
</td>
<td class="nump">545,405<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">544,565<span></span>
</td>
<td class="nump">579,247<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermBorrowings', window );">Borrowings and financing</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentLiabilities', window );">Other current liabilities</a></td>
<td class="nump">33,666<span></span>
</td>
<td class="nump">53,858<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Total current liabilities</a></td>
<td class="nump">33,666<span></span>
</td>
<td class="nump">53,858<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings and financing</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentLiabilities', window );">Other non-current liabilities</a></td>
<td class="nump">3,471<span></span>
</td>
<td class="nump">3,020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Total non-current liabilities</a></td>
<td class="nump">3,471<span></span>
</td>
<td class="nump">3,020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="nump">507,428<span></span>
</td>
<td class="nump">522,369<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">Total liabilities and shareholders' equity</a></td>
<td class="nump">544,565<span></span>
</td>
<td class="nump">579,247<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ifrs-full_JointVenturesMember', window );">Joint Venture | MRS Logistica</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">484,978<span></span>
</td>
<td class="nump">345,164<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAdvancesToSuppliers', window );">Advances to suppliers</a></td>
<td class="nump">14,911<span></span>
</td>
<td class="nump">7,452<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentAssets', window );">Other current assets</a></td>
<td class="nump">685,311<span></span>
</td>
<td class="nump">406,170<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Total current assets</a></td>
<td class="nump">1,185,200<span></span>
</td>
<td class="nump">758,786<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentAssets', window );">Other non-current assets</a></td>
<td class="nump">693,434<span></span>
</td>
<td class="nump">598,577<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Investments, PP&amp;E and intangible assets</a></td>
<td class="nump">6,277,550<span></span>
</td>
<td class="nump">6,215,442<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Tota non-current assets</a></td>
<td class="nump">6,970,984<span></span>
</td>
<td class="nump">6,814,019<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">8,156,184<span></span>
</td>
<td class="nump">7,572,805<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermBorrowings', window );">Borrowings and financing</a></td>
<td class="nump">668,947<span></span>
</td>
<td class="nump">653,491<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentLiabilities', window );">Other current liabilities</a></td>
<td class="nump">1,272,365<span></span>
</td>
<td class="nump">740,319<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Total current liabilities</a></td>
<td class="nump">1,941,312<span></span>
</td>
<td class="nump">1,393,810<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings and financing</a></td>
<td class="nump">2,084,422<span></span>
</td>
<td class="nump">2,176,357<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentLiabilities', window );">Other non-current liabilities</a></td>
<td class="nump">575,170<span></span>
</td>
<td class="nump">699,830<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Total non-current liabilities</a></td>
<td class="nump">2,659,592<span></span>
</td>
<td class="nump">2,876,187<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="nump">3,555,280<span></span>
</td>
<td class="nump">3,302,808<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">Total liabilities and shareholders' equity</a></td>
<td class="nump">8,156,184<span></span>
</td>
<td class="nump">7,572,805<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ifrs-full_JointVenturesMember', window );">Joint Venture | CBSI</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">101<span></span>
</td>
<td class="nump">2,925<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAdvancesToSuppliers', window );">Advances to suppliers</a></td>
<td class="nump">37<span></span>
</td>
<td class="nump">951<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentAssets', window );">Other current assets</a></td>
<td class="nump">28,475<span></span>
</td>
<td class="nump">19,603<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Total current assets</a></td>
<td class="nump">28,613<span></span>
</td>
<td class="nump">23,479<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentAssets', window );">Other non-current assets</a></td>
<td class="nump">974<span></span>
</td>
<td class="nump">234<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Investments, PP&amp;E and intangible assets</a></td>
<td class="nump">2,423<span></span>
</td>
<td class="nump">3,434<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Tota non-current assets</a></td>
<td class="nump">3,397<span></span>
</td>
<td class="nump">3,668<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">32,010<span></span>
</td>
<td class="nump">27,147<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermBorrowings', window );">Borrowings and financing</a></td>
<td class="nump">1,411<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentLiabilities', window );">Other current liabilities</a></td>
<td class="nump">25,898<span></span>
</td>
<td class="nump">23,034<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Total current liabilities</a></td>
<td class="nump">27,309<span></span>
</td>
<td class="nump">23,034<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings and financing</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentLiabilities', window );">Other non-current liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Total non-current liabilities</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="nump">4,701<span></span>
</td>
<td class="nump">4,113<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">Total liabilities and shareholders' equity</a></td>
<td class="nump">32,010<span></span>
</td>
<td class="nump">27,147<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ifrs-full_JointVenturesMember', window );">Joint Venture | Transnordestina Logistica</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssetsAbstract', window );"><strong>Current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">5,763<span></span>
</td>
<td class="nump">1,899<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAdvancesToSuppliers', window );">Advances to suppliers</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentAssets', window );">Other current assets</a></td>
<td class="nump">49,494<span></span>
</td>
<td class="nump">54,652<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Total current assets</a></td>
<td class="nump">55,257<span></span>
</td>
<td class="nump">56,551<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentAssets', window );">Other non-current assets</a></td>
<td class="nump">238,004<span></span>
</td>
<td class="nump">261,292<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Investments, PP&amp;E and intangible assets</a></td>
<td class="nump">7,927,881<span></span>
</td>
<td class="nump">7,407,189<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Tota non-current assets</a></td>
<td class="nump">8,165,885<span></span>
</td>
<td class="nump">7,668,481<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">8,221,142<span></span>
</td>
<td class="nump">7,725,032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilitiesAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermBorrowings', window );">Borrowings and financing</a></td>
<td class="nump">52,691<span></span>
</td>
<td class="nump">76,441<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentLiabilities', window );">Other current liabilities</a></td>
<td class="nump">113,739<span></span>
</td>
<td class="nump">134,747<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Total current liabilities</a></td>
<td class="nump">166,430<span></span>
</td>
<td class="nump">211,188<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilitiesAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings and financing</a></td>
<td class="nump">5,457,768<span></span>
</td>
<td class="nump">5,024,404<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentLiabilities', window );">Other non-current liabilities</a></td>
<td class="nump">434<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Total non-current liabilities</a></td>
<td class="nump">5,458,202<span></span>
</td>
<td class="nump">5,024,404<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholders' equity</a></td>
<td class="nump">2,596,510<span></span>
</td>
<td class="nump">2,489,440<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">Total liabilities and shareholders' equity</a></td>
<td class="nump">R$ 8,221,142<span></span>
</td>
<td class="nump">R$ 7,725,032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of resources: (a) controlled by the entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 45<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAdvancesToSuppliers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current advances made to suppliers before goods or services are received.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAdvancesToSuppliers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 66<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 69<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current assets that the entity does not separately disclose in the same statement or note. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current assets that the entity does not separately disclose in the same statement or note. [Refer: Non-current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current liabilities that the entity does not separately disclose in the same statement or note. [Refer: Non-current liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_ItaEnergeticaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_ItaEnergeticaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointOperationsAxis=ifrs-full_JointOperationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointOperationsAxis=ifrs-full_JointOperationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=ifrs-full_JointVenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=ifrs-full_JointVenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_MRSLogisticaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_MRSLogisticaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_CBSI1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_CBSI1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_TransnordestinaLogisticaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_TransnordestinaLogisticaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>97
<FILENAME>R85.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6792584256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>8. INVESTMENTS (Details 5) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">R$ 18,524,601<span></span>
</td>
<td class="nump">R$ 17,148,949<span></span>
</td>
<td class="nump">R$ 15,261,697<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales and services</a></td>
<td class="nump">13,596,141<span></span>
</td>
<td class="nump">12,640,042<span></span>
</td>
<td class="nump">11,740,101<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="nump">4,928,460<span></span>
</td>
<td class="nump">4,508,907<span></span>
</td>
<td class="nump">3,521,596<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Operating (expense) income</a></td>
<td class="num">(1,944,495)<span></span>
</td>
<td class="num">(2,563,431)<span></span>
</td>
<td class="nump">1,528,907<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncomeCost', window );">Finance income (costs), net</a></td>
<td class="num">(2,463,627)<span></span>
</td>
<td class="num">(2,522,427)<span></span>
</td>
<td class="num">(3,365,162)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Income before income tax and social contribution</a></td>
<td class="nump">520,338<span></span>
</td>
<td class="num">(576,951)<span></span>
</td>
<td class="nump">1,685,341<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Current and deferred income tax and social contribution</a></td>
<td class="nump">409,109<span></span>
</td>
<td class="nump">266,546<span></span>
</td>
<td class="nump">2,903,216<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="num">(111,229)<span></span>
</td>
<td class="nump">853,058<span></span>
</td>
<td class="nump">R$ 1,215,964<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_ItaEnergeticaMember', window );">Ita Energetica | Joint Operation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">168,194<span></span>
</td>
<td class="nump">172,263<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales and services</a></td>
<td class="num">(76,810)<span></span>
</td>
<td class="num">(91,568)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="nump">91,384<span></span>
</td>
<td class="nump">80,695<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Operating (expense) income</a></td>
<td class="num">(58,465)<span></span>
</td>
<td class="num">(54,616)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncomeCost', window );">Finance income (costs), net</a></td>
<td class="nump">317<span></span>
</td>
<td class="nump">397<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Income before income tax and social contribution</a></td>
<td class="nump">33,236<span></span>
</td>
<td class="nump">26,476<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Current and deferred income tax and social contribution</a></td>
<td class="num">(11,105)<span></span>
</td>
<td class="num">(8,854)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="nump">22,131<span></span>
</td>
<td class="nump">17,622<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ifrs-full_JointVenturesMember', window );">Joint Venture | MRS Logistica</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">3,492,805<span></span>
</td>
<td class="nump">3,279,420<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales and services</a></td>
<td class="num">(2,307,108)<span></span>
</td>
<td class="num">(2,208,786)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="nump">1,185,697<span></span>
</td>
<td class="nump">1,070,634<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Operating (expense) income</a></td>
<td class="num">(283,151)<span></span>
</td>
<td class="num">(160,187)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncomeCost', window );">Finance income (costs), net</a></td>
<td class="num">(187,295)<span></span>
</td>
<td class="num">(249,300)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Income before income tax and social contribution</a></td>
<td class="nump">715,251<span></span>
</td>
<td class="nump">661,147<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Current and deferred income tax and social contribution</a></td>
<td class="num">(254,001)<span></span>
</td>
<td class="num">(243,602)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="nump">461,250<span></span>
</td>
<td class="nump">417,545<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ifrs-full_JointVenturesMember', window );">Joint Venture | CBSI</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">135,399<span></span>
</td>
<td class="nump">122,870<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales and services</a></td>
<td class="num">(120,647)<span></span>
</td>
<td class="num">(105,692)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="nump">14,752<span></span>
</td>
<td class="nump">17,178<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Operating (expense) income</a></td>
<td class="num">(8,340)<span></span>
</td>
<td class="num">(8,367)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncomeCost', window );">Finance income (costs), net</a></td>
<td class="num">(1,004)<span></span>
</td>
<td class="num">(1,676)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Income before income tax and social contribution</a></td>
<td class="nump">5,408<span></span>
</td>
<td class="nump">7,135<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Current and deferred income tax and social contribution</a></td>
<td class="num">(1,838)<span></span>
</td>
<td class="num">(1,229)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="nump">3,570<span></span>
</td>
<td class="nump">5,906<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ifrs-full_JointVenturesMember', window );">Joint Venture | Transnordestina Logistica</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales and services</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherOperatingIncomeExpense', window );">Operating (expense) income</a></td>
<td class="num">(32,245)<span></span>
</td>
<td class="num">(97,596)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncomeCost', window );">Finance income (costs), net</a></td>
<td class="num">(13,938)<span></span>
</td>
<td class="num">(6,032)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">Income before income tax and social contribution</a></td>
<td class="num">(46,183)<span></span>
</td>
<td class="nump">103,628<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Current and deferred income tax and social contribution</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="num">R$ (46,183)<span></span>
</td>
<td class="nump">R$ 103,628<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs relating to expenses directly or indirectly attributed to the goods or services sold, which may include, but are not limited to, costs previously included in the measurement of inventory that has now been sold, unallocated production overheads and abnormal amounts of production costs of inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfSales</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income or cost associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncomeCost</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue less cost of sales. [Refer: Cost of sales; Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherOperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income (expense) that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherOperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing operations before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_ItaEnergeticaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_ItaEnergeticaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointOperationsAxis=ifrs-full_JointOperationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointOperationsAxis=ifrs-full_JointOperationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=ifrs-full_JointVenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=ifrs-full_JointVenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_MRSLogisticaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_MRSLogisticaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_CBSI1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_CBSI1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_TransnordestinaLogisticaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_TransnordestinaLogisticaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>98
<FILENAME>R86.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6791016752">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>8. INVESTMENTS (Details 6)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CashFlowProjectionAxis=SID_GrossMarginMember', window );">Gross Margin</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MainAssumptions', window );">Main assumptions (Until 2057)</a></td>
<td class="text">Based on market studies to capture operations costs and loads, according studied of market trends.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CashFlowProjectionAxis=SID_EstimatedCostsMember', window );">Estimated Costs</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MainAssumptions', window );">Main assumptions (Until 2057)</a></td>
<td class="text">Costs based on studies and market trends.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CashFlowProjectionAxis=SID_GrowthRateInPerpetuityMember', window );">Growth rate in perpetuity</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MainAssumptions', window );">Main assumptions (Until 2057)</a></td>
<td class="text">Growth rate was not considered due to the projection model until the end of the concession.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CashFlowProjectionAxis=SID_DiscountRateMember', window );">Discount rate</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MainAssumptions', window );">Main assumptions (Until 2057)</a></td>
<td class="text"><p style="margin: 0pt 0">Between 5.1% to 6.25% in real terms.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_MainAssumptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_MainAssumptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CashFlowProjectionAxis=SID_GrossMarginMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CashFlowProjectionAxis=SID_GrossMarginMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CashFlowProjectionAxis=SID_EstimatedCostsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CashFlowProjectionAxis=SID_EstimatedCostsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CashFlowProjectionAxis=SID_GrowthRateInPerpetuityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CashFlowProjectionAxis=SID_GrowthRateInPerpetuityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CashFlowProjectionAxis=SID_DiscountRateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CashFlowProjectionAxis=SID_DiscountRateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>99
<FILENAME>R87.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777058912">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>8. INVESTMENTS (Details Narrative) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Expenses</a></td>
<td class="num">R$ (1,380,193)<span></span>
</td>
<td class="num">R$ (1,254,179)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_ConsorcioDaUsinaHidrelectricaDeIgarapavaMember', window );">Consorcio da Usina Hidrelectrica de Igarapava</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems', window );"><strong>Disclosure of fair value measurement of assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PropertyPlantAndEquipments', window );">Property, plant and equipment</a></td>
<td class="nump">24,759<span></span>
</td>
<td class="nump">25,921<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Expenses</a></td>
<td class="nump">R$ 5,966<span></span>
</td>
<td class="nump">R$ 6,041<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_PropertyPlantAndEquipments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Property, Plant and equipment less depreciation</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_PropertyPlantAndEquipments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_vii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 75<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_75_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationPropertyPlantAndEquipment</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfAssetsLineItems</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_ConsorcioDaUsinaHidrelectricaDeIgarapavaMember</td>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6791952528">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>9. PROPERTY, PLANT AND EQUIPMENT (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossPropertyPlantAndEquipment', window );">Cost, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 27,726,117<span></span>
</td>
<td class="nump">R$ 26,487,496<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Accumulated depreciation, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(9,590,238)<span></span>
</td>
<td class="num">(8,661,270)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">18,135,879<span></span>
</td>
<td class="nump">17,826,226<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Effect of foreign exchange differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">107,184<span></span>
</td>
<td class="num">(214,024)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionsToPropertyPlantAndEquipment', window );">Acquisitions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,063,746<span></span>
</td>
<td class="nump">1,636,131<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PropertyPlantAndEquipmentCapitalizedInterest', window );">Capitalized interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">91,957<span></span>
</td>
<td class="nump">215,794<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Write-offs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(28,057)<span></span>
</td>
<td class="num">(75,245)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,380,193)<span></span>
</td>
<td class="num">(1,254,179)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment', window );">Transfers to other asset categories</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers to intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(26,183)<span></span>
</td>
<td class="num">(16,538)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Acquisition control - CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,141<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalRecognitionGoodwill', window );">Goodwill - Acquisition control CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">57,889<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Transfers of metalic - Held for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(45,017)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInPropertyPlantAndEquipment', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">506<span></span>
</td>
<td class="num">(3,296)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">17,964,839<span></span>
</td>
<td class="nump">18,135,879<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossPropertyPlantAndEquipment', window );">Cost, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">29,083,214<span></span>
</td>
<td class="nump">27,726,117<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Accumulated depreciation, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(11,118,375)<span></span>
</td>
<td class="num">(9,590,238)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember', window );">Land</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossPropertyPlantAndEquipment', window );">Cost, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">264,629<span></span>
</td>
<td class="nump">263,539<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Accumulated depreciation, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">264,629<span></span>
</td>
<td class="nump">263,539<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Effect of foreign exchange differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,702<span></span>
</td>
<td class="num">(13,348)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionsToPropertyPlantAndEquipment', window );">Acquisitions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,241<span></span>
</td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PropertyPlantAndEquipmentCapitalizedInterest', window );">Capitalized interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Write-offs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">653<span></span>
</td>
<td class="num">(144)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment', window );">Transfers to other asset categories</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,485)<span></span>
</td>
<td class="nump">14,951<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers to intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Acquisition control - CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalRecognitionGoodwill', window );">Goodwill - Acquisition control CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Transfers of metalic - Held for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(373)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInPropertyPlantAndEquipment', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">279,740<span></span>
</td>
<td class="nump">264,629<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossPropertyPlantAndEquipment', window );">Cost, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">279,740<span></span>
</td>
<td class="nump">264,629<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Accumulated depreciation, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_BuildingsMember', window );">Buildings and Infrastructure</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossPropertyPlantAndEquipment', window );">Cost, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,637,903<span></span>
</td>
<td class="nump">3,429,573<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Accumulated depreciation, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(822,224)<span></span>
</td>
<td class="num">(740,332)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,815,679<span></span>
</td>
<td class="nump">2,689,241<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Effect of foreign exchange differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">21,737<span></span>
</td>
<td class="num">(38,538)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionsToPropertyPlantAndEquipment', window );">Acquisitions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,196<span></span>
</td>
<td class="nump">100<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PropertyPlantAndEquipmentCapitalizedInterest', window );">Capitalized interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Write-offs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30,634<span></span>
</td>
<td class="num">(2,723)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(156,580)<span></span>
</td>
<td class="num">(116,760)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment', window );">Transfers to other asset categories</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">84,281<span></span>
</td>
<td class="nump">298,121<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers to intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Acquisition control - CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalRecognitionGoodwill', window );">Goodwill - Acquisition control CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Transfers of metalic - Held for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(13,466)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInPropertyPlantAndEquipment', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(296)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,796,947<span></span>
</td>
<td class="nump">2,815,679<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossPropertyPlantAndEquipment', window );">Cost, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,819,929<span></span>
</td>
<td class="nump">3,637,903<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Accumulated depreciation, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,022,982)<span></span>
</td>
<td class="num">(822,224)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MachineryMember', window );">Machinery, equipment and facilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossPropertyPlantAndEquipment', window );">Cost, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">20,712,371<span></span>
</td>
<td class="nump">18,601,088<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Accumulated depreciation, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(8,342,741)<span></span>
</td>
<td class="num">(7,528,844)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12,369,630<span></span>
</td>
<td class="nump">11,072,244<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Effect of foreign exchange differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">72,811<span></span>
</td>
<td class="num">(149,908)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionsToPropertyPlantAndEquipment', window );">Acquisitions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">91,251<span></span>
</td>
<td class="nump">205,488<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PropertyPlantAndEquipmentCapitalizedInterest', window );">Capitalized interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Write-offs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(30,383)<span></span>
</td>
<td class="num">(10,423)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,174,852)<span></span>
</td>
<td class="num">(1,096,668)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment', window );">Transfers to other asset categories</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">659,119<span></span>
</td>
<td class="nump">2,318,728<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers to intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Acquisition control - CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,377<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalRecognitionGoodwill', window );">Goodwill - Acquisition control CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">57,889<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Transfers of metalic - Held for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(30,440)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInPropertyPlantAndEquipment', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,656)<span></span>
</td>
<td class="num">(4,657)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,985,920<span></span>
</td>
<td class="nump">12,369,630<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossPropertyPlantAndEquipment', window );">Cost, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">21,674,362<span></span>
</td>
<td class="nump">20,712,371<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Accumulated depreciation, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(9,688,442)<span></span>
</td>
<td class="num">(8,342,741)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember', window );">Furniture and fixtures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossPropertyPlantAndEquipment', window );">Cost, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">173,821<span></span>
</td>
<td class="nump">182,830<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Accumulated depreciation, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(140,658)<span></span>
</td>
<td class="num">(144,100)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">33,163<span></span>
</td>
<td class="nump">38,730<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Effect of foreign exchange differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">593<span></span>
</td>
<td class="num">(915)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionsToPropertyPlantAndEquipment', window );">Acquisitions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,171<span></span>
</td>
<td class="nump">867<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PropertyPlantAndEquipmentCapitalizedInterest', window );">Capitalized interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Write-offs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(37)<span></span>
</td>
<td class="num">(77)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(5,656)<span></span>
</td>
<td class="num">(5,822)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment', window );">Transfers to other asset categories</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,869<span></span>
</td>
<td class="nump">444<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers to intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Acquisition control - CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">189<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalRecognitionGoodwill', window );">Goodwill - Acquisition control CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Transfers of metalic - Held for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(208)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInPropertyPlantAndEquipment', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(45)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">33,103<span></span>
</td>
<td class="nump">33,163<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossPropertyPlantAndEquipment', window );">Cost, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">164,152<span></span>
</td>
<td class="nump">173,821<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Accumulated depreciation, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(131,049)<span></span>
</td>
<td class="num">(140,658)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember', window );">Construction in progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossPropertyPlantAndEquipment', window );">Cost, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,260,864<span></span>
</td>
<td class="nump">3,199,386<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Accumulated depreciation, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,260,864<span></span>
</td>
<td class="nump">3,199,386<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Effect of foreign exchange differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,076<span></span>
</td>
<td class="num">(8,345)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionsToPropertyPlantAndEquipment', window );">Acquisitions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">951,796<span></span>
</td>
<td class="nump">1,412,685<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PropertyPlantAndEquipmentCapitalizedInterest', window );">Capitalized interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">91,957<span></span>
</td>
<td class="nump">215,794<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Write-offs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,536)<span></span>
</td>
<td class="num">(41,093)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment', window );">Transfers to other asset categories</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(805,207)<span></span>
</td>
<td class="num">(2,502,615)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers to intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(26,183)<span></span>
</td>
<td class="num">(16,538)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Acquisition control - CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalRecognitionGoodwill', window );">Goodwill - Acquisition control CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Transfers of metalic - Held for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(261)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInPropertyPlantAndEquipment', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,168<span></span>
</td>
<td class="nump">1,851<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,475,935<span></span>
</td>
<td class="nump">2,260,864<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossPropertyPlantAndEquipment', window );">Cost, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,475,935<span></span>
</td>
<td class="nump">2,260,864<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Accumulated depreciation, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossPropertyPlantAndEquipment', window );">Cost, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">676,529<span></span>
</td>
<td class="nump">811,080<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Accumulated depreciation, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(284,615)<span></span>
</td>
<td class="num">(247,994)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">391,914<span></span>
</td>
<td class="nump">563,086<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment', window );">Effect of foreign exchange differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">265<span></span>
</td>
<td class="num">(2,973)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionsToPropertyPlantAndEquipment', window );">Acquisitions</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">10,091<span></span>
</td>
<td class="nump">16,987<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PropertyPlantAndEquipmentCapitalizedInterest', window );">Capitalized interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsPropertyPlantAndEquipment', window );">Write-offs</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(26,388)<span></span>
</td>
<td class="num">(20,785)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationPropertyPlantAndEquipment', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(43,105)<span></span>
</td>
<td class="num">(34,929)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment', window );">Transfers to other asset categories</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">60,423<span></span>
</td>
<td class="num">(129,629)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill', window );">Transfers to intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Acquisition control - CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">575<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionalRecognitionGoodwill', window );">Goodwill - Acquisition control CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment', window );">Transfers of metalic - Held for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(269)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ChangesInPropertyPlantAndEquipment', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(6)<span></span>
</td>
<td class="num">(149)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">393,194<span></span>
</td>
<td class="nump">391,914<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossPropertyPlantAndEquipment', window );">Cost, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">669,096<span></span>
</td>
<td class="nump">676,529<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedDepreciationPropertyPlantAndEquipment', window );">Accumulated depreciation, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">R$ (275,902)<span></span>
</td>
<td class="num">R$ (284,615)<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Refer basically to railway assets such as courtyards, tracks and leasehold improvements, vehicles, hardware, mines, ore deposits, and spare part inventories.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AccumulatedDepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AccumulatedDepreciationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AdditionsToPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AdditionsToPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_GrossPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_GrossPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_PropertyPlantAndEquipmentCapitalizedInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_PropertyPlantAndEquipmentCapitalizedInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in property, plant and equipment resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionalRecognitionGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additional goodwill recognised, except goodwill included in a disposal group that, on acquisition, meets the criteria to be classified as held for sale in accordance with IFRS 5. [Refer: Goodwill; Disposal groups classified as held for sale [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B67_d_ii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionalRecognitionGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ChangesInPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ChangesInPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in property, plant and equipment through classification as held for sale or inclusion in a disposal group classified as held for sale. [Refer: Disposal groups classified as held for sale [member]; Property, plant and equipment; Disposal groups classified as held for sale [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DecreaseThroughClassifiedAsHeldForSalePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation of property, plant and equipment. [Refer: Depreciation and amortisation expense; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_vii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 75<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_75_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisposalsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in property, plant and equipment resulting from disposals. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from net exchange differences arising on the translation of the financial statements from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_viii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in intangible assets and goodwill resulting from transfers and changes that the entity does not separately disclose in the same statement or note. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from transfers and changes that the entity does not separately disclose in the same statement or note. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_LandMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_BuildingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MachineryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MachineryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_ConstructionInProgressMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_OtherPropertyPlantAndEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>101
<FILENAME>R89.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6794474640">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>9. PROPERTY, PLANT AND EQUIPMENT (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConstructionInProgress', window );">Construction in progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 2,475,935<span></span>
</td>
<td class="nump">R$ 2,260,864<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_LogisticsMember', window );">Logistics</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConstructionInProgress', window );">Construction in progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">106,956<span></span>
</td>
<td class="nump">103,284<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_LogisticsMember', window );">Logistics | Current investments to maintain current operations at their full capacity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConstructionInProgress', window );">Construction in progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">106,956<span></span>
</td>
<td class="nump">103,284<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_MiningMember', window );">Mining</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConstructionInProgress', window );">Construction in progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,435,332<span></span>
</td>
<td class="nump">1,203,761<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_MiningMember', window );">Mining | Current investments to maintain current operations at their full capacity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConstructionInProgress', window );">Construction in progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 408,522<span></span>
</td>
<td class="nump">261,056<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_MiningMember', window );">Mining | Expansion of Casa de Pedra Mine capacity production</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ConstructionInProgressStartDate', window );">Start date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">2007<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ConstructionInProgressCompletionDate', window );">Completion date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">2020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConstructionInProgress', window );">Construction in progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 750,999<span></span>
</td>
<td class="nump">689,160<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_MiningMember', window );">Mining | Expansion of TECAR export capacity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ConstructionInProgressStartDate', window );">Start date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">2009<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ConstructionInProgressCompletionDate', window );">Completion date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConstructionInProgress', window );">Construction in progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">R$ 275,811<span></span>
</td>
<td class="nump">253,545<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_SteelMember', window );">Steel</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConstructionInProgress', window );">Construction in progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">327,512<span></span>
</td>
<td class="nump">399,227<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_SteelMember', window );">Steel | Current investments to maintain current operations at their full capacity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConstructionInProgress', window );">Construction in progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">R$ 228,029<span></span>
</td>
<td class="nump">307,448<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_SteelMember', window );">Steel | Supply of 16 torpedo's cars for operation in the steel industry</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ConstructionInProgressStartDate', window );">Start date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">2008<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ConstructionInProgressCompletionDate', window );">Completion date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">2019<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConstructionInProgress', window );">Construction in progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 99,483<span></span>
</td>
<td class="nump">91,779<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_CementMember', window );">Cement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConstructionInProgress', window );">Construction in progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">606,135<span></span>
</td>
<td class="nump">554,592<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_CementMember', window );">Cement | Current investments to maintain current operations at their full capacity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConstructionInProgress', window );">Construction in progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="nump">R$ 51,270<span></span>
</td>
<td class="nump">24,961<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_CementMember', window );">Cement | Construction of cement plants</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ConstructionInProgressStartDate', window );">Start date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">2011<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ConstructionInProgressCompletionDate', window );">Completion date</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[4]</sup></td>
<td class="text">2020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ConstructionInProgress', window );">Construction in progress</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 554,865<span></span>
</td>
<td class="nump">R$ 529,631<span></span>
</td>
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<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Estimated completion date of the Central Plant Step 1</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Estimated completion date of phase 60 Mtpa</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">Refers substantially to the reforming of batteries for coke ovens and reuse of the carbochemical cooling waters</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[4]</td>
<td style="vertical-align: top;" valign="top">Refers substantially to the acquisition of new Integrated Cement Plants</td>
</tr>
</table></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenditure capitalised during the construction of non-current assets that are not yet available for use. [Refer: Non-current assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 37<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_37&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ProjectDescriptionAxis=SID_CurrentInvestmentsForMaintenanceOfCurrentOperationsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ProjectDescriptionAxis=SID_ExpansionOfTECARExportCapacityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_SteelMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ProjectDescriptionAxis=SID_SupplyOf16TorpedosCarsForOperationInTheSteelIndustryMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_CementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_CementMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ProjectDescriptionAxis=SID_ConstructionOfCementPlantsMember</td>
</tr>
<tr>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6789874112">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>9. PROPERTY, PLANT AND EQUIPMENT (Details 2)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_Buildings1Member', window );">Buildings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment', window );">Estimated useful life</a></td>
<td class="text">39 years<span></span>
</td>
<td class="text">41 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MachineryMember', window );">Machinery, equipment and facilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment', window );">Estimated useful life</a></td>
<td class="text">21 years<span></span>
</td>
<td class="text">18 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember', window );">Furniture and fixtures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment', window );">Estimated useful life</a></td>
<td class="text">12 years<span></span>
</td>
<td class="text">12 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_OtherMember', window );">Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment', window );">Estimated useful life</a></td>
<td class="text">17 years<span></span>
</td>
<td class="text">14 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The useful lives or depreciation rates used for property, plant and equipment. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_Buildings1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_Buildings1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MachineryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_MachineryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=ifrs-full_FixturesAndFittingsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_OtherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_OtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>103
<FILENAME>R91.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6809717328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>9. PROPERTY, PLANT AND EQUIPMENT (Details 3)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_UnspecifiedProjectsMember', window );">Unspecified projects</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation', window );">Capitalized borrowing costs rate (in percent)</a></td>
<td class="nump">8.63%<span></span>
</td>
<td class="nump">10.48%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average of interest and other costs that an entity incurs in connection with the borrowing of funds applicable to the borrowings of the entity that are outstanding during the period, other than borrowings made specifically for the purpose of obtaining a qualifying asset. [Refer: Weighted average [member]; Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 23<br> -IssueDate 2017-01-01<br> -Paragraph 26<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=23&amp;date=2017-03-01&amp;anchor=para_26_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_UnspecifiedProjectsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_UnspecifiedProjectsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div>
</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>104
<FILENAME>R92.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6678355712">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>9. PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_UnspecifiedProjectsMember', window );">Unspecified projects</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems', window );"><strong>Disclosure of detailed information about property, plant and equipment [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingCostsCapitalised', window );">Capitalized borrowing costs</a></td>
<td class="nump">R$ 91,957<span></span>
</td>
<td class="nump">R$ 215,794<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingCostsCapitalised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest and other costs that an entity incurs in connection with the borrowing of funds that are directly attributable to the acquisition, construction or production of a qualifying asset and which form part of the cost of that asset.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 23<br> -IssueDate 2017-01-01<br> -Paragraph 26<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=23&amp;date=2017-03-01&amp;anchor=para_26_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingCostsCapitalised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_UnspecifiedProjectsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis=SID_UnspecifiedProjectsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>105
<FILENAME>R93.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6809985040">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>10. INTANGIBLE ASSETS (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Disclosure of detailed information about intangible assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossIntangibleAssetsAndGoodwill', window );">Cost, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 7,764,371<span></span>
</td>
<td class="nump">R$ 8,026,315<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill', window );">Accumulated amortization, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(396,637)<span></span>
</td>
<td class="num">(494,719)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentForAccumulatedRecoverableValue', window );">Adjustment for accumulated recoverable value, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(109,330)<span></span>
</td>
<td class="num">(109,330)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,258,404<span></span>
</td>
<td class="nump">7,422,266<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Effect of foreign exchange differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">60,105<span></span>
</td>
<td class="num">(101,922)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Acquisitions and expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">622<span></span>
</td>
<td class="nump">3,119<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfer of property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">26,183<span></span>
</td>
<td class="nump">16,538<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Write-offs/disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(70)<span></span>
</td>
<td class="num">(13,094)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(73,142)<span></span>
</td>
<td class="num">(68,318)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Aquisition control - CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(56)<span></span>
</td>
<td class="nump">47<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill', window );">Transfer of Metalic - Held for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="num">(232)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,272,046<span></span>
</td>
<td class="nump">7,258,404<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossIntangibleAssetsAndGoodwill', window );">Cost, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,834,751<span></span>
</td>
<td class="nump">7,764,371<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill', window );">Accumulated amortization, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(453,375)<span></span>
</td>
<td class="num">(396,637)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentForAccumulatedRecoverableValue', window );">Adjustment for accumulated recoverable value, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(109,330)<span></span>
</td>
<td class="num">(109,330)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_GoodwillMember', window );">Goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Disclosure of detailed information about intangible assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossIntangibleAssetsAndGoodwill', window );">Cost, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,834,234<span></span>
</td>
<td class="nump">3,974,128<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill', window );">Accumulated amortization, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(133,973)<span></span>
</td>
<td class="num">(260,776)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentForAccumulatedRecoverableValue', window );">Adjustment for accumulated recoverable value, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(109,330)<span></span>
</td>
<td class="num">(109,330)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,590,931<span></span>
</td>
<td class="nump">3,604,022<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Effect of foreign exchange differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Acquisitions and expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfer of property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Write-offs/disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="num">(13,091)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Aquisition control - CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill', window );">Transfer of Metalic - Held for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,590,931<span></span>
</td>
<td class="nump">3,590,931<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossIntangibleAssetsAndGoodwill', window );">Cost, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,834,234<span></span>
</td>
<td class="nump">3,834,234<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill', window );">Accumulated amortization, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(133,973)<span></span>
</td>
<td class="num">(133,973)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentForAccumulatedRecoverableValue', window );">Adjustment for accumulated recoverable value, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(109,330)<span></span>
</td>
<td class="num">(109,330)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember', window );">Customer relationships</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Disclosure of detailed information about intangible assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossIntangibleAssetsAndGoodwill', window );">Cost, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">444,635<span></span>
</td>
<td class="nump">549,302<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill', window );">Accumulated amortization, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(146,975)<span></span>
</td>
<td class="num">(136,026)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentForAccumulatedRecoverableValue', window );">Adjustment for accumulated recoverable value, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">297,660<span></span>
</td>
<td class="nump">413,276<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Effect of foreign exchange differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">41,916<span></span>
</td>
<td class="num">(74,167)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Acquisitions and expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfer of property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Write-offs/disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(38,701)<span></span>
</td>
<td class="num">(41,449)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Aquisition control - CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill', window );">Transfer of Metalic - Held for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">300,875<span></span>
</td>
<td class="nump">297,660<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossIntangibleAssetsAndGoodwill', window );">Cost, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">513,068<span></span>
</td>
<td class="nump">444,635<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill', window );">Accumulated amortization, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(212,193)<span></span>
</td>
<td class="num">(146,975)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentForAccumulatedRecoverableValue', window );">Adjustment for accumulated recoverable value, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_ComputerSoftwareMember', window );">Software</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Disclosure of detailed information about intangible assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossIntangibleAssetsAndGoodwill', window );">Cost, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">183,166<span></span>
</td>
<td class="nump">173,154<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill', window );">Accumulated amortization, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(114,913)<span></span>
</td>
<td class="num">(97,917)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentForAccumulatedRecoverableValue', window );">Adjustment for accumulated recoverable value, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">68,253<span></span>
</td>
<td class="nump">75,237<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Effect of foreign exchange differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">183<span></span>
</td>
<td class="num">(236)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Acquisitions and expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">622<span></span>
</td>
<td class="nump">2,995<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfer of property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">26,183<span></span>
</td>
<td class="nump">16,538<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Write-offs/disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(70)<span></span>
</td>
<td class="num">(3)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(21,986)<span></span>
</td>
<td class="num">(26,093)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Aquisition control - CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">47<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill', window );">Transfer of Metalic - Held for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="num">(232)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">73,185<span></span>
</td>
<td class="nump">68,253<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossIntangibleAssetsAndGoodwill', window );">Cost, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">167,162<span></span>
</td>
<td class="nump">183,166<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill', window );">Accumulated amortization, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(93,977)<span></span>
</td>
<td class="num">(114,913)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentForAccumulatedRecoverableValue', window );">Adjustment for accumulated recoverable value, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_BrandNamesMember', window );">Trademark and patents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Disclosure of detailed information about intangible assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossIntangibleAssetsAndGoodwill', window );">Cost, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">116,196<span></span>
</td>
<td class="nump">143,636<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill', window );">Accumulated amortization, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentForAccumulatedRecoverableValue', window );">Adjustment for accumulated recoverable value, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">116,196<span></span>
</td>
<td class="nump">143,636<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Effect of foreign exchange differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">17,941<span></span>
</td>
<td class="num">(27,440)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Acquisitions and expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfer of property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Write-offs/disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Aquisition control - CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill', window );">Transfer of Metalic - Held for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">134,137<span></span>
</td>
<td class="nump">116,196<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossIntangibleAssetsAndGoodwill', window );">Cost, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">134,137<span></span>
</td>
<td class="nump">116,196<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill', window );">Accumulated amortization, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentForAccumulatedRecoverableValue', window );">Adjustment for accumulated recoverable value, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=SID_RightsAndLicencesMember', window );">Rights and licenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Disclosure of detailed information about intangible assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossIntangibleAssetsAndGoodwill', window );">Cost, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3,185,700<span></span>
</td>
<td class="nump">3,185,700<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill', window );">Accumulated amortization, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(776)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentForAccumulatedRecoverableValue', window );">Adjustment for accumulated recoverable value, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3,184,924<span></span>
</td>
<td class="nump">3,185,700<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Effect of foreign exchange differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Acquisitions and expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfer of property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Write-offs/disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(12,455)<span></span>
</td>
<td class="num">(776)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Aquisition control - CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill', window );">Transfer of Metalic - Held for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3,172,469<span></span>
</td>
<td class="nump">3,184,924<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossIntangibleAssetsAndGoodwill', window );">Cost, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3,185,701<span></span>
</td>
<td class="nump">3,185,700<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill', window );">Accumulated amortization, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(13,232)<span></span>
</td>
<td class="num">(776)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentForAccumulatedRecoverableValue', window );">Adjustment for accumulated recoverable value, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=SID_OthersMember', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Disclosure of detailed information about intangible assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossIntangibleAssetsAndGoodwill', window );">Cost, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">440<span></span>
</td>
<td class="nump">395<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill', window );">Accumulated amortization, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentForAccumulatedRecoverableValue', window );">Adjustment for accumulated recoverable value, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">440<span></span>
</td>
<td class="nump">395<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill', window );">Effect of foreign exchange differences</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">65<span></span>
</td>
<td class="num">(79)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill', window );">Acquisitions and expenditures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">124<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment', window );">Transfer of property, plant and equipment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisposalsIntangibleAssetsAndGoodwill', window );">Write-offs/disposals</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill', window );">Amortization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill', window );">Aquisition control - CGPAR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(56)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill', window );">Transfer of Metalic - Held for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsAndGoodwill', window );">Intangible assets, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">449<span></span>
</td>
<td class="nump">440<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossIntangibleAssetsAndGoodwill', window );">Cost, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">449<span></span>
</td>
<td class="nump">440<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill', window );">Accumulated amortization, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustmentForAccumulatedRecoverableValue', window );">Adjustment for accumulated recoverable value, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Composed mainly by mineral rights with estimated resources of 1,101 million tons. Corresponding amortization is recorded based on production volumes.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AccumulatedAmortizationIntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AdjustmentForAccumulatedRecoverableValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AdjustmentForAccumulatedRecoverableValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_GrossIntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_GrossIntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase in intangible assets and goodwill resulting from acquisitions through business combinations. [Refer: Business combinations [member]; Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to intangible assets other than goodwill, other than those acquired through business combinations. [Refer: Business combinations [member]; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortisation of intangible assets other than goodwill. [Refer: Depreciation and amortisation expense; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e_vi&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIntangibleAssetsLineItems</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease in intangible assets and goodwill resulting from disposals. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisposalsIntangibleAssetsAndGoodwill</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in intangible assets and goodwill resulting from the net exchange differences arising when the financial statements are translated from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e_vii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<tr>
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<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in intangible assets and goodwill resulting from transfers. [Refer: Intangible assets and goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in property, plant and equipment resulting from transfers. [Refer: Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersPropertyPlantAndEquipment</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of intangible assets and goodwill held by the entity. [Refer: Goodwill; Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsAndGoodwill</td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>10. INTANGIBLE ASSETS (Details 1)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The useful lives or amortisation rates used for intangible assets other than goodwill. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 118<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_118_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_ComputerSoftwareMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis=ifrs-full_CustomerrelatedIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6794148432">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>10. INTANGIBLE ASSETS (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Disclosure of detailed information about intangible assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 3,590,931<span></span>
</td>
<td class="nump">R$ 3,590,931<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BrandNames', window );">Trademarks</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">134,137<span></span>
</td>
<td class="nump">116,196<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GoodwillAndBrandNames', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,725,068<span></span>
</td>
<td class="nump">3,707,127<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_PackagingMember', window );">Packaging</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Disclosure of detailed information about intangible assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">158,748<span></span>
</td>
<td class="nump">158,748<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BrandNames', window );">Trademarks</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GoodwillAndBrandNames', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">158,748<span></span>
</td>
<td class="nump">158,748<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_LongSteelMember', window );">Long steel</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Disclosure of detailed information about intangible assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">235,595<span></span>
</td>
<td class="nump">235,595<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BrandNames', window );">Trademarks</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">134,137<span></span>
</td>
<td class="nump">116,196<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GoodwillAndBrandNames', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">369,732<span></span>
</td>
<td class="nump">351,791<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_MiningMember', window );">Mining</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Disclosure of detailed information about intangible assets [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">3,196,588<span></span>
</td>
<td class="nump">3,196,588<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BrandNames', window );">Trademarks</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GoodwillAndBrandNames', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">R$ 3,196,588<span></span>
</td>
<td class="nump">R$ 3,196,588<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The goodwill and trademark that are recorded in line item intangible assets at long steel segment, those transactions are derived from the business combination of Stahlwerk Thuringen GmbH ("SWT") and Gallardo Sections CSN. The assets mentioned are considered to have indefinite useful lives as they are expected to contribute indefinitely to the Company's cash flows.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Refers to the goodwill based on expectations for future profitability, resulting from the acquisition of Namisa by CSN Mineracao, an operation that was concluded in December 2015. From 2016, the balance started to be tested annually for impairment analysis.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_GoodwillAndBrandNames">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_GoodwillAndBrandNames</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BrandNames">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of intangible assets representing rights to a group of complementary assets such as a trademark (or service mark) and its related trade name, formulas, recipes and technological expertise. [Refer: Intangible assets other than goodwill]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2017-01-01<br> -Paragraph 119<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=38&amp;date=2017-03-01&amp;anchor=para_119_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BrandNames</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIntangibleAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2017-01-01<br> -Paragraph 134<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2017-03-01&amp;anchor=para_134_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2017-01-01<br> -Paragraph 135<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=36&amp;date=2017-03-01&amp;anchor=para_135_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_PackagingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_PackagingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_LongSteelMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_LongSteelMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_MiningMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_MiningMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6792387632">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>10. INTANGIBLE ASSETS (Details 3)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr><th class="th" colspan="2"><div>Dec. 31, 2017</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_MetalPackagingMember', window );">Metal packaging</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Disclosure of detailed information about intangible assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MeasurementOfRecoverableValueAssumption', window );">Measurement of recoverable value</a></td>
<td class="text">Discounted Cash Flow<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CashFlowProjectionAssumption', window );">Cash flow projection</a></td>
<td class="text">Until 2028<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossMarginAssumption', window );">Gross Margin</a></td>
<td class="text">Gross margin updated based on historical data, impacts of business restructuring and market trends.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CostActualizationAssumption', window );">Cost Actualization</a></td>
<td class="text">Cost based on historical data of each product and impacts of business restructuring.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrowthRateAssumption', window );">Growth rate</a></td>
<td class="text"><p style="margin: 0pt">Without growth in real terms, only updated by long term inflation of 4.0% .</p><span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DiscountRateAssumption', window );">Discount rate</a></td>
<td class="text">These cash flows were considered using a discount rate after taxes between 7% and 13% in real terms. The discount rate was
based on the weighted average cost of capital ("WACC") that reflects the specific risk of each segment.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_LongSteelMember', window );">Long steel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Disclosure of detailed information about intangible assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MeasurementOfRecoverableValueAssumption', window );">Measurement of recoverable value</a></td>
<td class="text">Discounted Cash Flow<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CashFlowProjectionAssumption', window );">Cash flow projection</a></td>
<td class="text">Until 2028<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossMarginAssumption', window );">Gross Margin</a></td>
<td class="text">Gross margin updated based on historical data and market trends.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CostActualizationAssumption', window );">Cost Actualization</a></td>
<td class="text">Costs based on historical data and market trends.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrowthRateAssumption', window );">Growth rate</a></td>
<td class="text">Without growth in real terms, only updated by long term inflation of 2.0% , Euro zone.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DiscountRateAssumption', window );">Discount rate</a></td>
<td class="text">These cash flows were considered using a discount rate after taxes between 7% and 13% in real terms. The discount rate was
based on the weighted average cost of capital ("WACC") that reflects the specific risk of each segment.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_MiningMember', window );">Mining</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems', window );"><strong>Disclosure of detailed information about intangible assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MeasurementOfRecoverableValueAssumption', window );">Measurement of recoverable value</a></td>
<td class="text">Discounted Cash Flow<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CashFlowProjectionAssumption', window );">Cash flow projection</a></td>
<td class="text">Until 2056<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossMarginAssumption', window );">Gross Margin</a></td>
<td class="text">Average of the gross margin of each Cash generating units based on the history and projections to the next 39 years and long-term
price and exchange rate curves from industry reports.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CostActualizationAssumption', window );">Cost Actualization</a></td>
<td class="text">Costs based on historical data, mix of products and market trends.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrowthRateAssumption', window );">Growth rate</a></td>
<td class="text">The growth rate was not considered.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DiscountRateAssumption', window );">Discount rate</a></td>
<td class="text">These cash flows were considered using a discount rate after taxes between 7% and 13% in real terms. The discount rate was
based on the weighted average cost of capital ("WACC") that reflects the specific risk of each segment.<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Refer to assets of subsidiary SWT, located in Germany. The discount rate was applied on the discounted cash flow prepared in Euros, the functional currency of this subsidiary.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CashFlowProjectionAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CashFlowProjectionAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CostActualizationAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CostActualizationAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DiscountRateAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DiscountRateAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_GrossMarginAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_GrossMarginAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_GrowthRateAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_GrowthRateAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_MeasurementOfRecoverableValueAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_MeasurementOfRecoverableValueAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfIntangibleAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfIntangibleAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_MetalPackagingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_MetalPackagingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_LongSteelMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_LongSteelMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_MiningMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_MiningMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>109
<FILENAME>R97.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6771670592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>11. BORROWINGS, FINANCING AND DEBENTURES (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossShorttermBorrowings', window );">Borrowings and financing, current</a></td>
<td class="nump">R$ 6,551,764<span></span>
</td>
<td class="nump">R$ 2,150,951<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossLongtermBorrowings', window );">Borrowings and financing, noncurrent</a></td>
<td class="nump">23,017,953<span></span>
</td>
<td class="nump">28,382,802<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingCostsRecognisedAsExpenseCurrent', window );">Transaction costs and issue premiums, current</a></td>
<td class="num">(24,862)<span></span>
</td>
<td class="num">(33,503)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingCostsRecognisedAsExpenseNoncurent', window );">Transaction costs and issue premiums, noncurrent</a></td>
<td class="num">(34,011)<span></span>
</td>
<td class="num">(59,232)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermBorrowings', window );">Borrowings and financing and transaction costs, current</a></td>
<td class="nump">6,526,902<span></span>
</td>
<td class="nump">2,117,448<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Borrowings and financing and transaction costs, noncurrent</a></td>
<td class="nump">22,983,942<span></span>
</td>
<td class="nump">28,323,570<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_ForeignCurrencyMember', window );">Foreign Currency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossShorttermBorrowings', window );">Borrowings and financing, current</a></td>
<td class="nump">1,566,302<span></span>
</td>
<td class="nump">787,291<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossLongtermBorrowings', window );">Borrowings and financing, noncurrent</a></td>
<td class="nump">R$ 13,214,981<span></span>
</td>
<td class="nump">13,820,151<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_ForeignCurrencyMember', window );">Foreign Currency | Prepayment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Rates</a></td>
<td class="text">1% to 3.5%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossShorttermBorrowings', window );">Borrowings and financing, current</a></td>
<td class="nump">R$ 2,174<span></span>
</td>
<td class="nump">110,944<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossLongtermBorrowings', window );">Borrowings and financing, noncurrent</a></td>
<td class="nump">R$ 489,584<span></span>
</td>
<td class="nump">482,347<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_ForeignCurrencyMember', window );">Foreign Currency | Prepayment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Rates</a></td>
<td class="text">3.51% to 8%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossShorttermBorrowings', window );">Borrowings and financing, current</a></td>
<td class="nump">R$ 788,989<span></span>
</td>
<td class="nump">438,802<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossLongtermBorrowings', window );">Borrowings and financing, noncurrent</a></td>
<td class="nump">R$ 3,607,925<span></span>
</td>
<td class="nump">4,290,062<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_ForeignCurrencyMember', window );">Foreign Currency | Perpetual bonds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Rates</a></td>
<td class="text">7%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossShorttermBorrowings', window );">Borrowings and financing, current</a></td>
<td class="nump">R$ 4,503<span></span>
</td>
<td class="nump">4,436<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossLongtermBorrowings', window );">Borrowings and financing, noncurrent</a></td>
<td class="nump">R$ 3,308,000<span></span>
</td>
<td class="nump">3,259,100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_ForeignCurrencyMember', window );">Foreign Currency | Fixed rate notes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Rates</a></td>
<td class="text">4.14% to 10%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossShorttermBorrowings', window );">Borrowings and financing, current</a></td>
<td class="nump">R$ 139,184<span></span>
</td>
<td class="nump">137,126<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossLongtermBorrowings', window );">Borrowings and financing, noncurrent</a></td>
<td class="nump">R$ 5,612,342<span></span>
</td>
<td class="nump">5,529,380<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_ForeignCurrencyMember', window );">Foreign Currency | Advance contract exchange (ACC)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Rates</a></td>
<td class="text">3.135%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossShorttermBorrowings', window );">Borrowings and financing, current</a></td>
<td class="nump">R$ 379,822<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossLongtermBorrowings', window );">Borrowings and financing, noncurrent</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_ForeignCurrencyMember', window );">Foreign Currency | Others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Rates</a></td>
<td class="text">1.2% to 8%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossShorttermBorrowings', window );">Borrowings and financing, current</a></td>
<td class="nump">R$ 251,630<span></span>
</td>
<td class="nump">95,983<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossLongtermBorrowings', window );">Borrowings and financing, noncurrent</a></td>
<td class="nump">197,130<span></span>
</td>
<td class="nump">259,262<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_LocalCurrencyMember', window );">Local Currency</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossShorttermBorrowings', window );">Borrowings and financing, current</a></td>
<td class="nump">4,985,462<span></span>
</td>
<td class="nump">1,363,660<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossLongtermBorrowings', window );">Borrowings and financing, noncurrent</a></td>
<td class="nump">R$ 9,802,972<span></span>
</td>
<td class="nump">14,562,651<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_LocalCurrencyMember', window );">Local Currency | Prepayment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Rates</a></td>
<td class="text">109.5% to 116.5% of CDI and fixed rate of 8%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossShorttermBorrowings', window );">Borrowings and financing, current</a></td>
<td class="nump">R$ 1,789,737<span></span>
</td>
<td class="nump">570,778<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossLongtermBorrowings', window );">Borrowings and financing, noncurrent</a></td>
<td class="nump">R$ 3,378,333<span></span>
</td>
<td class="nump">5,080,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_LocalCurrencyMember', window );">Local Currency | BNDES/FINAME</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Rates</a></td>
<td class="text">1,3% + TJLP and fixed rate 2.5% to 6% + 1,5% <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossShorttermBorrowings', window );">Borrowings and financing, current</a></td>
<td class="nump">R$ 71,121<span></span>
</td>
<td class="nump">73,736<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossLongtermBorrowings', window );">Borrowings and financing, noncurrent</a></td>
<td class="nump">R$ 960,872<span></span>
</td>
<td class="nump">1,012,268<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_LocalCurrencyMember', window );">Local Currency | Debentures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Rates</a></td>
<td class="text">110.8% to 113.7% of CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossShorttermBorrowings', window );">Borrowings and financing, current</a></td>
<td class="nump">R$ 523,252<span></span>
</td>
<td class="nump">538,003<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossLongtermBorrowings', window );">Borrowings and financing, noncurrent</a></td>
<td class="nump">R$ 770,767<span></span>
</td>
<td class="nump">1,270,383<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_LocalCurrencyMember', window );">Local Currency | CCB</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsInterestRateBasis', window );">Rates</a></td>
<td class="text">112.5% and 113% of CDI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossShorttermBorrowings', window );">Borrowings and financing, current</a></td>
<td class="nump">R$ 2,601,352<span></span>
</td>
<td class="nump">181,143<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossLongtermBorrowings', window );">Borrowings and financing, noncurrent</a></td>
<td class="nump">R$ 4,693,000<span></span>
</td>
<td class="nump">R$ 7,200,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_BorrowingCostsRecognisedAsExpenseCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_BorrowingCostsRecognisedAsExpenseCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_BorrowingCostsRecognisedAsExpenseNoncurent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_BorrowingCostsRecognisedAsExpenseNoncurent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_GrossLongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_GrossLongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_GrossShorttermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_GrossShorttermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsInterestRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The basis (reference rate) used for calculation of the interest rate on borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsInterestRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CurrenciesAxis=SID_ForeignCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CurrenciesAxis=SID_ForeignCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_Prepayment1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_Prepayment1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_Prepayment2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_Prepayment2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_PerpetualBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_PerpetualBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_FixedRateNotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_FixedRateNotesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_ACCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_ACCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_OthersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_OthersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CurrenciesAxis=SID_LocalCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CurrenciesAxis=SID_LocalCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_BndesFinameMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_BndesFinameMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_DebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_DebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_CCBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_CCBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>110
<FILENAME>R98.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6791655872">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>11. BORROWINGS, FINANCING AND DEBENTURES (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 22,983,942<span></span>
</td>
<td class="nump">R$ 28,323,570<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsMaturityPercent', window );">Maturity percent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyNineteenMember', window );">2019</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 7,239,968<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsMaturityPercent', window );">Maturity percent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">31.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyNineteenMember', window );">2019 | Prepayment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 2,824,551<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyNineteenMember', window );">2019 | Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">2,238,034<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyNineteenMember', window );">2019 | CCB</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,507,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyNineteenMember', window );">2019 | Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">670,383<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyTwentyMember', window );">2020</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 7,572,510<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsMaturityPercent', window );">Maturity percent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">33.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyTwentyMember', window );">2020 | Prepayment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 2,409,959<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyTwentyMember', window );">2020 | Bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3,374,308<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyTwentyMember', window );">2020 | CCB</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,508,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyTwentyMember', window );">2020 | Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">280,243<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyTwentyOneMember', window );">2021</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 2,228,628<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsMaturityPercent', window );">Maturity percent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyTwentyOneMember', window );">2021 | Prepayment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 1,276,969<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyTwentyOneMember', window );">2021 | CCB</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">774,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyTwentyOneMember', window );">2021 | Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">177,659<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyTwentyTwoMember', window );">2022</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 1,843,847<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsMaturityPercent', window );">Maturity percent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyTwentyTwoMember', window );">2022 | Prepayment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 964,363<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyTwentyTwoMember', window );">2022 | CCB</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">784,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyTwentyTwoMember', window );">2022 | Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">95,484<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyTwentyThreeMember', window );">2023</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 176,631<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsMaturityPercent', window );">Maturity percent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyTwentyThreeMember', window );">2023 | CCB</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 120,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_TwentyTwentyThreeMember', window );">2023 | Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">56,631<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_AfterTwentyTwentyThreeMember', window );">After 2023</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 648,369<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsMaturityPercent', window );">Maturity percent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_AfterTwentyTwentyThreeMember', window );">After 2023 | Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 648,369<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MaturityAxis=SID_PerpetualBondsMember', window );">Perpetual bonds</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LongtermBorrowings', window );">Maturities of borrowings and financing</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 3,308,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsMaturityPercent', window );">Maturity percent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">14.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">In February 2018, the Company concluded the renegotiation of its debt with Banco do Brasil S.A ("BB"), as well as the issuance of debt instruments and repurchase of US$350 million (Tender Offer), as described in more detail in note 31 - Events subsequent.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_BorrowingsMaturityPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_BorrowingsMaturityPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LongtermBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The non-current portion of non-current borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LongtermBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=SID_TwentyNineteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=SID_TwentyNineteenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_PrepaymentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_PrepaymentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_Bonds1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_Bonds1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_CCBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_CCBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_OthersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_OthersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=SID_TwentyTwentyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=SID_TwentyTwentyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=SID_TwentyTwentyOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=SID_TwentyTwentyOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=SID_TwentyTwentyTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=SID_TwentyTwentyTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=SID_TwentyTwentyThreeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=SID_TwentyTwentyThreeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=SID_AfterTwentyTwentyThreeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=SID_AfterTwentyTwentyThreeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MaturityAxis=SID_PerpetualBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MaturityAxis=SID_PerpetualBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>111
<FILENAME>R99.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6775828064">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>11. BORROWINGS, FINANCING AND DEBENTURES (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsFinancingAndDebenturesDetails2Abstract', window );"><strong>Borrowings Financing And Debentures Details 2</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherBorrowings', window );">New funding transactions and amortization, beginning</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 30,441,018<span></span>
</td>
<td class="nump">R$ 34,282,515<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionalFundingTransactions', window );">Funding Transactions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">538,771<span></span>
</td>
<td class="nump">30,034<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionalForfaitingFundingDraweeRisk', window );">Forfaiting funding / Drawee Risk</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">78,240<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RepaymentsOfOtherBorrowings', window );">Repayment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,528,023)<span></span>
</td>
<td class="num">(695,938)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RepaymentsOfOtherForfaitingDraweeBorrowings', window );">Payments - Forfaiting / Drawee Risk</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="num">(407,155)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseOnBorrowings', window );">Payment of interest and other charges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,634,931)<span></span>
</td>
<td class="num">(3,044,342)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_InterestExpenseOnForfaitingDraweeBorrowings', window );">Payment of interest and other charges - Forfaiting / Drawee</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="num">(5,694)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ChangesInOtherBorrowingsProvisions', window );">Provision of interest and other charges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,438,555<span></span>
</td>
<td class="nump">3,156,120<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ChangesInOtherForfaitingDraweeBorrowingsProvisions', window );">Provision of charges - Forfaiting / Drawee Risk</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">4,237<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_OthersChangesInOtherBorrowings', window );">Others</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">255,454<span></span>
</td>
<td class="num">(2,956,999)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherBorrowings', window );">New funding transactions and amortization, ending</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 29,510,844<span></span>
</td>
<td class="nump">R$ 30,441,018<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Includes unrealized monetary and foreign exchange variations.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AdditionalForfaitingFundingDraweeRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AdditionalForfaitingFundingDraweeRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AdditionalFundingTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AdditionalFundingTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_BorrowingsFinancingAndDebenturesDetails2Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_BorrowingsFinancingAndDebenturesDetails2Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ChangesInOtherBorrowingsProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ChangesInOtherBorrowingsProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ChangesInOtherForfaitingDraweeBorrowingsProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ChangesInOtherForfaitingDraweeBorrowingsProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_InterestExpenseOnForfaitingDraweeBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_InterestExpenseOnForfaitingDraweeBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_OthersChangesInOtherBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_OthersChangesInOtherBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RepaymentsOfOtherBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RepaymentsOfOtherBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RepaymentsOfOtherForfaitingDraweeBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RepaymentsOfOtherForfaitingDraweeBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseOnBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of interest expense on borrowings. [Refer: Interest expense; Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseOnBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of borrowings that the entity does not separately disclose in the same statement or note. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>112
<FILENAME>R100.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6778627968">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>11. BORROWINGS, FINANCING AND DEBENTURES (Details 3)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr><th class="th" colspan="2">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossLoanCommitments', window );">Amount</a></td>
<td class="nump">R$ 538,771<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SID_AmortizedLoan1Member', window );">Amortized loan 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_ParentEntityLegalName', window );">Financial institution</a></td>
<td class="text">BANCO MERCEDEZ BENS <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AmortizedLoanDate', window );">Date</a></td>
<td class="text">August/17<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossLoanCommitments', window );">Amount</a></td>
<td class="nump">R$ 4,265<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AmortizedLoanMaturityDate', window );">Maturity</a></td>
<td class="text">October/21<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SID_AmortizedLoan2Member', window );">Amortized loan 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_ParentEntityLegalName', window );">Financial institution</a></td>
<td class="text"> BB <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AmortizedLoanDate', window );">Date</a></td>
<td class="text">September/17<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossLoanCommitments', window );">Amount</a></td>
<td class="nump">R$ 171,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AmortizedLoanMaturityDate', window );">Maturity</a></td>
<td class="text">may/18<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SID_AmortizedLoan3Member', window );">Amortized loan 3</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_ParentEntityLegalName', window );">Financial institution</a></td>
<td class="text">JP MORGAN <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AmortizedLoanDate', window );">Date</a></td>
<td class="text">November/17<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossLoanCommitments', window );">Amount</a></td>
<td class="nump">R$ 163,506<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AmortizedLoanMaturityDate', window );">Maturity</a></td>
<td class="text">November/18<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SID_AmortizedLoan4Member', window );">Amortized loan 4</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_ParentEntityLegalName', window );">Financial institution</a></td>
<td class="text"> BB <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AmortizedLoanDate', window );">Date</a></td>
<td class="text">December 2017<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossLoanCommitments', window );">Amount</a></td>
<td class="nump">R$ 200,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AmortizedLoanMaturityDate', window );">Maturity</a></td>
<td class="text">February/18<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The operation was amortized in February 02, 2018</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AmortizedLoanDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AmortizedLoanDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AmortizedLoanMaturityDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AmortizedLoanMaturityDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ParentEntityLegalName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the entity which the financial information concerns is a subsidiary of another company, then provide to full legal name of the parent entity</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ParentEntityLegalName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossLoanCommitments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of contractual undiscounted cash flows for gross commitments to receive a loan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph B11D<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_B11D_e&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossLoanCommitments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_AmortizedLoan1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_AmortizedLoan1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_AmortizedLoan2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_AmortizedLoan2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_AmortizedLoan3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_AmortizedLoan3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_AmortizedLoan4Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_AmortizedLoan4Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>113
<FILENAME>R101.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6816383360">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>11. BORROWINGS, FINANCING AND DEBENTURES (Details 4) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Payment of Principal</a></td>
<td class="nump">R$ 1,528,023<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities', window );">Debt charges</a></td>
<td class="nump">2,634,931<span></span>
</td>
<td class="nump">R$ 3,050,036<span></span>
</td>
<td class="nump">R$ 2,964,826<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SID_Bonds1Member', window );">Bonds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Payment of Principal</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities', window );">Debt charges</a></td>
<td class="nump">578,482<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SID_FixedRateNotesMember', window );">Fixed Rate Notes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Payment of Principal</a></td>
<td class="nump">90,028<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities', window );">Debt charges</a></td>
<td class="nump">12,736<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SID_DebenturesMember', window );">Debentures</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Payment of Principal</a></td>
<td class="nump">479,617<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities', window );">Debt charges</a></td>
<td class="nump">201,118<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SID_BankCreditBillMember', window );">Bank Credit Bill</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Payment of Principal</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities', window );">Debt charges</a></td>
<td class="nump">869,717<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SID_ExportCreditNoteMember', window );">Export Credit Note</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Payment of Principal</a></td>
<td class="nump">400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities', window );">Debt charges</a></td>
<td class="nump">668,325<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SID_PreExportPaymentMember', window );">Pre - Export Payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Payment of Principal</a></td>
<td class="nump">490,803<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities', window );">Debt charges</a></td>
<td class="nump">226,894<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SID_BndesFinameMember', window );">BNDES/FINAME</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Payment of Principal</a></td>
<td class="nump">67,575<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities', window );">Debt charges</a></td>
<td class="nump">75,539<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsByNameAxis=SID_ACCMember', window );">Advance contract exchange (ACC)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Borrowings', window );">Payment of Principal</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities', window );">Debt charges</a></td>
<td class="nump">R$ 2,120<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Borrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of outstanding funds that the entity is obligated to repay.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Borrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestPaidClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for interest paid, classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 31<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestPaidClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_Bonds1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_Bonds1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_FixedRateNotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_FixedRateNotesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_DebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_DebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_BankCreditBillMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_BankCreditBillMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_ExportCreditNoteMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_ExportCreditNoteMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_PreExportPaymentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_PreExportPaymentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_BndesFinameMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_BndesFinameMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsByNameAxis=SID_ACCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsByNameAxis=SID_ACCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>114
<FILENAME>R102.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6795770432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>11. BORROWINGS, FINANCING AND DEBENTURES (Details 5) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_Borrowing', window );">Borrowings</a></td>
<td class="nump">R$ 14,948,054<span></span>
</td>
<td class="nump">R$ 14,737,550<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTaxForeclosure', window );">Tax foreclosure</a></td>
<td class="nump">25,376<span></span>
</td>
<td class="nump">26,169<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsOther', window );">Other</a></td>
<td class="nump">58,714<span></span>
</td>
<td class="nump">55,640<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTotal', window );">Total</a></td>
<td class="nump">15,032,144<span></span>
</td>
<td class="nump">14,819,359<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_TotalInUSDollarMember', window );">Total in US$</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_Borrowing', window );">Borrowings</a></td>
<td class="nump">2,950,000<span></span>
</td>
<td class="nump">2,950,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTotal', window );">Total</a></td>
<td class="nump">2,950,000<span></span>
</td>
<td class="nump">2,950,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_TotalInEURMember', window );">Total in EUR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_Borrowing', window );">Borrowings</a></td>
<td class="nump">145,000<span></span>
</td>
<td class="nump">145,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTotal', window );">Total</a></td>
<td class="nump">145,000<span></span>
</td>
<td class="nump">145,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=SID_TotalInRDollarMember', window );">Total in R$</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_Borrowing', window );">Borrowings</a></td>
<td class="nump">4,613,905<span></span>
</td>
<td class="nump">4,624,637<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTaxForeclosure', window );">Tax foreclosure</a></td>
<td class="nump">25,376<span></span>
</td>
<td class="nump">26,169<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsOther', window );">Other</a></td>
<td class="nump">58,714<span></span>
</td>
<td class="nump">55,640<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTotal', window );">Total</a></td>
<td class="nump">4,697,995<span></span>
</td>
<td class="nump">4,706,446<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=SID_TotalInRDollar1Member', window );">Total in R$</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_Borrowing', window );">Borrowings</a></td>
<td class="nump">10,334,149<span></span>
</td>
<td class="nump">10,112,913<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTotal', window );">Total</a></td>
<td class="nump">R$ 10,334,149<span></span>
</td>
<td class="nump">10,112,913<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_TransnordestinaLogisitcaMember', window );">Transnordestina Logisitca</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsOriginalCurrency', window );">Currency</a></td>
<td class="text">R$<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturities</a></td>
<td class="text">Up to 09/19/2056 and Indefinite<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_Borrowing', window );">Borrowings</a></td>
<td class="nump">R$ 2,541,347<span></span>
</td>
<td class="nump">2,547,937<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTaxForeclosure', window );">Tax foreclosure</a></td>
<td class="nump">22,214<span></span>
</td>
<td class="nump">23,007<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsOther', window );">Other</a></td>
<td class="nump">3,866<span></span>
</td>
<td class="nump">4,866<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTotal', window );">Total</a></td>
<td class="nump">R$ 2,567,427<span></span>
</td>
<td class="nump">2,575,810<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_FTLFerroviaTransnordestinaMember', window );">FTL - Ferrovia Transnordestina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsOriginalCurrency', window );">Currency</a></td>
<td class="text">R$<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturities</a></td>
<td class="text">11/15/2020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_Borrowing', window );">Borrowings</a></td>
<td class="nump">R$ 69,405<span></span>
</td>
<td class="nump">76,700<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTotal', window );">Total</a></td>
<td class="nump">R$ 69,405<span></span>
</td>
<td class="nump">76,700<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_SepetibaTeconMember', window );">Sepetiba Tecon</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsOriginalCurrency', window );">Currency</a></td>
<td class="text">R$<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturities</a></td>
<td class="text">Indefinite<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsOther', window );">Other</a></td>
<td class="nump">R$ 36,308<span></span>
</td>
<td class="nump">28,914<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTotal', window );">Total</a></td>
<td class="nump">R$ 36,308<span></span>
</td>
<td class="nump">28,914<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_CiaMetalurgicaPradaMember', window );">Cia Metalurgica Prada</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsOriginalCurrency', window );">Currency</a></td>
<td class="text">R$<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturities</a></td>
<td class="text">Indefinite<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTaxForeclosure', window );">Tax foreclosure</a></td>
<td class="nump">R$ 333<span></span>
</td>
<td class="nump">333<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsOther', window );">Other</a></td>
<td class="nump">18,540<span></span>
</td>
<td class="nump">19,340<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTotal', window );">Total</a></td>
<td class="nump">R$ 18,873<span></span>
</td>
<td class="nump">19,673<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_CSNEnergiaMember', window );">CSN Energia</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsOriginalCurrency', window );">Currency</a></td>
<td class="text">R$<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturities</a></td>
<td class="text">Indefinite<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTaxForeclosure', window );">Tax foreclosure</a></td>
<td class="nump">R$ 2,829<span></span>
</td>
<td class="nump">2,829<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTotal', window );">Total</a></td>
<td class="nump">R$ 2,829<span></span>
</td>
<td class="nump">2,829<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_CSNMineracoMember', window );">CSN Mineracao</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsOriginalCurrency', window );">Currency</a></td>
<td class="text">R$<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturities</a></td>
<td class="text">09/22/2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_Borrowing', window );">Borrowings</a></td>
<td class="nump">R$ 2,000,000<span></span>
</td>
<td class="nump">2,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsOther', window );">Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,520<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTotal', window );">Total</a></td>
<td class="nump">R$ 2,000,000<span></span>
</td>
<td class="nump">2,002,520<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_EstanhodeRondoniaMember', window );">Estanho de Rondonia</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsOriginalCurrency', window );">Currency</a></td>
<td class="text">R$<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturities</a></td>
<td class="text">07/15/2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_Borrowing', window );">Borrowings</a></td>
<td class="nump">R$ 3,153<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTotal', window );">Total</a></td>
<td class="nump">R$ 3,153<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_CSNIslandsXIMember', window );">CSN Islands XI</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsOriginalCurrency', window );">Currency</a></td>
<td class="text">US$<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturities</a></td>
<td class="text">09/21/2019<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_CSNIslandsXIMember', window );">CSN Islands XI | USD</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_Borrowing', window );">Borrowings</a></td>
<td class="nump">R$ 750,000<span></span>
</td>
<td class="nump">750,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTotal', window );">Total</a></td>
<td class="nump">R$ 750,000<span></span>
</td>
<td class="nump">750,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_CSNIslandsXIIMember', window );">CSN Islands XII</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsOriginalCurrency', window );">Currency</a></td>
<td class="text">US$<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturities</a></td>
<td class="text">Perpetual<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_CSNIslandsXIIMember', window );">CSN Islands XII | USD</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_Borrowing', window );">Borrowings</a></td>
<td class="nump">R$ 1,000,000<span></span>
</td>
<td class="nump">1,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTotal', window );">Total</a></td>
<td class="nump">R$ 1,000,000<span></span>
</td>
<td class="nump">1,000,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_CSNResourcesMember', window );">CSN Resources</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsOriginalCurrency', window );">Currency</a></td>
<td class="text">US$<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturities</a></td>
<td class="text">07/21/2020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_CSNResourcesMember', window );">CSN Resources | USD</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_Borrowing', window );">Borrowings</a></td>
<td class="nump">R$ 1,200,000<span></span>
</td>
<td class="nump">1,200,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTotal', window );">Total</a></td>
<td class="nump">R$ 1,200,000<span></span>
</td>
<td class="nump">1,200,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_CSNSteelSLMember', window );">CSN Steel S.L.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsOriginalCurrency', window );">Currency</a></td>
<td class="text">EUR<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturities</a></td>
<td class="text">01/31/2020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_CSNSteelSLMember', window );">CSN Steel S.L. | EUR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_Borrowing', window );">Borrowings</a></td>
<td class="nump">R$ 120,000<span></span>
</td>
<td class="nump">120,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTotal', window );">Total</a></td>
<td class="nump">R$ 120,000<span></span>
</td>
<td class="nump">120,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_LusosiderAcosPlanosMember', window );">Lusosider Acos Planos</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsOriginalCurrency', window );">Currency</a></td>
<td class="text">EUR<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BorrowingsMaturity', window );">Maturities</a></td>
<td class="text">Indefinite<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_LusosiderAcosPlanosMember', window );">Lusosider Acos Planos | EUR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_Borrowing', window );">Borrowings</a></td>
<td class="nump">R$ 25,000<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsTotal', window );">Total</a></td>
<td class="nump">R$ 25,000<span></span>
</td>
<td class="nump">R$ 25,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_Borrowing">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_Borrowing</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_BorrowingsOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_BorrowingsOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_BorrowingsTaxForeclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_BorrowingsTaxForeclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_BorrowingsTotal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_BorrowingsTotal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BorrowingsMaturity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maturity of borrowings. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BorrowingsMaturity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The currency in which the borrowings are denominated. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777117312">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>11. BORROWINGS, FINANCING AND DEBENTURES (Details Narrative)<br> R$ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsFinancingAndDebenturesDetailsNarrativeAbstract', window );"><strong>Borrowings Financing And Debentures Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccruedCommisionOnRiskAssumption', window );">Accrued commision on risk assumption</a></td>
<td class="nump">R$ 30,843<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AccruedCommisionOnRiskAssumption">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AccruedCommisionOnRiskAssumption</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_BorrowingsFinancingAndDebenturesDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_BorrowingsFinancingAndDebenturesDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>116
<FILENAME>R104.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6809988960">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="nump">R$ 2,222,433<span></span>
</td>
<td class="nump">R$ 1,374,268<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Fair value of assets through profit loss</a></td>
<td class="nump">2,952<span></span>
</td>
<td class="nump">5,264<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Loans and receivables</a></td>
<td class="nump">6,921,521<span></span>
</td>
<td class="nump">8,031,434<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Other assets measured at amortized costs</a></td>
<td class="nump">41,528<span></span>
</td>
<td class="nump">37,679<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="nump">9,188,434<span></span>
</td>
<td class="nump">9,448,645<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Fair value of liabilities through profit loss</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">121<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Other liabilities measured at amortized costs</a></td>
<td class="nump">32,541,183<span></span>
</td>
<td class="nump">32,781,529<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total liabilities</a></td>
<td class="nump">32,541,183<span></span>
</td>
<td class="nump">32,781,650<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentAssetsMember', window );">Current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Fair value of assets through profit loss</a></td>
<td class="nump">2,952<span></span>
</td>
<td class="nump">5,264<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Loans and receivables</a></td>
<td class="nump">6,346,803<span></span>
</td>
<td class="nump">7,536,183<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Other assets measured at amortized costs</a></td>
<td class="nump">41,528<span></span>
</td>
<td class="nump">37,679<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="nump">6,391,283<span></span>
</td>
<td class="nump">7,579,126<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentAssetsMember', window );">Current assets | Cash and cash equivalants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Fair value of assets through profit loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Loans and receivables</a></td>
<td class="nump">3,411,572<span></span>
</td>
<td class="nump">4,871,162<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Other assets measured at amortized costs</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="nump">3,411,572<span></span>
</td>
<td class="nump">4,871,162<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentAssetsMember', window );">Current assets | Short-term investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Fair value of assets through profit loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Loans and receivables</a></td>
<td class="nump">735,712<span></span>
</td>
<td class="nump">760,391<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Other assets measured at amortized costs</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="nump">735,712<span></span>
</td>
<td class="nump">760,391<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentAssetsMember', window );">Current assets | Trade receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Fair value of assets through profit loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Loans and receivables</a></td>
<td class="nump">2,197,078<span></span>
</td>
<td class="nump">1,904,630<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Other assets measured at amortized costs</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="nump">2,197,078<span></span>
</td>
<td class="nump">1,904,630<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentAssetsMember', window );">Current assets | Derivative financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Fair value of assets through profit loss</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">2,298<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Loans and receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Other assets measured at amortized costs</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,298<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentAssetsMember', window );">Current assets | Trading securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Fair value of assets through profit loss</a></td>
<td class="nump">2,952<span></span>
</td>
<td class="nump">2,966<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Loans and receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Other assets measured at amortized costs</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="nump">2,952<span></span>
</td>
<td class="nump">2,966<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentAssetsMember', window );">Current assets | Dividends receivable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Fair value of assets through profit loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Loans and receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Other assets measured at amortized costs</a></td>
<td class="nump">41,528<span></span>
</td>
<td class="nump">37,679<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="nump">41,528<span></span>
</td>
<td class="nump">37,679<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_NonurrentAssetsMember', window );">Non-current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="nump">2,222,433<span></span>
</td>
<td class="nump">1,374,268<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Fair value of assets through profit loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Loans and receivables</a></td>
<td class="nump">574,718<span></span>
</td>
<td class="nump">495,251<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Other assets measured at amortized costs</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="nump">2,797,151<span></span>
</td>
<td class="nump">1,869,519<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_NonurrentAssetsMember', window );">Non-current assets | Other trade receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Fair value of assets through profit loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Loans and receivables</a></td>
<td class="nump">20,024<span></span>
</td>
<td class="nump">15,291<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Other assets measured at amortized costs</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="nump">20,024<span></span>
</td>
<td class="nump">15,291<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_NonurrentAssetsMember', window );">Non-current assets | Investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="nump">2,222,433<span></span>
</td>
<td class="nump">1,374,268<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Fair value of assets through profit loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Loans and receivables</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Other assets measured at amortized costs</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="nump">2,222,433<span></span>
</td>
<td class="nump">1,374,268<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_NonurrentAssetsMember', window );">Non-current assets | Loans - related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss', window );">Fair value of assets through profit loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LoansAndReceivables', window );">Loans and receivables</a></td>
<td class="nump">554,694<span></span>
</td>
<td class="nump">479,960<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAtAmortisedCost', window );">Other assets measured at amortized costs</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="nump">554,694<span></span>
</td>
<td class="nump">479,960<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentLiabilitiesMember', window );">Current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Fair value of liabilities through profit loss</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">121<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Other liabilities measured at amortized costs</a></td>
<td class="nump">9,523,230<span></span>
</td>
<td class="nump">4,398,727<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total liabilities</a></td>
<td class="nump">9,523,230<span></span>
</td>
<td class="nump">4,398,848<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentLiabilitiesMember', window );">Current liabilities | Derivative financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Fair value of liabilities through profit loss</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">121<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Other liabilities measured at amortized costs</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">121<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentLiabilitiesMember', window );">Current liabilities | Borrowings and financing</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Fair value of liabilities through profit loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Other liabilities measured at amortized costs</a></td>
<td class="nump">6,551,764<span></span>
</td>
<td class="nump">2,150,951<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total liabilities</a></td>
<td class="nump">6,551,764<span></span>
</td>
<td class="nump">2,150,951<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentLiabilitiesMember', window );">Current liabilities | Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Fair value of liabilities through profit loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Other liabilities measured at amortized costs</a></td>
<td class="nump">2,460,774<span></span>
</td>
<td class="nump">1,763,206<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total liabilities</a></td>
<td class="nump">2,460,774<span></span>
</td>
<td class="nump">1,763,206<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentLiabilitiesMember', window );">Current liabilities | Dividends and JCP</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Fair value of liabilities through profit loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Other liabilities measured at amortized costs</a></td>
<td class="nump">510,692<span></span>
</td>
<td class="nump">484,570<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total liabilities</a></td>
<td class="nump">510,692<span></span>
</td>
<td class="nump">484,570<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_NoncurrentLiabilitiesMember', window );">Non-current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Fair value of liabilities through profit loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Other liabilities measured at amortized costs</a></td>
<td class="nump">23,017,953<span></span>
</td>
<td class="nump">28,382,802<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total liabilities</a></td>
<td class="nump">23,017,953<span></span>
</td>
<td class="nump">28,382,802<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_NoncurrentLiabilitiesMember', window );">Non-current liabilities | Borrowings and financing</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Fair value of liabilities through profit loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost', window );">Other liabilities measured at amortized costs</a></td>
<td class="nump">23,017,953<span></span>
</td>
<td class="nump">28,382,802<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total liabilities</a></td>
<td class="nump">R$ 23,017,953<span></span>
</td>
<td class="nump">R$ 28,382,802<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose the entity&#8217;s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35H<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35I<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35M<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35N<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsAtAmortisedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets at amortised cost. The amortised cost is the amount at which financial assets are measured at initial recognition minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, and adjusted for any impairment. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 8<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_8_f&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsAtAmortisedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets that are measured at fair value and for which gains (losses) are recognised in profit or loss. A financial asset shall be measured at fair value through profit or loss unless it is measured at amortised cost or at fair value through other comprehensive income. A gain (loss) on a financial asset measured at fair value shall be recognised in profit or loss unless it is part of a hedging relationship, it is an investment in an equity instrument for which the entity has elected to present gains and losses in other comprehensive income or it is a financial asset measured at fair value through other comprehensive income. [Refer: At fair value [member]; Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 8<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_8_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsAvailableforsale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-derivative financial assets that are designated as available for sale or are not classified as (a) loans and receivables; (b) held-to-maturity investments; or (c) financial assets at fair value through profit or loss. [Refer: Derivative financial assets; Financial assets at fair value through profit or loss; Held-to-maturity investments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 8<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_8_d&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsAvailableforsale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilitiesAtAmortisedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities at amortised cost. The amortised cost is the amount at which financial liabilities are measured at initial recognition minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 8<br> -Subparagraph f<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_8_f&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 8<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_8_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilitiesAtAmortisedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities that meet either of the following conditions: (a) they meet the definition of held for trading; or (b) upon initial recognition they are designated by the entity as at fair value through profit or loss. An entity may use this designation only when permitted by paragraph 4.3.5 of IFRS 9 (embedded derivatives) or when doing so results in more relevant information, because either: (a) it eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as &#8216;an accounting mismatch&#8217;) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases; or (b) a group of financial liabilities or financial assets and financial liabilities is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information about the group is provided internally on that basis to the entity&#8217;s key management personnel (as defined in IAS 24). [Refer: At fair value [member]; Key management personnel of entity or parent [member]; Derivatives [member]; Financial assets; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 8<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_8_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LoansAndReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-derivative financial assets with fixed or determinable payments that are not quoted in an active market, other than: (a) those that the entity intends to sell immediately or in the near term, which shall be classified as held for trading, and those that the entity, upon initial recognition, designates as at fair value through profit or loss; (b) those that the entity, upon initial recognition, designates as available for sale; or (c) those for which the holder may not recover substantially all of its initial investment, other than because of credit deterioration, which shall be classified as available for sale. An interest acquired in a pool of assets that are not loans or receivables (for example, an interest in a mutual fund or a similar fund) is not a loan or receivable. [Refer: Derivative financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 8<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_8_c&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LoansAndReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_CashAndCashEquivalantMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_CashAndCashEquivalantMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_ShorttermInvestmentsMarginDepositMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_ShorttermInvestmentsMarginDepositMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_TradeReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_TradeReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_DerivativeFinancialInstrumentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_DerivativeFinancialInstrumentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_TradingSecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_TradingSecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_DividendsReceivableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_DividendsReceivableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_NonurrentAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=SID_NonurrentAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_OtherTradeReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_OtherTradeReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_InvestmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_InvestmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_BorrowingsRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_BorrowingsRelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_BorrowingsAndFinancingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_BorrowingsAndFinancingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_TradePayablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_TradePayablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_DividendsAndJCPMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_DividendsAndJCPMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_NoncurrentLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=SID_NoncurrentLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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</html>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6795217904">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="nump">R$ 2,222,433<span></span>
</td>
<td class="nump">R$ 1,374,268<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="nump">9,188,434<span></span>
</td>
<td class="nump">9,448,645<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Fair value of liabilities through profit or loss</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">121<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total liabilities</a></td>
<td class="nump">32,541,183<span></span>
</td>
<td class="nump">32,781,650<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentAssetsMember', window );">Current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="nump">6,391,283<span></span>
</td>
<td class="nump">7,579,126<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentAssetsMember', window );">Current assets | Derivative financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FairValueOfAssetsThroughProfitLoss', window );">Fair value of assets through profit or loss</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">2,298<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,298<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentAssetsMember', window );">Current assets | Derivative financial instruments | Level 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FairValueOfAssetsThroughProfitLoss', window );">Fair value of assets through profit or loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentAssetsMember', window );">Current assets | Derivative financial instruments | Level 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FairValueOfAssetsThroughProfitLoss', window );">Fair value of assets through profit or loss</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">2,298<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentAssetsMember', window );">Current assets | Trading securities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FairValueOfAssetsThroughProfitLoss', window );">Fair value of assets through profit or loss</a></td>
<td class="nump">2,952<span></span>
</td>
<td class="nump">2,966<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="nump">2,952<span></span>
</td>
<td class="nump">2,966<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentAssetsMember', window );">Current assets | Trading securities | Level 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FairValueOfAssetsThroughProfitLoss', window );">Fair value of assets through profit or loss</a></td>
<td class="nump">2,952<span></span>
</td>
<td class="nump">2,966<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentAssetsMember', window );">Current assets | Trading securities | Level 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FairValueOfAssetsThroughProfitLoss', window );">Fair value of assets through profit or loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_NonurrentAssetsMember', window );">Non-current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="nump">2,222,433<span></span>
</td>
<td class="nump">1,374,268<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="nump">2,797,151<span></span>
</td>
<td class="nump">1,869,519<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_NonurrentAssetsMember', window );">Non-current assets | Investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FairValueOfAssetsThroughProfitLoss', window );">Fair value of assets through profit or loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="nump">2,222,433<span></span>
</td>
<td class="nump">1,374,268<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="nump">2,222,433<span></span>
</td>
<td class="nump">1,374,268<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_NonurrentAssetsMember', window );">Non-current assets | Investments | Level 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="nump">2,222,433<span></span>
</td>
<td class="nump">1,374,268<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_NonurrentAssetsMember', window );">Non-current assets | Investments | Level 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssetsAvailableforsale', window );">Available for sale assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_AssetMember', window );">Assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="nump">2,225,385<span></span>
</td>
<td class="nump">1,379,532<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_AssetMember', window );">Assets | Level 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="nump">2,225,385<span></span>
</td>
<td class="nump">1,377,234<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_AssetMember', window );">Assets | Level 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialAssets', window );">Total assets</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">2,298<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentLiabilitiesMember', window );">Current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Fair value of liabilities through profit or loss</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">121<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total liabilities</a></td>
<td class="nump">9,523,230<span></span>
</td>
<td class="nump">4,398,848<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentLiabilitiesMember', window );">Current liabilities | Derivative financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Fair value of liabilities through profit or loss</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">121<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">121<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentLiabilitiesMember', window );">Current liabilities | Derivative financial instruments | Level 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Fair value of liabilities through profit or loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentLiabilitiesMember', window );">Current liabilities | Derivative financial instruments | Level 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss', window );">Fair value of liabilities through profit or loss</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">121<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=ifrs-full_LiabilitiesMember', window );">Liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">121<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=ifrs-full_LiabilitiesMember', window );">Liabilities | Level 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsAndLiabilitiesAxis=ifrs-full_LiabilitiesMember', window );">Liabilities | Level 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilities', window );">Total liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">R$ 121<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_FairValueOfAssetsThroughProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_FairValueOfAssetsThroughProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that are: (a) cash; (b) an equity instrument of another entity; (c) a contractual right: (i) to receive cash or another financial asset from another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity; or (d) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to receive a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose the entity&#8217;s own equity instruments do not include puttable financial instruments classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. [Refer: Financial instruments, class [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35H<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35H&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35I<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35I&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35M<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35M&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35N<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35N&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialAssetsAvailableforsale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-derivative financial assets that are designated as available for sale or are not classified as (a) loans and receivables; (b) held-to-maturity investments; or (c) financial assets at fair value through profit or loss. [Refer: Derivative financial assets; Financial assets at fair value through profit or loss; Held-to-maturity investments]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 8<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_8_d&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialAssetsAvailableforsale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity&#8217;s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity&#8217;s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity&#8217;s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity&#8217;s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity&#8217;s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity&#8217;s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities that meet either of the following conditions: (a) they meet the definition of held for trading; or (b) upon initial recognition they are designated by the entity as at fair value through profit or loss. An entity may use this designation only when permitted by paragraph 4.3.5 of IFRS 9 (embedded derivatives) or when doing so results in more relevant information, because either: (a) it eliminates or significantly reduces a measurement or recognition inconsistency (sometimes referred to as &#8216;an accounting mismatch&#8217;) that would otherwise arise from measuring assets or liabilities or recognising the gains and losses on them on different bases; or (b) a group of financial liabilities or financial assets and financial liabilities is managed and its performance is evaluated on a fair value basis, in accordance with a documented risk management or investment strategy, and information about the group is provided internally on that basis to the entity&#8217;s key management personnel (as defined in IAS 24). [Refer: At fair value [member]; Key management personnel of entity or parent [member]; Derivatives [member]; Financial assets; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 8<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_8_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilitiesAtFairValueThroughProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_DerivativeFinancialInstrumentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_DerivativeFinancialInstrumentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level1OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LevelsOfFairValueHierarchyAxis=ifrs-full_Level2OfFairValueHierarchyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_TradingSecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=ifrs-full_TradingSecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_NonurrentAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=SID_NonurrentAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_InvestmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_InvestmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_AssetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=SID_AssetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=SID_CurrentLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAndLiabilitiesAxis=ifrs-full_LiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAndLiabilitiesAxis=ifrs-full_LiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>118
<FILENAME>R106.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6778319728">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS (Details 2) - BRL (R$)<br> R$ / shares in Units, R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SharesOfStock', window );">Quantity (in shares)</a></td>
<td class="nump">221,437,207<span></span>
</td>
<td class="nump">221,437,207<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_StockValue', window );">Closing Balance</a></td>
<td class="nump">R$ 2,200,459<span></span>
</td>
<td class="nump">R$ 1,353,664<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_VariationInCarryingAmount', window );">Variation in the carrying amount</a></td>
<td class="nump">R$ 846,795<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=SID_CommonStocksMember', window );">Common</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SharesOfStock', window );">Quantity (in shares)</a></td>
<td class="nump">107,156,651<span></span>
</td>
<td class="nump">107,156,651<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_StockPrice', window );">Share price</a></td>
<td class="nump">R$ 10.83<span></span>
</td>
<td class="nump">R$ 8.26<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_StockValue', window );">Closing Balance</a></td>
<td class="nump">R$ 1,160,506<span></span>
</td>
<td class="nump">R$ 885,114<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SharePriceVariation', window );">Share price variation in the year</a></td>
<td class="nump">R$ 2.57<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_VariationInCarryingAmount', window );">Variation in the carrying amount</a></td>
<td class="nump">R$ 275,392<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=SID_PreferredStocksMember', window );">Preferred</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SharesOfStock', window );">Quantity (in shares)</a></td>
<td class="nump">114,280,556<span></span>
</td>
<td class="nump">114,280,556<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_StockPrice', window );">Share price</a></td>
<td class="nump">R$ 9.10<span></span>
</td>
<td class="nump">R$ 4.10<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_StockValue', window );">Closing Balance</a></td>
<td class="nump">R$ 1,039,953<span></span>
</td>
<td class="nump">R$ 468,550<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SharePriceVariation', window );">Share price variation in the year</a></td>
<td class="nump">R$ 5.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_VariationInCarryingAmount', window );">Variation in the carrying amount</a></td>
<td class="nump">R$ 571,403<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SharePriceVariation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SharePriceVariation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SharesOfStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SharesOfStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_StockPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_StockPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_StockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_StockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_VariationInCarryingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_VariationInCarryingAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6791528336">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS (Details 3) - Dec. 31, 2017<br> &#8364; in Thousands, $ in Thousands</strong></div></th>
<th class="th"><div>USD ($)</div></th>
<th class="th"><div>EUR (&#8364;)</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_USDMember', window );">USD</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | $</a></td>
<td class="num">$ (1,025,390)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_USDMember', window );">USD | Foreign exchange exposure</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | $</a></td>
<td class="num">(3,343,057)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_USDMember', window );">USD | Cash flow hedge accounting</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | $</a></td>
<td class="nump">1,317,667<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_USDMember', window );">USD | Net Investment hedge accounting</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | $</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_USDMember', window );">USD | Net foreign exchange exposure</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | $</a></td>
<td class="num">(2,025,390)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_USDMember', window );">USD | Perpetual Bonds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | $</a></td>
<td class="nump">1,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_USDMember', window );">USD | Borrowings and financing</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | $</a></td>
<td class="num">(4,332,686)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_USDMember', window );">USD | Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | $</a></td>
<td class="num">(97,622)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_USDMember', window );">USD | Other liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | $</a></td>
<td class="num">(3,984)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_USDMember', window );">USD | Total liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | $</a></td>
<td class="num">(4,434,292)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_USDMember', window );">USD | Cash and cash equivalents overseas</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | $</a></td>
<td class="nump">777,310<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_USDMember', window );">USD | Trade receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | $</a></td>
<td class="nump">310,642<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_USDMember', window );">USD | Other assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | $</a></td>
<td class="nump">3,283<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_USDMember', window );">USD | Total assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | $</a></td>
<td class="nump">$ 1,091,235<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_EuroMember', window );">Euro</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | &#8364;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 2,797<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_EuroMember', window );">Euro | Foreign exchange exposure</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | &#8364;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(69,203)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_EuroMember', window );">Euro | Cash flow hedge accounting</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | &#8364;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_EuroMember', window );">Euro | Net Investment hedge accounting</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | &#8364;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">72,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_EuroMember', window );">Euro | Net foreign exchange exposure</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | &#8364;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,797<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_EuroMember', window );">Euro | Perpetual Bonds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | &#8364;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_EuroMember', window );">Euro | Borrowings and financing</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | &#8364;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(73,186)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_EuroMember', window );">Euro | Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | &#8364;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,941)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_EuroMember', window );">Euro | Other liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | &#8364;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,368)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_EuroMember', window );">Euro | Total liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | &#8364;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(78,495)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_EuroMember', window );">Euro | Cash and cash equivalents overseas</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | &#8364;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,857<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_EuroMember', window );">Euro | Trade receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | &#8364;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,799<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_EuroMember', window );">Euro | Other assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | &#8364;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,636<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_EuroMember', window );">Euro | Total assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CreditExposure', window );">Foreign exchange exposure | &#8364;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 9,292<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CreditExposure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of exposure to loss resulting from credit risk. [Refer: Credit risk [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph IG24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_IG24_a&amp;doctype=Implementation%20Guidance&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph IG25<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_IG25_b&amp;doctype=Implementation%20Guidance&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 36<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_36_c&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CreditExposure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CurrenciesAxis=SID_USDMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CurrenciesAxis=SID_USDMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=SID_ForeignExchangeExposureMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=SID_ForeignExchangeExposureMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=SID_CashFlowHedgeAccountingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=SID_CashFlowHedgeAccountingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=SID_NetInvestmentHedgeAccountingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=SID_NetInvestmentHedgeAccountingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=SID_NetForeignExchangeExposureMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=SID_NetForeignExchangeExposureMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfRisksAxis=SID_PerpetualBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfRisksAxis=SID_PerpetualBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_BorrowingsAndFinancingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_BorrowingsAndFinancingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_TradePayablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_TradePayablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_OtherLiabilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_OtherLiabilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_TotalLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_TotalLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_CashAndCashEquivalentsOverseasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_CashAndCashEquivalentsOverseasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_TradeReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_TradeReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_OtherAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_OtherAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_TotalAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_TotalAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CurrenciesAxis=SID_EuroMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CurrenciesAxis=SID_EuroMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>120
<FILENAME>R108.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6789502032">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS (Details 4) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Asset position</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">R$ 33,435<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Liability position</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(31,137)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ReceivablesAndPayablesRelatedToDerivativeFinancialInstruments', window );">Fair market value of amounts receivable/(payable)</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">2,177<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceIncomeCost', window );">Impact on finance income (cost)</a></td>
<td class="nump">R$ 28,274<span></span>
</td>
<td class="num">(806,760)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_DollarToEuroSwapMember', window );">Dollar-to-euro swap</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NameOfCounterparty', window );">Counterparty name</a></td>
<td class="text">BNPP<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpirationOfOperation', window );">Expiration of operation</a></td>
<td class="text">3/9/2017<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_DerivativeNotionalAmount', window );">Notional amount</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">10,250<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Asset position</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">33,435<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Liability position</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(31,137)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ReceivablesAndPayablesRelatedToDerivativeFinancialInstruments', window );">Fair market value of amounts receivable/(payable)</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">2,298<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceIncomeCost', window );">Impact on finance income (cost)</a></td>
<td class="num">R$ (229)<span></span>
</td>
<td class="num">(6,467)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_DiFuturoMember', window );">Di futuro</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NameOfCounterparty', window );">Counterparty name</a></td>
<td class="text">BM&FBovespa<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpirationOfOperation', window );">Expiration of operation</a></td>
<td class="text">1/2/2017<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_invest_DerivativeNotionalAmount', window );">Notional amount</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1,641,378<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Asset position</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Liability position</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ReceivablesAndPayablesRelatedToDerivativeFinancialInstruments', window );">Fair market value of amounts receivable/(payable)</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(121)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceIncomeCost', window );">Impact on finance income (cost)</a></td>
<td class="nump">R$ 28,503<span></span>
</td>
<td class="nump">R$ 5,829<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpirationOfOperation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpirationOfOperation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_NameOfCounterparty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_NameOfCounterparty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ReceivablesAndPayablesRelatedToDerivativeFinancialInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ReceivablesAndPayablesRelatedToDerivativeFinancialInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForFinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for net finance income or cost to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance income (cost); Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForFinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DerivativeFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets classified as derivative instruments. [Refer: Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DerivativeFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities classified as derivative instruments. [Refer: Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_invest_DerivativeNotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate notional amount specified by the derivative(s). Expressed as an absolute value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-X (SX)<br> -Number 210<br> -Article 12<br> -Section 13<br> -Sentence Column B<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">invest_DerivativeNotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>invest_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_DollarToEuroSwapMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_DollarToEuroSwapMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_DiFuturoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_DiFuturoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>121
<FILENAME>R109.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6771668480">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS (Details 5) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Current assets</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">R$ 2,298<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Total assets</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">2,298<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Current liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">121<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Total liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">121<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceIncomeCost', window );">Net finance income</a></td>
<td class="nump">28,274<span></span>
</td>
<td class="num">(806,760)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_DollarToEuroSwapMember', window );">Dollar-to-euro swap</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Current assets</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">2,298<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Total assets</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">2,298<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Current liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Total liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceIncomeCost', window );">Net finance income</a></td>
<td class="num">(229)<span></span>
</td>
<td class="num">(6,467)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_DiFuturoMember', window );">Di futuro</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Current assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Total assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Current liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">121<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Total liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">121<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceIncomeCost', window );">Net finance income</a></td>
<td class="nump">R$ 28,503<span></span>
</td>
<td class="nump">5,829<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_ForwardDollarMember', window );">Forward dollar</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Total assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Total liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceIncomeCost', window );">Net finance income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(805,760)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_FixedRateToCDIInterestRateSwapMember', window );">Fixed rate-to-CDI interest rate swap</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Total assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Total liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceIncomeCost', window );">Net finance income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(299)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_CDIToFixedRateSwapMember', window );">CDI-to-fixed rate swap</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems', window );"><strong>Disclosure of detailed information about financial instruments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialAssets', window );">Total assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentDerivativeFinancialLiabilities', window );">Total liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdjustmentsForFinanceIncomeCost', window );">Net finance income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">R$ (63)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdjustmentsForFinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Adjustments for net finance income or cost to reconcile profit (loss) to net cash flow from (used in) operating activities. [Refer: Finance income (cost); Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdjustmentsForFinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDerivativeFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial assets. [Refer: Derivative financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDerivativeFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentDerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current derivative financial liabilities. [Refer: Derivative financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentDerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
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<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_DollarToEuroSwapMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_DiFuturoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_DiFuturoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_ForwardDollarMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_ForwardDollarMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_FixedRateToCDIInterestRateSwapMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_FixedRateToCDIInterestRateSwapMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_CDIToFixedRateSwapMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialInstrumentsAxis=SID_CDIToFixedRateSwapMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R110.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6793829632">
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<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS (Details 6) - 12 months ended Dec. 31, 2017<br> R$ in Thousands, $ in Thousands</strong></div></th>
<th class="th"><div>BRL (R$)</div></th>
<th class="th">
<div>USD ($) </div>
<div>R$ / $</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemAssets', window );">Designated amounts | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,566,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization', window );">Amortized part | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (248,333)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments', window );">Effect on Result | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 92,140<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk', window );">Impact on Shareholders' equity | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (395,524)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems1Member', window );">Hedging relationship 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_HedgingRelationshipDesignationDate', window );">Designation date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">11/3/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument', window );">Hedging instrument</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Export prepayments in US$ to third parties<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfTypeOfHedge', window );">Hedged item</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Part of the highly probable future monthly iron ore exports<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfRisksBeingHedged', window );">Type of hedged risk</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Foreign exchange- R$ vs. US$ spot rate<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur', window );">Hedged period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">October 2016 - September 2019<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate on designation | R$ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.4442<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemAssets', window );">Designated amounts | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization', window );">Amortized part | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (133,334)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments', window );">Effect on Result | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 53,203<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk', window );">Impact on Shareholders' equity | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (316,726)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems2Member', window );">Hedging relationship 2</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_HedgingRelationshipDesignationDate', window );">Designation date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">12/1/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument', window );">Hedging instrument</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Export prepayments in US$ to third parties<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfTypeOfHedge', window );">Hedged item</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Part of the highly probable future monthly iron ore exports<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfRisksBeingHedged', window );">Type of hedged risk</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Foreign exchange - R$ vs. US$ spot rate<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur', window );">Hedged period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">October 2015 - February 2019<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate on designation | R$ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.5601<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemAssets', window );">Designated amounts | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 175,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization', window );">Amortized part | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (114,999)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments', window );">Effect on Result | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 38,937<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk', window );">Impact on Shareholders' equity | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (44,880)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems3Member', window );">Hedging relationship 3</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_HedgingRelationshipDesignationDate', window );">Designation date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">12/18/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument', window );">Hedging instrument</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Export prepayments in US$ to third parties<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfTypeOfHedge', window );">Hedged item</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Part of the highly probable future monthly iron ore exports<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfRisksBeingHedged', window );">Type of hedged risk</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Foreign exchange - R$ vs. US$ spot rate<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur', window );">Hedged period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">May 2020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate on designation | R$ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.6781<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemAssets', window );">Designated amounts | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization', window );">Amortized part | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments', window );">Effect on Result | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk', window );">Impact on Shareholders' equity | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (62,990)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems4Member', window );">Hedging relationship 4</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_HedgingRelationshipDesignationDate', window );">Designation date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">07/21/2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument', window );">Hedging instrument</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Export prepayments in US$ to third parties<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfTypeOfHedge', window );">Hedged item</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Part of the highly probable future monthly iron ore exports<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfRisksBeingHedged', window );">Type of hedged risk</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Foreign exchange - R$ vs. US$ spot rate<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur', window );">Hedged period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">July 2019 - March 2021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate on designation | R$ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.1813<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemAssets', window );">Designated amounts | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 60,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization', window );">Amortized part | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments', window );">Effect on Result | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk', window );">Impact on Shareholders' equity | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (7,602)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems5Member', window );">Hedging relationship 5</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_HedgingRelationshipDesignationDate', window );">Designation date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">07/23/2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument', window );">Hedging instrument</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Export prepayments in US$ to third parties<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfTypeOfHedge', window );">Hedged item</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Part of the highly probable future monthly iron ore exports<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfRisksBeingHedged', window );">Type of hedged risk</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Foreign exchange - R$ vs. US$ spot rate<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur', window );">Hedged period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">July 2019 - March 2021<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate on designation | R$ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.285<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemAssets', window );">Designated amounts | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization', window );">Amortized part | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments', window );">Effect on Result | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk', window );">Impact on Shareholders' equity | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (2,300)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems6Member', window );">Hedging relationship 6</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_HedgingRelationshipDesignationDate', window );">Designation date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">07/23/2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument', window );">Hedging instrument</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Export prepayments in US$ to third parties<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfTypeOfHedge', window );">Hedged item</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Part of the highly probable future monthly iron ore exports<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfRisksBeingHedged', window );">Type of hedged risk</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Foreign exchange - R$ vs. US$ spot rate<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur', window );">Hedged period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">October 2018 - October 2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate on designation | R$ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.285<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemAssets', window );">Designated amounts | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 30,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization', window );">Amortized part | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments', window );">Effect on Result | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk', window );">Impact on Shareholders' equity | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (690)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems7Member', window );">Hedging relationship 7</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_HedgingRelationshipDesignationDate', window );">Designation date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">07/24/2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument', window );">Hedging instrument</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Export prepayments in US$ to third parties<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfTypeOfHedge', window );">Hedged item</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Part of the highly probable future monthly iron ore exports<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfRisksBeingHedged', window );">Type of hedged risk</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Foreign exchange - R$ vs. US$ spot rate<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur', window );">Hedged period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">October 2018 - October 2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate on designation | R$ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.3254<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemAssets', window );">Designated amounts | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization', window );">Amortized part | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments', window );">Effect on Result | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk', window );">Impact on Shareholders' equity | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 1,740<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems8Member', window );">Hedging relationship 8</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_HedgingRelationshipDesignationDate', window );">Designation date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">07/27/2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument', window );">Hedging instrument</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Export prepayments in US$ to third parties<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfTypeOfHedge', window );">Hedged item</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Part of the highly probable future monthly iron ore exports<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfRisksBeingHedged', window );">Type of hedged risk</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Foreign exchange - R$ vs. US$ spot rate<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur', window );">Hedged period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">October 2018 - October 2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate on designation | R$ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.3557<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemAssets', window );">Designated amounts | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 25,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization', window );">Amortized part | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments', window );">Effect on Result | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk', window );">Impact on Shareholders' equity | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 1,193<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems9Member', window );">Hedging relationship 9</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_HedgingRelationshipDesignationDate', window );">Designation date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">07/27/2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument', window );">Hedging instrument</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Export prepayments in US$ to third parties<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfTypeOfHedge', window );">Hedged item</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Part of the highly probable future monthly iron ore exports<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfRisksBeingHedged', window );">Type of hedged risk</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Foreign exchange - R$ vs. US$ spot rate<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur', window );">Hedged period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">October 2018 - October 2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate on designation | R$ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.3557<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemAssets', window );">Designated amounts | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 70,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization', window );">Amortized part | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments', window );">Effect on Result | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk', window );">Impact on Shareholders' equity | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 3,339<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems10Member', window );">Hedging relationship 10</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_HedgingRelationshipDesignationDate', window );">Designation date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">07/27/2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument', window );">Hedging instrument</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Export prepayments in US$ to third parties<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfTypeOfHedge', window );">Hedged item</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Part of the highly probable future monthly iron ore exports<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfRisksBeingHedged', window );">Type of hedged risk</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Foreign exchange - R$ vs. US$ spot rate<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur', window );">Hedged period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">October 2018 - October 2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate on designation | R$ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.3557<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemAssets', window );">Designated amounts | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 30,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization', window );">Amortized part | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments', window );">Effect on Result | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk', window );">Impact on Shareholders' equity | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 1,431<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems11Member', window );">Hedging relationship 11</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_HedgingRelationshipDesignationDate', window );">Designation date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">07/28/2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument', window );">Hedging instrument</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Export prepayments in US$ to third parties<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfTypeOfHedge', window );">Hedged item</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Part of the highly probable future monthly iron ore exports<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfRisksBeingHedged', window );">Type of hedged risk</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Foreign exchange - R$ vs. US$ spot rate<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur', window );">Hedged period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">October 2018 - October 2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate on designation | R$ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.3815<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemAssets', window );">Designated amounts | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 30,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization', window );">Amortized part | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments', window );">Effect on Result | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk', window );">Impact on Shareholders' equity | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 2,205<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems12Member', window );">Hedging relationship 12</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_HedgingRelationshipDesignationDate', window );">Designation date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">8/1/2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument', window );">Hedging instrument</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Export prepayments in US$ to third parties<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfTypeOfHedge', window );">Hedged item</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Part of the highly probable future monthly iron ore exports<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfRisksBeingHedged', window );">Type of hedged risk</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Foreign exchange - R$ vs. US$ spot rate<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur', window );">Hedged period</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">-<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate on designation | R$ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.394<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemAssets', window );">Designated amounts | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (9,000)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization', window );">Amortized part | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments', window );">Effect on Result | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk', window );">Impact on Shareholders' equity | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (774)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems13Member', window );">Hedging relationship 13</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_HedgingRelationshipDesignationDate', window );">Designation date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">8/3/2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument', window );">Hedging instrument</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Export prepayments in US$ to third parties<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfTypeOfHedge', window );">Hedged item</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Part of the highly probable future monthly iron ore exports<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfRisksBeingHedged', window );">Type of hedged risk</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Foreign exchange - R$ vs. US$ spot rate<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur', window );">Hedged period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">October 2018 - October 2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate on designation | R$ / $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.394<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemAssets', window );">Designated amounts | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 355,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization', window );">Amortized part | $</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments', window );">Effect on Result | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk', window );">Impact on Shareholders' equity | R$</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 30,530<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The effect on the result was recorded in other operating expenses.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">During the designation on August 2015, we reviewed the future export projections and identified that the amount of US$ 9 million designated previously were not highly probable due to Platt's quotation reduction. Therefore, the hedge relationship was discontinued from August 2015. The exchange rate of the effective period remains recorded in Stockholders' Equity until the time of debt settlement, in October 2022.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_EffectOnFinancialInstrumentsDesignatedAsHedgingInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_HedgingRelationshipDesignationDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_HedgingRelationshipDesignationDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClosingForeignExchangeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The spot exchange rate at the end of the reporting period. Exchange rate is the ratio of exchange for two currencies. Spot exchange rate is the exchange rate for immediate delivery.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClosingForeignExchangeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of financial instruments designated as hedging instruments. Hedging instruments are designated derivatives or (for a hedge of the risk of changes in foreign currency exchange rates only) designated non-derivative financial assets or non-derivative financial liabilities whose fair value or cash flows are expected to offset changes in the fair value or cash flows of a designated hedged item. [Refer: Derivatives [member]; Derivative financial assets; Derivative financial liabilities; Financial instruments, class [member]; Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 22<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_22_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfNatureOfRisksBeingHedged">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the nature of risks being hedged.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 22<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_22_c&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfNatureOfRisksBeingHedged</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of periods when cash flows are expected to occur for cash flow hedges. [Refer: Cash flow hedges [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_23_a&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfPeriodsWhenCashFlowsExpectedToOccur</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfTypeOfHedge">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the type of a hedge used by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 22<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_22_a&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfTypeOfHedge</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on hedged items in fair value hedges, which are attributable to the hedged risk. [Refer: Fair value hedges [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_24_a_ii&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgedItemAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a hedged item, recognised as an asset. [Refer: Hedged items [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24B<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_24B_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgedItemAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgedItemsAxis=SID_HedgedItems1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgedItemsAxis=SID_HedgedItems2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgedItemsAxis=SID_HedgedItems3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems4Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgedItemsAxis=SID_HedgedItems4Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems5Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgedItemsAxis=SID_HedgedItems5Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems6Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgedItemsAxis=SID_HedgedItems6Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems7Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgedItemsAxis=SID_HedgedItems7Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems8Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgedItemsAxis=SID_HedgedItems8Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems9Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgedItemsAxis=SID_HedgedItems9Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems10Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgedItemsAxis=SID_HedgedItems10Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems11Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgedItemsAxis=SID_HedgedItems11Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgedItemsAxis=SID_HedgedItems12Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgedItemsAxis=SID_HedgedItems12Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgedItemsAxis=SID_HedgedItems13Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>123
<FILENAME>R111.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777807328">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS (Details 7) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue', window );">Fair value of cash flow hedge, net of taxes, beginning</a></td>
<td class="nump">R$ 436,677<span></span>
</td>
<td class="nump">R$ 1,520,089<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax', window );">Movement</a></td>
<td class="nump">50,987<span></span>
</td>
<td class="num">(1,005,968)<span></span>
</td>
<td class="nump">R$ 1,410,896<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax', window );">Realization</a></td>
<td class="num">(92,140)<span></span>
</td>
<td class="num">(77,444)<span></span>
</td>
<td class="num">(11,439)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue', window );">Fair value of cash flow hedge, net of taxes, ending</a></td>
<td class="nump">395,524<span></span>
</td>
<td class="nump">436,677<span></span>
</td>
<td class="nump">1,520,089<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=ifrs-full_CashFlowHedgesMember', window );">Cash flow hedge accounting</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue', window );">Fair value of cash flow hedge, net of taxes, beginning</a></td>
<td class="nump">436,677<span></span>
</td>
<td class="nump">1,520,089<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax', window );">Movement</a></td>
<td class="nump">50,987<span></span>
</td>
<td class="num">(1,005,968)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax', window );">Realization</a></td>
<td class="num">(92,140)<span></span>
</td>
<td class="num">(77,444)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue', window );">Fair value of cash flow hedge, net of taxes, ending</a></td>
<td class="nump">R$ 395,524<span></span>
</td>
<td class="nump">R$ 436,677<span></span>
</td>
<td class="nump">R$ 1,520,089<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of financial instruments designated as hedging instruments. Hedging instruments are designated derivatives or (for a hedge of the risk of changes in foreign currency exchange rates only) designated non-derivative financial assets or non-derivative financial liabilities whose fair value or cash flows are expected to offset changes in the fair value or cash flows of a designated hedged item. [Refer: At fair value [member]; Derivatives [member]; Derivative financial assets; Derivative financial liabilities; Financial instruments, class [member]; Financial assets; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 22<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_22_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on cash flow hedges, net of tax. [Refer: Cash flow hedges [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_23_c&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24C<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_24C_b_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24E<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_24E_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of reclassification adjustments related to cash flow hedges, net of tax. Reclassification adjustments are amounts reclassified to profit (loss) in the current period that were recognised in other comprehensive income in the current or previous periods. [Refer: Cash flow hedges [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 92<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_92&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_23_d&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24C<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_24C_b_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24E<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_24E_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfHedgesAxis=ifrs-full_CashFlowHedgesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfHedgesAxis=ifrs-full_CashFlowHedgesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777763808">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS (Details 8) - 12 months ended Dec. 31, 2017<br> &#8364; in Thousands, R$ in Thousands, $ in Thousands</strong></div></th>
<th class="th"><div>BRL (R$)</div></th>
<th class="th">
<div>USD ($) </div>
<div>R$ / $</div>
</th>
<th class="th">
<div>EUR (&#8364;) </div>
<div>R$ / $</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemAssets', window );">Designated amounts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,566,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization', window );">Amortized part</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (248,333)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk', window );">Impact on Shareholders' equity | R$</a></td>
<td class="num">R$ (395,524)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=SID_ForeignSubsidiariesMember', window );">Foreign Subsidiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_HedgingRelationshipDesignationDate', window );">Designation date</a></td>
<td class="text">09/01/2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument', window );">Hedging instrument</a></td>
<td class="text">Non-derivative financial liabilities in EUR &#150; Debt contract<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfTypeOfHedge', window );">Hedged item</a></td>
<td class="text">Investments in subsidiaries which EUR is the functional currency<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfNatureOfRisksBeingHedged', window );">Type of hedged risk</a></td>
<td class="text">Foreign exchange - R$ vs. EUR spot rate<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate on designation | R$ / $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.0825<span></span>
</td>
<td class="nump">4.0825<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_HedgedItemAssets', window );">Designated amounts | &#8364;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 120,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization', window );">Amortized part</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (48,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk', window );">Impact on Shareholders' equity | R$</a></td>
<td class="num">R$ (17,911)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_FinancialInstrumentsDesignatedAsHedgingInstrumentsAtFairValueAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_HedgingRelationshipDesignationDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_HedgingRelationshipDesignationDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClosingForeignExchangeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The spot exchange rate at the end of the reporting period. Exchange rate is the ratio of exchange for two currencies. Spot exchange rate is the exchange rate for immediate delivery.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClosingForeignExchangeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of financial instruments designated as hedging instruments. Hedging instruments are designated derivatives or (for a hedge of the risk of changes in foreign currency exchange rates only) designated non-derivative financial assets or non-derivative financial liabilities whose fair value or cash flows are expected to offset changes in the fair value or cash flows of a designated hedged item. [Refer: Derivatives [member]; Derivative financial assets; Derivative financial liabilities; Financial instruments, class [member]; Financial assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 22<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_22_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfNatureOfRisksBeingHedged">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the nature of risks being hedged.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 22<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_22_c&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfNatureOfRisksBeingHedged</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DescriptionOfTypeOfHedge">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the type of a hedge used by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 22<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_22_a&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DescriptionOfTypeOfHedge</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on hedged items in fair value hedges, which are attributable to the hedged risk. [Refer: Fair value hedges [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_24_a_ii&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnHedgedItemAttributableToHedgedRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_HedgedItemAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of a hedged item, recognised as an asset. [Refer: Hedged items [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24B<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_24B_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_HedgedItemAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=SID_ForeignSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6796697152">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS (Details 9) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax', window );">Movement</a></td>
<td class="nump">R$ 50,987<span></span>
</td>
<td class="num">R$ (1,005,968)<span></span>
</td>
<td class="nump">R$ 1,410,896<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax', window );">Realization</a></td>
<td class="num">(92,140)<span></span>
</td>
<td class="num">(77,444)<span></span>
</td>
<td class="num">(11,439)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=SID_ForeignSubsidiariesMember', window );">Foreign Subsidiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue', window );">Fair value of net investment hedge in foreign operations, beginning</a></td>
<td class="num">(57,804)<span></span>
</td>
<td class="nump">20,148<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax', window );">Movement</a></td>
<td class="nump">39,893<span></span>
</td>
<td class="num">(77,952)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax', window );">Realization</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue', window );">Fair value of net investment hedge in foreign operations, ending</a></td>
<td class="num">(17,911)<span></span>
</td>
<td class="num">(57,804)<span></span>
</td>
<td class="nump">20,148<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=SID_ForeignSubsidiariesMember', window );">Foreign Subsidiaries | Net investment hedge accounting</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems', window );"><strong>Disclosure of detailed information about hedged items [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue', window );">Fair value of net investment hedge in foreign operations, beginning</a></td>
<td class="num">(57,804)<span></span>
</td>
<td class="nump">20,148<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax', window );">Movement</a></td>
<td class="nump">39,893<span></span>
</td>
<td class="num">(77,952)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax', window );">Realization</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue', window );">Fair value of net investment hedge in foreign operations, ending</a></td>
<td class="num">R$ (17,911)<span></span>
</td>
<td class="num">R$ (57,804)<span></span>
</td>
<td class="nump">R$ 20,148<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_FinancialInstrumentsDesignatedAsForeignHedgingInstrumentsAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on cash flow hedges, net of tax. [Refer: Cash flow hedges [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_23_c&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24C<br> -Subparagraph b<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_24C_b_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24E<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_24E_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnCashFlowHedgesNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of reclassification adjustments related to cash flow hedges, net of tax. Reclassification adjustments are amounts reclassified to profit (loss) in the current period that were recognised in other comprehensive income in the current or previous periods. [Refer: Cash flow hedges [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 92<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_92&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_23_d&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24C<br> -Subparagraph b<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_24C_b_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Effective 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24E<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_24E_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=SID_ForeignSubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=SID_ForeignSubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>126
<FILENAME>R114.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6793487504">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS (Details 10)<br></strong></div></th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>R$ / $ </div>
<div>R$ / &#8364;</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_USDMember', window );">USD</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | R$ / $</a></td>
<td class="nump">3.3080<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_USDMember', window );">USD | Probable Scenario</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | R$ / $</a></td>
<td class="nump">3.2381<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_USDMember', window );">USD | Scenario 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | R$ / $</a></td>
<td class="nump">4.1350<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_USDMember', window );">USD | Scenario 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | R$ / $</a></td>
<td class="nump">4.9620<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_EURMember', window );">EUR</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | R$ / &#8364;</a></td>
<td class="nump">3.9693<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_EURMember', window );">EUR | Probable Scenario</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | R$ / &#8364;</a></td>
<td class="nump">4.0295<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_EURMember', window );">EUR | Scenario 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | R$ / &#8364;</a></td>
<td class="nump">4.9616<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrenciesAxis=SID_EURMember', window );">EUR | Scenario 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClosingForeignExchangeRate', window );">Exchange rate | R$ / &#8364;</a></td>
<td class="nump">5.9540<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClosingForeignExchangeRate">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The spot exchange rate at the end of the reporting period. Exchange rate is the ratio of exchange for two currencies. Spot exchange rate is the exchange rate for immediate delivery.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClosingForeignExchangeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CurrenciesAxis=SID_USDMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_ProbableScenarioMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_ProbableScenarioMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_Scenario1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_Scenario1Member</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_Scenario2Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CurrenciesAxis=SID_EURMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CurrenciesAxis=SID_EURMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>127
<FILENAME>R115.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6795410560">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS (Details 11)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_CDIMember', window );">CDI</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityAnalysisInterestRate', window );">Interest rate (in percent)</a></td>
<td class="nump">6.89%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_CDIMember', window );">CDI | Scenario 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityAnalysisInterestRate', window );">Interest rate (in percent)</a></td>
<td class="nump">8.61%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_CDIMember', window );">CDI | Scenario 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityAnalysisInterestRate', window );">Interest rate (in percent)</a></td>
<td class="nump">10.34%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_TJLPMember', window );">TJLP</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityAnalysisInterestRate', window );">Interest rate (in percent)</a></td>
<td class="nump">7.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_TJLPMember', window );">TJLP | Scenario 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityAnalysisInterestRate', window );">Interest rate (in percent)</a></td>
<td class="nump">8.75%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_TJLPMember', window );">TJLP | Scenario 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityAnalysisInterestRate', window );">Interest rate (in percent)</a></td>
<td class="nump">10.50%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_LIBORMember', window );">LIBOR</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityAnalysisInterestRate', window );">Interest rate (in percent)</a></td>
<td class="nump">1.84%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_LIBORMember', window );">LIBOR | Scenario 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityAnalysisInterestRate', window );">Interest rate (in percent)</a></td>
<td class="nump">2.30%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_LIBORMember', window );">LIBOR | Scenario 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityAnalysisInterestRate', window );">Interest rate (in percent)</a></td>
<td class="nump">2.76%<span></span>
</td>
</tr>
</table>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SensitivityAnalysisInterestRate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems</td>
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<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=SID_CDIMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_Scenario1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_Scenario1Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_Scenario2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_Scenario2Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=SID_TJLPMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=SID_LIBORMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=SID_LIBORMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6794644416">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS (Details 12)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr><th class="th" colspan="2">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_HedgeAccountingOfExportsMember', window );">Hedge accounting of exports</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="nump">R$ 1,317,667<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrencyRisk', window );">Risk</a></td>
<td class="text">Dollar<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_HedgeAccountingOfExportsMember', window );">Hedge accounting of exports | Probable Scenario</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Effects on income statement</a></td>
<td class="num">R$ (92,105)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_HedgeAccountingOfExportsMember', window );">Hedge accounting of exports | Scenario 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Effects on income statement</a></td>
<td class="nump">1,089,711<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_HedgeAccountingOfExportsMember', window );">Hedge accounting of exports | Scenario 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Effects on income statement</a></td>
<td class="nump">2,179,422<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_HedgeAccountingOfExportsCurrencyPositionMember', window );">Currency position</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="num">R$ (3,343,057)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrencyRisk', window );">Risk</a></td>
<td class="text">Dollar<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_HedgeAccountingOfExportsCurrencyPositionMember', window );">Currency position | Probable Scenario</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Effects on income statement</a></td>
<td class="nump">R$ 233,680<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_HedgeAccountingOfExportsCurrencyPositionMember', window );">Currency position | Scenario 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Effects on income statement</a></td>
<td class="num">(2,764,708)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_HedgeAccountingOfExportsCurrencyPositionMember', window );">Currency position | Scenario 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Effects on income statement</a></td>
<td class="num">(5,529,416)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_HedgeAccountingOfExportsConsolidatedExchangePositionMember', window );">Consolidated exchange position</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="num">R$ (2,025,390)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrencyRisk', window );">Risk</a></td>
<td class="text">Dollar<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_HedgeAccountingOfExportsConsolidatedExchangePositionMember', window );">Consolidated exchange position | Probable Scenario</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Effects on income statement</a></td>
<td class="nump">R$ 141,575<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_HedgeAccountingOfExportsConsolidatedExchangePositionMember', window );">Consolidated exchange position | Scenario 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Effects on income statement</a></td>
<td class="num">(1,674,997)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_HedgeAccountingOfExportsConsolidatedExchangePositionMember', window );">Consolidated exchange position | Scenario 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Effects on income statement</a></td>
<td class="num">(3,349,994)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingMember', window );">Net Investment hedge accounting</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="nump">R$ 72,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrencyRisk', window );">Risk</a></td>
<td class="text">Euro<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingMember', window );">Net Investment hedge accounting | Probable Scenario</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Effects on income statement</a></td>
<td class="nump">R$ 4,334<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingMember', window );">Net Investment hedge accounting | Scenario 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Effects on income statement</a></td>
<td class="nump">71,447<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingMember', window );">Net Investment hedge accounting | Scenario 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Effects on income statement</a></td>
<td class="nump">142,894<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingCurrencyPositionMember', window );">Currency position</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="num">R$ (69,203)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrencyRisk', window );">Risk</a></td>
<td class="text">Euro<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingCurrencyPositionMember', window );">Currency position | Probable Scenario</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Effects on income statement</a></td>
<td class="num">R$ (4,166)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingCurrencyPositionMember', window );">Currency position | Scenario 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Effects on income statement</a></td>
<td class="num">(68,672)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingCurrencyPositionMember', window );">Currency position | Scenario 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Effects on income statement</a></td>
<td class="num">(137,344)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingConsolidatedExchangePositionMember', window );">Consolidated exchange position</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NotionalAmount', window );">Notional amount</a></td>
<td class="nump">R$ 2,797<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrencyRisk', window );">Risk</a></td>
<td class="text">Euro<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingConsolidatedExchangePositionMember', window );">Consolidated exchange position | Probable Scenario</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Effects on income statement</a></td>
<td class="nump">R$ 168<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingConsolidatedExchangePositionMember', window );">Consolidated exchange position | Scenario 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Effects on income statement</a></td>
<td class="nump">2,775<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingConsolidatedExchangePositionMember', window );">Consolidated exchange position | Scenario 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems', window );"><strong>Disclosure of sensitivity analysis for actuarial assumptions [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Effects on income statement</a></td>
<td class="nump">R$ 5,550<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The probable sceneries were calculated considering the following variations to the specified risks: Real x Dollar - appreciation of Real in 2.11% / Real x Euro - appreciation of Real in 1.52%.  Source: Quotation from Central Bank of Brazil and Central Bank of Europe on 02/16/2018.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CurrencyRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CurrencyRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on the ineffective portion of cash flow hedges recognised in profit or loss. [Refer: Cash flow hedges [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_24_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal or face amount of a financial instrument, used to calculate payments made on that instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfHedgesAxis=SID_HedgeAccountingOfExportsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfHedgesAxis=SID_HedgeAccountingOfExportsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_ProbableScenarioMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_ProbableScenarioMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_Scenario1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_Scenario1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_Scenario2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_Scenario2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfHedgesAxis=SID_HedgeAccountingOfExportsCurrencyPositionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfHedgesAxis=SID_HedgeAccountingOfExportsCurrencyPositionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfHedgesAxis=SID_HedgeAccountingOfExportsConsolidatedExchangePositionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfHedgesAxis=SID_HedgeAccountingOfExportsConsolidatedExchangePositionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingCurrencyPositionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingCurrencyPositionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingConsolidatedExchangePositionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfHedgesAxis=SID_NetInvestmentHedgeAccountingConsolidatedExchangePositionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>129
<FILENAME>R117.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6797495792">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS (Details 13) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">R$ 33,435<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="num">R$ (31,137)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_TJLPMember', window );">TJLP</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityAnalysisYearlyInterestRate', window );">Interest rate (in percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,003,712)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_TJLPMember', window );">TJLP | Probable Scenario</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Impact on profit or loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(3,202)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_TJLPMember', window );">TJLP | Scenario 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Impact on profit or loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(17,565)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_TJLPMember', window );">TJLP | Scenario 2</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Impact on profit or loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (35,130)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_LIBORMember', window );">LIBOR</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityAnalysisYearlyInterestRate', window );">Interest rate (in percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1.84%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(4,844,015)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_LIBORMember', window );">LIBOR | Probable Scenario</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Impact on profit or loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(44,657)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_LIBORMember', window );">LIBOR | Scenario 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Impact on profit or loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(22,247)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_LIBORMember', window );">LIBOR | Scenario 2</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Impact on profit or loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (44,494)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_CDIMember', window );">CDI</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityAnalysisYearlyInterestRate', window );">Interest rate (in percent)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6.89%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialAssets', window );">Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 644,525<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DerivativeFinancialLiabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(13,550,383)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_CDIMember', window );">CDI | Probable Scenario</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Impact on profit or loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(206,061)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_CDIMember', window );">CDI | Scenario 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Impact on profit or loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(222,303)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfInterestRatesAxis=SID_CDIMember', window );">CDI | Scenario 2</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems', window );"><strong>Disclosure of financial instruments by type of interest rate [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss', window );">Impact on profit or loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (444,606)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The sensitivity analysis is based on the assumption of maintaining as probable scenario the market rates at December 31, 2017 recorded in the Company's assets and liabilities.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SensitivityAnalysisYearlyInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SensitivityAnalysisYearlyInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DerivativeFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial assets classified as derivative instruments. [Refer: Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DerivativeFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DerivativeFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of financial liabilities classified as derivative instruments. [Refer: Financial assets; Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DerivativeFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) on the ineffective portion of cash flow hedges recognised in profit or loss. [Refer: Cash flow hedges [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-02&amp;anchor=para_24_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnIneffectivenessOfCashFlowHedgesRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=SID_TJLPMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=SID_TJLPMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_ProbableScenarioMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_ProbableScenarioMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_Scenario1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_Scenario1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_Scenario2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_Scenario2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=SID_LIBORMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=SID_LIBORMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfInterestRatesAxis=SID_CDIMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfInterestRatesAxis=SID_CDIMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>130
<FILENAME>R118.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6771665168">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS (Details 14)<br> R$ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_BorrowingsFinancingAndDebenturesMember', window );">Borrowings, financing and debentures</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ContractualMaturities', window );">Contractual maturities</a></td>
<td class="nump">R$ 29,569,717<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_BorrowingsFinancingAndDebenturesMember', window );">Borrowings, financing and debentures | Less than one year</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ContractualMaturities', window );">Contractual maturities</a></td>
<td class="nump">6,551,764<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_BorrowingsFinancingAndDebenturesMember', window );">Borrowings, financing and debentures | From one to two years</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ContractualMaturities', window );">Contractual maturities</a></td>
<td class="nump">14,812,478<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_BorrowingsFinancingAndDebenturesMember', window );">Borrowings, financing and debentures | From two to five years</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ContractualMaturities', window );">Contractual maturities</a></td>
<td class="nump">4,249,106<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_BorrowingsFinancingAndDebenturesMember', window );">Borrowings, financing and debentures | Over five years</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ContractualMaturities', window );">Contractual maturities</a></td>
<td class="nump">3,956,369<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_TradePayablesMember', window );">Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ContractualMaturities', window );">Contractual maturities</a></td>
<td class="nump">2,460,774<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_TradePayablesMember', window );">Trade payables | Less than one year</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ContractualMaturities', window );">Contractual maturities</a></td>
<td class="nump">2,460,774<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_TradePayablesMember', window );">Trade payables | From one to two years</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ContractualMaturities', window );">Contractual maturities</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_TradePayablesMember', window );">Trade payables | From two to five years</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ContractualMaturities', window );">Contractual maturities</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_TradePayablesMember', window );">Trade payables | Over five years</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ContractualMaturities', window );">Contractual maturities</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_DividendsAndInterestOnCapitalMember', window );">Dividends and interest on capital</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ContractualMaturities', window );">Contractual maturities</a></td>
<td class="nump">510,692<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_DividendsAndInterestOnCapitalMember', window );">Dividends and interest on capital | Less than one year</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ContractualMaturities', window );">Contractual maturities</a></td>
<td class="nump">510,692<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_DividendsAndInterestOnCapitalMember', window );">Dividends and interest on capital | From one to two years</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ContractualMaturities', window );">Contractual maturities</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_DividendsAndInterestOnCapitalMember', window );">Dividends and interest on capital | From two to five years</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ContractualMaturities', window );">Contractual maturities</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_DividendsAndInterestOnCapitalMember', window );">Dividends and interest on capital | Over five years</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ContractualMaturities', window );">Contractual maturities</a></td>
<td class="text"> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ContractualMaturities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ContractualMaturities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_BorrowingsFinancingAndDebenturesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_BorrowingsFinancingAndDebenturesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_NotLaterThanOneYearMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_NotLaterThanOneYearMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_LaterThanTwoYearsAndNotLaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=ifrs-full_LaterThanFiveYearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=ifrs-full_LaterThanFiveYearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_TradePayablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_TradePayablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_DividendsAndInterestOnCapitalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_DividendsAndInterestOnCapitalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>131
<FILENAME>R119.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6808803008">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS (Details 15) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_PerpetualBondsMember', window );">Perpetual bonds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_LongtermBorrowingsCarryingAmount', window );">Carrying amount</a></td>
<td class="nump">R$ 3,312,503<span></span>
</td>
<td class="nump">R$ 3,263,536<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Fair value</a></td>
<td class="nump">2,602,090<span></span>
</td>
<td class="nump">1,702,134<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_FixedRateNotesMember', window );">Fixed rate notes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems', window );"><strong>Disclosure of financial liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_LongtermBorrowingsCarryingAmount', window );">Carrying amount</a></td>
<td class="nump">5,751,526<span></span>
</td>
<td class="nump">5,666,506<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinancialLiabilitiesAtFairValue', window );">Fair value</a></td>
<td class="nump">R$ 6,207,946<span></span>
</td>
<td class="nump">R$ 4,907,339<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_LongtermBorrowingsCarryingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_LongtermBorrowingsCarryingAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFinancialLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinancialLiabilitiesAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of financial liabilities. [Refer: At fair value [member]; Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 25<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinancialLiabilitiesAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_PerpetualBondsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_PerpetualBondsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_FixedRateNotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfFinancialLiabilitiesAxis=SID_FixedRateNotesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>132
<FILENAME>R120.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777104672">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS (Details 16)<br> R$ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>BRL (R$)</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>BRL (R$)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDetails16Abstract', window );"><strong>Financial Instruments Details 16</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Equity', window );">Shareholder's equity (equity)</a></td>
<td class="nump">R$ 8,288,229<span></span>
</td>
<td class="nump">R$ 7,384,521<span></span>
</td>
<td class="nump">R$ 7,091,288<span></span>
</td>
<td class="nump">R$ 5,734,975<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BorrowingsAndFinancingThirdPartyCapital', window );">Borrowings and Financing (Third-party capital)</a></td>
<td class="nump">R$ 29,510,844<span></span>
</td>
<td class="nump">R$ 30,441,018<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DebtEquityRatio', window );">Gross Debit/Shareholder's equity</a></td>
<td class="nump">3.56<span></span>
</td>
<td class="nump">4.12<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_BorrowingsAndFinancingThirdPartyCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_BorrowingsAndFinancingThirdPartyCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DebtEquityRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DebtEquityRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:pureItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_FinancialInstrumentsDetails16Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_FinancialInstrumentsDetails16Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2017-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=13&amp;date=2017-03-01&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>133
<FILENAME>R121.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6804267520">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>12. FINANCIAL INSTRUMENTS (Details Narrative) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_FinancialInstrumentsDetailsNarrativeAbstract', window );"><strong>Financial Instruments Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxAvailableforsaleFinancialAssets', window );">Investments available for sale, net of taxes</a></td>
<td class="nump">R$ 1,559,680<span></span>
</td>
<td class="nump">R$ 678,035<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_FinancialInstrumentsDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_FinancialInstrumentsDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxAvailableforsaleFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, related to available-for-sale financial assets. [Refer: Financial assets available-for-sale; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-02&amp;anchor=para_91_a&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 7<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-02&amp;anchor=para_7&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxAvailableforsaleFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>134
<FILENAME>R122.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6796045824">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>13. OTHER PAYABLES (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Other payables, current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 1,059,901<span></span>
</td>
<td class="nump">R$ 1,021,724<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentPayables', window );">Other payables, noncurrent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">129,323<span></span>
</td>
<td class="nump">131,137<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_PayablesToRelatedPartiesMember', window );">Payables to related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Other payables, current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">57,008<span></span>
</td>
<td class="nump">10,927<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentPayables', window );">Other payables, noncurrent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_DerivativeFinancialInstrumentsMember', window );">Derivative financial instruments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Other payables, current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">121<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentPayables', window );">Other payables, noncurrent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_DividendsAndInterestOnCapitalPayableMember', window );">Dividends and interest on capital payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Other payables, current</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">510,692<span></span>
</td>
<td class="nump">484,570<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentPayables', window );">Other payables, noncurrent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_AdvancesFromCustomersMember', window );">Advances from customers</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Other payables, current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">68,521<span></span>
</td>
<td class="nump">90,720<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentPayables', window );">Other payables, noncurrent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_TaxesInInstallmentsMember', window );">Taxes in installments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Other payables, current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">21,551<span></span>
</td>
<td class="nump">24,444<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentPayables', window );">Other payables, noncurrent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">79,242<span></span>
</td>
<td class="nump">83,312<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_ProfitSharingEmployeesMember', window );">Profit sharing - employees</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Other payables, current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">42,699<span></span>
</td>
<td class="nump">211,791<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentPayables', window );">Other payables, noncurrent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_FreightProvisionMember', window );">Freight provision</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Other payables, current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">81,699<span></span>
</td>
<td class="nump">57,586<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentPayables', window );">Other payables, noncurrent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_ProvisionForIndustrialRestructuringMember', window );">Provision for industrial restructuring</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Other payables, current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,350<span></span>
</td>
<td class="nump">13,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentPayables', window );">Other payables, noncurrent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_TaxesPayableMember', window );">Taxes payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Other payables, current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentPayables', window );">Other payables, noncurrent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,410<span></span>
</td>
<td class="nump">8,518<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_OtherProvisionMember', window );">Other provision</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Other payables, current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">152,205<span></span>
</td>
<td class="nump">23,162<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentPayables', window );">Other payables, noncurrent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_ThirdPartyMaterialsInOurPossessionMember', window );">Third party materials in our possession</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Other payables, current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">231<span></span>
</td>
<td class="nump">288<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentPayables', window );">Other payables, noncurrent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_OtherPayablesMember', window );">Other payables</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherCurrentPayables', window );">Other payables, current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">123,945<span></span>
</td>
<td class="nump">105,115<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherNoncurrentPayables', window );">Other payables, noncurrent</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 41,671<span></span>
</td>
<td class="nump">R$ 39,307<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Dividends payable by the subsidiary CSN Mineracao.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherCurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current payables that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherCurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherNoncurrentPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current payables that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherNoncurrentPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_PayablesToRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_PayablesToRelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_DerivativeFinancialInstrumentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_DerivativeFinancialInstrumentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_DividendsAndInterestOnCapitalPayableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_DividendsAndInterestOnCapitalPayableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_AdvancesFromCustomersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_AdvancesFromCustomersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_TaxesInInstallmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_TaxesInInstallmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_ProfitSharingEmployeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_ProfitSharingEmployeesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_FreightProvisionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_FreightProvisionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_ProvisionForIndustrialRestructuringMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_ProvisionForIndustrialRestructuringMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_TaxesPayableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_TaxesPayableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_OtherProvisionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_OtherProvisionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_ThirdPartyMaterialsInOurPossessionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_ThirdPartyMaterialsInOurPossessionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_OtherPayablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_OtherPayablesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>135
<FILENAME>R123.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6790383600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>14. INCOME TAX AND SOCIAL CONTRIBUTION (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionDetailsAbstract', window );"><strong>Income Tax And Social Contribution Details</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentTaxExpenseIncome', window );">Income tax and social contribution income (expense), current</a></td>
<td class="num">R$ (358,981)<span></span>
</td>
<td class="num">R$ (206,178)<span></span>
</td>
<td class="num">R$ (135,671)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncome', window );">Income tax and social contribution income (expense), deferred</a></td>
<td class="num">(50,128)<span></span>
</td>
<td class="num">(60,368)<span></span>
</td>
<td class="num">(2,767,545)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax and social contribution income (expense)</a></td>
<td class="num">R$ (409,109)<span></span>
</td>
<td class="num">R$ (266,546)<span></span>
</td>
<td class="num">R$ (2,903,216)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionDetailsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income taxes payable (recoverable) in respect of the taxable profit (tax loss) for a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 80<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_80_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxExpenseIncome</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense (income) relating to changes in deferred tax liabilities and deferred tax assets. [Refer: Deferred tax assets; Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6796677648">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>14. INCOME TAX AND SOCIAL CONTRIBUTION (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AccountingProfit', window );">(Loss)/Profit before income tax and social contribution</a></td>
<td class="nump">R$ 520,338<span></span>
</td>
<td class="num">R$ (576,951)<span></span>
</td>
<td class="nump">R$ 1,685,341<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ApplicableTaxRate', window );">Tax rate (in percent)</a></td>
<td class="nump">34.00%<span></span>
</td>
<td class="nump">34.00%<span></span>
</td>
<td class="nump">34.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate', window );">Income tax and social contribution at combined statutory rate</a></td>
<td class="num">R$ (176,915)<span></span>
</td>
<td class="nump">R$ 196,163<span></span>
</td>
<td class="num">R$ (573,016)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax and social contribution in profit for the period</a></td>
<td class="num">(409,109)<span></span>
</td>
<td class="num">(266,546)<span></span>
</td>
<td class="num">(2,903,216)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAxis=SID_EquityPickUpMember', window );">Equity pick-up</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome', window );">Adjustment to reflect the effective rate</a></td>
<td class="nump">42,431<span></span>
</td>
<td class="nump">22,072<span></span>
</td>
<td class="nump">394,492<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAxis=SID_ProfitWithDifferentiatedRatesOrUntaxedMember', window );">Profit with differentiated rates or untaxed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome', window );">Adjustment to reflect the effective rate</a></td>
<td class="nump">37,605<span></span>
</td>
<td class="num">(287,502)<span></span>
</td>
<td class="nump">798,603<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAxis=SID_TransferPricingAdjustmentMember', window );">Transfer pricing adjustment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome', window );">Adjustment to reflect the effective rate</a></td>
<td class="num">(34,746)<span></span>
</td>
<td class="num">(63,638)<span></span>
</td>
<td class="num">(66,447)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAxis=SID_TaxLossCarryforwardsWithoutRecognizingDeferredTaxesMember', window );">Tax loss carryforwards without recognizing deferred taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome', window );">Adjustment to reflect the effective rate</a></td>
<td class="num">(368,612)<span></span>
</td>
<td class="num">(821,920)<span></span>
</td>
<td class="num">(89,978)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAxis=SID_LimitOfIndebtednessMember', window );">Limit of Indebtedness</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome', window );">Adjustment to reflect the effective rate</a></td>
<td class="num">(39,378)<span></span>
</td>
<td class="num">(35,391)<span></span>
</td>
<td class="num">(54,091)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAxis=SID_UnrecordedDeferredTaxesOnTemporaryDifferencesMember', window );">Unrecorded deferred taxes on temporary differences</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome', window );">Adjustment to reflect the effective rate</a></td>
<td class="nump">541,655<span></span>
</td>
<td class="nump">643,990<span></span>
</td>
<td class="num">(1,133,091)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAxis=SID_LossesReversalForDeferredIncomeAndSocialContributionTaxCreditsMember', window );">(Losses)/Reversal for deferred income and social contribution tax credits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome', window );">Adjustment to reflect the effective rate</a></td>
<td class="num">(403,080)<span></span>
</td>
<td class="nump">44,691<span></span>
</td>
<td class="num">(2,949,003)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAxis=SID_RefisEffectAndEarlyDischargeProgramMember', window );">Refis Effect and early discharge program</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome', window );">Adjustment to reflect the effective rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,586)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAxis=SID_IncomeTaxAndSocialContributionOnForeignProfitMember', window );">Income tax and social contribution on foreign profit</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome', window );">Adjustment to reflect the effective rate</a></td>
<td class="num">(29,964)<span></span>
</td>
<td class="num">(35,613)<span></span>
</td>
<td class="nump">72,376<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAxis=SID_FairValueGainOfInterestHeldInNamisaMember', window );">Fair value gain of 59.76% interest held in Namisa</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome', window );">Adjustment to reflect the effective rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">855,551<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAxis=SID_GoodwillAmortizationOfMetalicMember', window );">Goodwill amortization of Metalic</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome', window );">Adjustment to reflect the effective rate</a></td>
<td class="nump">31,439<span></span>
</td>
<td class="nump">31,439<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAxis=SID_TaxIncentivesMember', window );">Tax Incentives</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome', window );">Adjustment to reflect the effective rate</a></td>
<td class="nump">14,358<span></span>
</td>
<td class="nump">22,673<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAxis=SID_ReversalOfDeferredTaxInNamisaMember', window );">Reversal of deferred tax in Namisa</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome', window );">Adjustment to reflect the effective rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(107,773)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAxis=SID_ReversalOfDeferredTaxInPradaMember', window );">Reversal of deferred tax in Prada</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome', window );">Adjustment to reflect the effective rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(46,681)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAxis=SID_OtherPermanentDeductionsAdditionsMember', window );">Other permanent deductions (additions)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome', window );">Adjustment to reflect the effective rate</a></td>
<td class="nump">R$ 7,537<span></span>
</td>
<td class="nump">R$ 16,490<span></span>
</td>
<td class="num">R$ (1,571)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AccountingProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) for a period before deducting tax expense. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AccountingProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The applicable income tax rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount that represents the difference between the tax expense (income) and the product of the accounting profit multiplied by the applicable tax rate(s) that the entity does not separately disclose in the same statement or note. [Refer: Accounting profit; Applicable tax rate]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The product of the accounting profit multiplied by the applicable tax rate(s). [Refer: Accounting profit; Applicable tax rate]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TaxExpenseIncomeAtApplicableTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionAxis=SID_EquityPickUpMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionAxis=SID_EquityPickUpMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionAxis=SID_ProfitWithDifferentiatedRatesOrUntaxedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionAxis=SID_ProfitWithDifferentiatedRatesOrUntaxedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionAxis=SID_TransferPricingAdjustmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionAxis=SID_TransferPricingAdjustmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionAxis=SID_TaxLossCarryforwardsWithoutRecognizingDeferredTaxesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionAxis=SID_TaxLossCarryforwardsWithoutRecognizingDeferredTaxesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionAxis=SID_LimitOfIndebtednessMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionAxis=SID_LimitOfIndebtednessMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionAxis=SID_UnrecordedDeferredTaxesOnTemporaryDifferencesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionAxis=SID_UnrecordedDeferredTaxesOnTemporaryDifferencesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionAxis=SID_LossesReversalForDeferredIncomeAndSocialContributionTaxCreditsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionAxis=SID_LossesReversalForDeferredIncomeAndSocialContributionTaxCreditsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionAxis=SID_RefisEffectAndEarlyDischargeProgramMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionAxis=SID_RefisEffectAndEarlyDischargeProgramMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionAxis=SID_IncomeTaxAndSocialContributionOnForeignProfitMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionAxis=SID_IncomeTaxAndSocialContributionOnForeignProfitMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionAxis=SID_FairValueGainOfInterestHeldInNamisaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionAxis=SID_FairValueGainOfInterestHeldInNamisaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionAxis=SID_GoodwillAmortizationOfMetalicMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionAxis=SID_GoodwillAmortizationOfMetalicMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionAxis=SID_TaxIncentivesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionAxis=SID_TaxIncentivesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionAxis=SID_ReversalOfDeferredTaxInNamisaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionAxis=SID_ReversalOfDeferredTaxInNamisaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionAxis=SID_ReversalOfDeferredTaxInPradaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionAxis=SID_ReversalOfDeferredTaxInPradaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionAxis=SID_OtherPermanentDeductionsAdditionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionAxis=SID_OtherPermanentDeductionsAdditionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>137
<FILENAME>R125.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6811365056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>14. INCOME TAX AND SOCIAL CONTRIBUTION (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="num">R$ (976,746)<span></span>
</td>
<td class="num">R$ (993,967)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity', window );">Movement in shareholders' equity</a></td>
<td class="nump">26,778<span></span>
</td>
<td class="nump">71,769<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="num">(50,128)<span></span>
</td>
<td class="num">(60,368)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset', window );">Other movement</a></td>
<td class="num">(110,344)<span></span>
</td>
<td class="nump">5,820<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="num">(1,110,440)<span></span>
</td>
<td class="num">(976,746)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Total deferred assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 63,119<span></span>
</td>
<td class="nump">R$ 70,151<span></span>
</td>
<td class="nump">R$ 78,066<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Total deferred liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,173,559)<span></span>
</td>
<td class="num">(1,046,897)<span></span>
</td>
<td class="num">(1,072,033)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="num">(1,110,440)<span></span>
</td>
<td class="num">(976,746)<span></span>
</td>
<td class="num">(1,110,440)<span></span>
</td>
<td class="num">(976,746)<span></span>
</td>
<td class="num">(993,967)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_DeferredIncomeTaxLossesMember', window );">Deferred income tax losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="nump">970,800<span></span>
</td>
<td class="nump">417,256<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="nump">245,846<span></span>
</td>
<td class="nump">556,397<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset', window );">Other movement</a></td>
<td class="num">(79,412)<span></span>
</td>
<td class="num">(2,853)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="nump">1,137,234<span></span>
</td>
<td class="nump">970,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="nump">970,800<span></span>
</td>
<td class="nump">970,800<span></span>
</td>
<td class="nump">1,137,234<span></span>
</td>
<td class="nump">970,800<span></span>
</td>
<td class="nump">417,256<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_DeferredSocialContributionTaxLossesMember', window );">Deferred social contribution tax losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="nump">340,629<span></span>
</td>
<td class="nump">161,769<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="nump">94,843<span></span>
</td>
<td class="nump">179,887<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset', window );">Other movement</a></td>
<td class="num">(28,588)<span></span>
</td>
<td class="num">(1,027)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="nump">406,884<span></span>
</td>
<td class="nump">340,629<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="nump">340,629<span></span>
</td>
<td class="nump">340,629<span></span>
</td>
<td class="nump">406,884<span></span>
</td>
<td class="nump">340,629<span></span>
</td>
<td class="nump">161,769<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_TemporaryDifferencesMember', window );">Temporary differences</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="num">(2,288,175)<span></span>
</td>
<td class="num">(1,572,992)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity', window );">Movement in shareholders' equity</a></td>
<td class="nump">26,778<span></span>
</td>
<td class="nump">71,769<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="num">(390,817)<span></span>
</td>
<td class="num">(796,652)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset', window );">Other movement</a></td>
<td class="num">(2,344)<span></span>
</td>
<td class="nump">9,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="num">(2,654,558)<span></span>
</td>
<td class="num">(2,288,175)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="num">(2,288,175)<span></span>
</td>
<td class="num">(2,288,175)<span></span>
</td>
<td class="num">(2,654,558)<span></span>
</td>
<td class="num">(2,288,175)<span></span>
</td>
<td class="num">(1,572,992)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksMember', window );">Provision for tax social security, labor, civil and environmental risks</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="nump">256,936<span></span>
</td>
<td class="nump">245,923<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="nump">12,963<span></span>
</td>
<td class="nump">7,615<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset', window );">Other movement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,398<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="nump">269,899<span></span>
</td>
<td class="nump">256,936<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="nump">256,936<span></span>
</td>
<td class="nump">256,936<span></span>
</td>
<td class="nump">269,899<span></span>
</td>
<td class="nump">256,936<span></span>
</td>
<td class="nump">245,923<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_ProvisionForEnvironmentalLiabilitiesMember', window );">Provision for environmental liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="nump">95,048<span></span>
</td>
<td class="nump">89,290<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="num">(8,197)<span></span>
</td>
<td class="nump">5,758<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="nump">86,851<span></span>
</td>
<td class="nump">95,048<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="nump">95,048<span></span>
</td>
<td class="nump">95,048<span></span>
</td>
<td class="nump">86,851<span></span>
</td>
<td class="nump">95,048<span></span>
</td>
<td class="nump">89,290<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_AssetsImpairmentLossesMember', window );">Assets impairment losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="nump">93,908<span></span>
</td>
<td class="nump">87,152<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="num">(5,475)<span></span>
</td>
<td class="nump">6,756<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="nump">88,433<span></span>
</td>
<td class="nump">93,908<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="nump">93,908<span></span>
</td>
<td class="nump">93,908<span></span>
</td>
<td class="nump">88,433<span></span>
</td>
<td class="nump">93,908<span></span>
</td>
<td class="nump">87,152<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_InventoryImpairmentLossesMember', window );">Inventory impairment losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="nump">35,703<span></span>
</td>
<td class="nump">29,048<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="nump">10,111<span></span>
</td>
<td class="nump">5,234<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset', window );">Other movement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,421<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="nump">45,814<span></span>
</td>
<td class="nump">35,703<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="nump">35,703<span></span>
</td>
<td class="nump">35,703<span></span>
</td>
<td class="nump">45,814<span></span>
</td>
<td class="nump">35,703<span></span>
</td>
<td class="nump">29,048<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_GainsLossesInFinancialInstrumentsMember', window );">(Gains )/ losses in financial instruments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="num">(2,300)<span></span>
</td>
<td class="num">(5,454)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="nump">1,388<span></span>
</td>
<td class="nump">3,154<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="num">(912)<span></span>
</td>
<td class="num">(2,300)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="num">(2,300)<span></span>
</td>
<td class="num">(2,300)<span></span>
</td>
<td class="num">(912)<span></span>
</td>
<td class="num">(2,300)<span></span>
</td>
<td class="num">(5,454)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_GainsLossesOnAvailableForSaleFinancialAssetsMember', window );">(Gains )/losses on available for sale financial assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="nump">705,929<span></span>
</td>
<td class="nump">947,989<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity', window );">Movement in shareholders' equity</a></td>
<td class="nump">316,563<span></span>
</td>
<td class="num">(242,060)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="nump">1,022,492<span></span>
</td>
<td class="nump">705,929<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="nump">705,929<span></span>
</td>
<td class="nump">705,929<span></span>
</td>
<td class="nump">1,022,492<span></span>
</td>
<td class="nump">705,929<span></span>
</td>
<td class="nump">947,989<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_ActuarialLiabilityPensionAndHealthcarePlanMember', window );">Actuarial liability (pension and healthcare plan)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="nump">134,578<span></span>
</td>
<td class="nump">164,167<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity', window );">Movement in shareholders' equity</a></td>
<td class="nump">180,834<span></span>
</td>
<td class="num">(15,387)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="num">(41,065)<span></span>
</td>
<td class="num">(14,202)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset', window );">Other movement</a></td>
<td class="num">(1,289)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="nump">273,058<span></span>
</td>
<td class="nump">134,578<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="nump">134,578<span></span>
</td>
<td class="nump">134,578<span></span>
</td>
<td class="nump">273,058<span></span>
</td>
<td class="nump">134,578<span></span>
</td>
<td class="nump">164,167<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_AccruedSuppliesAndServicesMember', window );">Accrued supplies and services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="nump">123,101<span></span>
</td>
<td class="nump">92,401<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="num">(55,385)<span></span>
</td>
<td class="nump">30,625<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset', window );">Other movement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="nump">67,716<span></span>
</td>
<td class="nump">123,101<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="nump">123,101<span></span>
</td>
<td class="nump">123,101<span></span>
</td>
<td class="nump">67,716<span></span>
</td>
<td class="nump">123,101<span></span>
</td>
<td class="nump">92,401<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_AllowanceForDoubtfulDebtsMember', window );">Allowance for doubtful debts</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="nump">42,008<span></span>
</td>
<td class="nump">38,614<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="nump">5,208<span></span>
</td>
<td class="nump">1,751<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset', window );">Other movement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,643<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="nump">47,216<span></span>
</td>
<td class="nump">42,008<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="nump">42,008<span></span>
</td>
<td class="nump">42,008<span></span>
</td>
<td class="nump">47,216<span></span>
</td>
<td class="nump">42,008<span></span>
</td>
<td class="nump">38,614<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_GoodwilOnMergerMember', window );">Goodwil on merger</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="nump">815<span></span>
</td>
<td class="nump">9,211<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="num">(207)<span></span>
</td>
<td class="num">(283)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset', window );">Other movement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(8,113)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="nump">608<span></span>
</td>
<td class="nump">815<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="nump">815<span></span>
</td>
<td class="nump">815<span></span>
</td>
<td class="nump">608<span></span>
</td>
<td class="nump">815<span></span>
</td>
<td class="nump">9,211<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_UnrealizedExchangeDifferencesMember', window );">Unrealized exchange differences</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="nump">1,589,651<span></span>
</td>
<td class="nump">2,427,926<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity', window );">Movement in shareholders' equity</a></td>
<td class="nump">56,493<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="num">(134,992)<span></span>
</td>
<td class="num">(838,275)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="nump">1,511,152<span></span>
</td>
<td class="nump">1,589,651<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="nump">1,589,651<span></span>
</td>
<td class="nump">1,589,651<span></span>
</td>
<td class="nump">1,511,152<span></span>
</td>
<td class="nump">1,589,651<span></span>
</td>
<td class="nump">2,427,926<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_GainInControlLossOnTransnordestinaMember', window );">(Gain) in control loss on Transnordestina</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="num">(92,180)<span></span>
</td>
<td class="num">(224,096)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">131,916<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="num">(92,180)<span></span>
</td>
<td class="num">(92,180)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="num">(92,180)<span></span>
</td>
<td class="num">(92,180)<span></span>
</td>
<td class="num">(92,180)<span></span>
</td>
<td class="num">(92,180)<span></span>
</td>
<td class="num">(224,096)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_CashFlowHedgeAccountingMember', window );">Cash flow hedge accounting</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="nump">148,471<span></span>
</td>
<td class="nump">516,831<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity', window );">Movement in shareholders' equity</a></td>
<td class="num">(13,992)<span></span>
</td>
<td class="num">(368,360)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="nump">134,479<span></span>
</td>
<td class="nump">148,471<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="nump">148,471<span></span>
</td>
<td class="nump">148,471<span></span>
</td>
<td class="nump">134,479<span></span>
</td>
<td class="nump">148,471<span></span>
</td>
<td class="nump">516,831<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_AcquisitionFairValueSwtCblMember', window );">Acquisition Fair Value SWT/CBL</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="num">(199,001)<span></span>
</td>
<td class="num">(299,574)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity', window );">Movement in shareholders' equity</a></td>
<td class="num">(21,143)<span></span>
</td>
<td class="nump">52,506<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="nump">26,833<span></span>
</td>
<td class="nump">42,717<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset', window );">Other movement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,350<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="num">(193,311)<span></span>
</td>
<td class="num">(199,001)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="num">(199,001)<span></span>
</td>
<td class="num">(199,001)<span></span>
</td>
<td class="num">(193,311)<span></span>
</td>
<td class="num">(199,001)<span></span>
</td>
<td class="num">(299,574)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_DeferredTaxesNonComputedMember', window );">Deferred taxes non computed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="num">(1,324,437)<span></span>
</td>
<td class="num">(1,673,904)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity', window );">Movement in shareholders' equity</a></td>
<td class="num">(566,173)<span></span>
</td>
<td class="nump">527,520<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="num">(3,255)<span></span>
</td>
<td class="num">(175,915)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset', window );">Other movement</a></td>
<td class="num">(115)<span></span>
</td>
<td class="num">(2,138)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="num">(1,893,980)<span></span>
</td>
<td class="num">(1,324,437)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="num">(1,324,437)<span></span>
</td>
<td class="num">(1,324,437)<span></span>
</td>
<td class="num">(1,893,980)<span></span>
</td>
<td class="num">(1,324,437)<span></span>
</td>
<td class="num">(1,673,904)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_EstimatedLossesReversalsToDeferredTaxesCreditsMember', window );">Estimated (Losses)/reversals to deferred taxes credits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="num">(3,013,730)<span></span>
</td>
<td class="num">(3,173,048)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity', window );">Movement in shareholders' equity</a></td>
<td class="nump">82,769<span></span>
</td>
<td class="nump">114,627<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="num">(123,056)<span></span>
</td>
<td class="nump">44,691<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="num">(3,054,017)<span></span>
</td>
<td class="num">(3,013,730)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="num">(3,013,730)<span></span>
</td>
<td class="num">(3,013,730)<span></span>
</td>
<td class="num">(3,054,017)<span></span>
</td>
<td class="num">(3,013,730)<span></span>
</td>
<td class="num">(3,173,048)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_BusinessCombinationMember', window );">Business Combination</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="num">(1,072,824)<span></span>
</td>
<td class="num">(1,058,088)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="nump">32,288<span></span>
</td>
<td class="num">(14,736)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="num">(1,040,536)<span></span>
</td>
<td class="num">(1,072,824)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="num">(1,072,824)<span></span>
</td>
<td class="num">(1,072,824)<span></span>
</td>
<td class="num">(1,040,536)<span></span>
</td>
<td class="num">(1,072,824)<span></span>
</td>
<td class="num">(1,058,088)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DeferredTaxAssetLiabilityAxis=SID_OthersMember', window );">Others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, beginning</a></td>
<td class="nump">190,149<span></span>
</td>
<td class="nump">212,620<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity', window );">Movement in shareholders' equity</a></td>
<td class="num">(8,573)<span></span>
</td>
<td class="nump">2,923<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss', window );">Movement in profit or loss</a></td>
<td class="num">(107,976)<span></span>
</td>
<td class="num">(33,458)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset', window );">Other movement</a></td>
<td class="num">(940)<span></span>
</td>
<td class="nump">8,064<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Deferred tax asset/liability, ending</a></td>
<td class="nump">72,660<span></span>
</td>
<td class="nump">190,149<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilityAsset', window );">Total deferred</a></td>
<td class="nump">R$ 190,149<span></span>
</td>
<td class="nump">R$ 190,149<span></span>
</td>
<td class="nump">R$ 72,660<span></span>
</td>
<td class="nump">R$ 190,149<span></span>
</td>
<td class="nump">R$ 212,620<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of tax expense or income relating to changes in deferred tax liabilities and deferred tax assets, recognised in profit or loss. [Refer: Deferred tax assets; Deferred tax expense (income); Deferred tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxExpenseIncomeRecognisedInProfitOrLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 56<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax liabilities or assets. [Refer: Deferred tax liabilities; Deferred tax assets]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deferred tax related to items credited (charged) directly to equity. [Refer: Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in a deferred tax liability (asset). [Refer: Deferred tax liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_DeferredIncomeTaxLossesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_DeferredIncomeTaxLossesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_DeferredSocialContributionTaxLossesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_DeferredSocialContributionTaxLossesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_TemporaryDifferencesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_TemporaryDifferencesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_ProvisionForTaxSocialSecurityLaborCivilAndEnvironmentalRisksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_ProvisionForEnvironmentalLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_ProvisionForEnvironmentalLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_AssetsImpairmentLossesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_AssetsImpairmentLossesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_InventoryImpairmentLossesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_InventoryImpairmentLossesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_GainsLossesInFinancialInstrumentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_GainsLossesInFinancialInstrumentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_GainsLossesOnAvailableForSaleFinancialAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_GainsLossesOnAvailableForSaleFinancialAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_ActuarialLiabilityPensionAndHealthcarePlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_ActuarialLiabilityPensionAndHealthcarePlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_AccruedSuppliesAndServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_AccruedSuppliesAndServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_AllowanceForDoubtfulDebtsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_AllowanceForDoubtfulDebtsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_GoodwilOnMergerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_GoodwilOnMergerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_UnrealizedExchangeDifferencesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_UnrealizedExchangeDifferencesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_GainInControlLossOnTransnordestinaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_GainInControlLossOnTransnordestinaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_CashFlowHedgeAccountingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_CashFlowHedgeAccountingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_AcquisitionFairValueSwtCblMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_AcquisitionFairValueSwtCblMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_DeferredTaxesNonComputedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_DeferredTaxesNonComputedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_EstimatedLossesReversalsToDeferredTaxesCreditsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_EstimatedLossesReversalsToDeferredTaxesCreditsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_BusinessCombinationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_BusinessCombinationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DeferredTaxAssetLiabilityAxis=SID_OthersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DeferredTaxAssetLiabilityAxis=SID_OthersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>138
<FILENAME>R126.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6808617104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>14. INCOME TAX AND SOCIAL CONTRIBUTION (Details 3)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2017</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAxis=SID_TaxLossesMember', window );">Tax losses</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DescriptionOfDeferredTaxAssetsOnTaxLossesAndTemporaryDifferences', window );">Description of deferred tax assets on tax losses and temporary differences</a></td>
<td class="text">In recent periods, the Company started to incur in tax losses, mostly because of high financial expenses, as substantially all our loans and financings are on this level.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAxis=SID_ExchangeDifferenceExpensesMember', window );">Exchange difference expenses</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DescriptionOfDeferredTaxAssetsOnTaxLossesAndTemporaryDifferences', window );">Description of deferred tax assets on tax losses and temporary differences</a></td>
<td class="text">Since 2012 the Company opted by the taxation on a cash basis. As the Company have operated without taxable profit, it would not make sense to use this deductibility year by year (accrual basis). As a result of the cash basis tax treatment, taxes are only due and expenses are only deductible at the time of debt settlement.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAxis=SID_LossesOnUsiminasSharesMember', window );">Losses on Usiminas shares</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DescriptionOfDeferredTaxAssetsOnTaxLossesAndTemporaryDifferences', window );">Description of deferred tax assets on tax losses and temporary differences</a></td>
<td class="text">The losses on Usiminas shares are recognized on an accrual basis, but the taxable event will occur only at the time of divestment, expected to occur in the period projected to compensate the deferred taxes.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxAndSocialContributionAxis=ifrs-full_OtherProvisionsMember', window );">Other provisions</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DescriptionOfDeferredTaxAssetsOnTaxLossesAndTemporaryDifferences', window );">Description of deferred tax assets on tax losses and temporary differences</a></td>
<td class="text">Various accounting provisions are recognized on an accrual basis, but their taxation occurs only at the time of its realization, such as provisions for contingencies, impairment losses, environmental liabilities, etc.<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DescriptionOfDeferredTaxAssetsOnTaxLossesAndTemporaryDifferences">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DescriptionOfDeferredTaxAssetsOnTaxLossesAndTemporaryDifferences</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionAxis=SID_TaxLossesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionAxis=SID_TaxLossesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionAxis=SID_ExchangeDifferenceExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionAxis=SID_ExchangeDifferenceExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionAxis=SID_LossesOnUsiminasSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionAxis=SID_LossesOnUsiminasSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxAndSocialContributionAxis=ifrs-full_OtherProvisionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxAndSocialContributionAxis=ifrs-full_OtherProvisionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>139
<FILENAME>R127.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6795350848">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>14. INCOME TAX AND SOCIAL CONTRIBUTION (Details 4) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_TaxInstallmentsProgramsDetails1Abstract', window );"><strong>Income Tax And Social Contribution Details 4</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity', window );">Actuarial gains on defined benefit pension plan</a></td>
<td class="nump">R$ 171,473<span></span>
</td>
<td class="nump">R$ 30,234<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxRelatingToGainsLossesOnRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity', window );">Estimated losses for deferred income and social contribution tax credits - actuarial gains</a></td>
<td class="num">(175,649)<span></span>
</td>
<td class="num">(33,400)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxRelatingToInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity', window );">Changes in the fair value on available-for-sale financial assets</a></td>
<td class="num">(525,107)<span></span>
</td>
<td class="num">(33,796)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxRelatingToActuarialGainsAndAssetsAvailableForSaleByIncorporationChargedOrCreditedDirectlyToEquity', window );">Actuarial gains and assets available for sale by incorporation</a></td>
<td class="nump">525,107<span></span>
</td>
<td class="nump">33,796<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxRelatingToGainsLossesOnExchangeDifferencesOnTranslationChargedOrCreditedDirectlyToEquity', window );">Exchange differences on translating foreign operations</a></td>
<td class="num">(369,017)<span></span>
</td>
<td class="num">(425,510)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxRelatingToHedgesOfInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity', window );">Cash flow hedge accounting</a></td>
<td class="nump">134,478<span></span>
</td>
<td class="nump">109,813<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeTaxRelatingToGainsLossesOnCashFlowHedgesNetOfTaxChargedOrCreditedDirectlyToEquity', window );">Estimated losses for deferred income and social contribution tax credits - cash flow hedge</a></td>
<td class="num">(134,478)<span></span>
</td>
<td class="num">(109,813)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity', window );">Income tax and social contribution</a></td>
<td class="num">R$ (373,193)<span></span>
</td>
<td class="num">R$ (428,676)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxRelatingToActuarialGainsAndAssetsAvailableForSaleByIncorporationChargedOrCreditedDirectlyToEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to actuarial Gains and assets available for sale by incorporation charged or credited directly to equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxRelatingToActuarialGainsAndAssetsAvailableForSaleByIncorporationChargedOrCreditedDirectlyToEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxRelatingToGainsLossesOnCashFlowHedgesNetOfTaxChargedOrCreditedDirectlyToEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to gains losses on cash flow hedges net of tax charged directly to equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxRelatingToGainsLossesOnCashFlowHedgesNetOfTaxChargedOrCreditedDirectlyToEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxRelatingToGainsLossesOnExchangeDifferencesOnTranslationChargedOrCreditedDirectlyToEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to gains losses on exchange differences on translation charged or credited directly to equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxRelatingToGainsLossesOnExchangeDifferencesOnTranslationChargedOrCreditedDirectlyToEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxRelatingToGainsLossesOnRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to gains losses on remeasurements of defined benefit plans charged or credited directly to equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxRelatingToGainsLossesOnRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxRelatingToHedgesOfInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to hedges of investment in equity instrument charged or credited directly to equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxRelatingToHedgesOfInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxRelatingToInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to investment in equity instrument charged or credited directly to equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxRelatingToInvestmentsInEquityInstrumentsChargedOrCreditedDirectlyToEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to remeasurements of define benefit plans charged or credited directly to equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansChargedOrCreditedDirectlyToEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_TaxInstallmentsProgramsDetails1Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_TaxInstallmentsProgramsDetails1Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate current and deferred tax relating to particular items that are charged or credited directly to equity, for example: (a) an adjustment to the opening balance of retained earnings resulting from either a change in accounting policy that is applied retrospectively or the correction of an error; and (b) amounts arising on initial recognition of the equity component of a compound financial instrument. [Refer: Deferred tax relating to items credited (charged) directly to equity; Retained earnings; Financial instruments, class [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAndDeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>140
<FILENAME>R128.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6651334336">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>14. INCOME TAX AND SOCIAL CONTRIBUTION (Details Narrative)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">60 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_TaxInstallmentsProgramsDetailsNarrativeAbstract', window );"><strong>Income Tax And Social Contribution Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ProfitsGeneratedForeignSubsidiaries', window );">Profits generated foreign subsidiaries</a></td>
<td class="nump">R$ 926,161<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionalTaxationInBrazilFormProfitsGeneratedForeignSubsidiaries', window );">Additional taxation in Brazil form profits generated foreign subsidiaries</a></td>
<td class="nump">R$ 302,482<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AdditionalTaxationInBrazilFormProfitsGeneratedForeignSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additional taxation in brazil form profit generated foreign subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AdditionalTaxationInBrazilFormProfitsGeneratedForeignSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ProfitsGeneratedForeignSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of profit generated foreign subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ProfitsGeneratedForeignSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_TaxInstallmentsProgramsDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_TaxInstallmentsProgramsDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>141
<FILENAME>R129.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777866608">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>15. TAX INSTALLMENTS PROGRAMS (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RefisAndOtherTaxInstallmentPaymentPlansCurrent', window );">REFIS debts and other tax installment payment plans, current</a></td>
<td class="nump">R$ 21,551<span></span>
</td>
<td class="nump">R$ 24,444<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RefisAndOtherTaxInstallmentPaymentPlansNoncurrent', window );">REFIS debts and other tax installment payment plans, noncurrent</a></td>
<td class="nump">79,242<span></span>
</td>
<td class="nump">83,312<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_FederalRefisLaw1Member', window );">Federal REFIS Law 11.941/09</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RefisAndOtherTaxInstallmentPaymentPlansCurrent', window );">REFIS debts and other tax installment payment plans, current</a></td>
<td class="nump">12,552<span></span>
</td>
<td class="nump">11,956<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RefisAndOtherTaxInstallmentPaymentPlansNoncurrent', window );">REFIS debts and other tax installment payment plans, noncurrent</a></td>
<td class="nump">20,083<span></span>
</td>
<td class="nump">19,779<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_FederalRefisLaw2Member', window );">Federal REFIS Law 12.865/13</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RefisAndOtherTaxInstallmentPaymentPlansCurrent', window );">REFIS debts and other tax installment payment plans, current</a></td>
<td class="nump">5,984<span></span>
</td>
<td class="nump">5,572<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RefisAndOtherTaxInstallmentPaymentPlansNoncurrent', window );">REFIS debts and other tax installment payment plans, noncurrent</a></td>
<td class="nump">56,381<span></span>
</td>
<td class="nump">57,905<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_OtherRefinancingProgramMember', window );">Other refinancing program</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RefisAndOtherTaxInstallmentPaymentPlansCurrent', window );">REFIS debts and other tax installment payment plans, current</a></td>
<td class="nump">3,015<span></span>
</td>
<td class="nump">6,916<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RefisAndOtherTaxInstallmentPaymentPlansNoncurrent', window );">REFIS debts and other tax installment payment plans, noncurrent</a></td>
<td class="nump">R$ 2,778<span></span>
</td>
<td class="nump">R$ 5,628<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RefisAndOtherTaxInstallmentPaymentPlansCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RefisAndOtherTaxInstallmentPaymentPlansCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RefisAndOtherTaxInstallmentPaymentPlansNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RefisAndOtherTaxInstallmentPaymentPlansNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_FederalRefisLaw1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_FederalRefisLaw1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_FederalRefisLaw2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_FederalRefisLaw2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_OtherRefinancingProgramMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_OtherRefinancingProgramMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>142
<FILENAME>R130.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6778426976">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>16. PROVISION FOR TAX, SOCIAL SECURITY, LABOR, CIVIL AND ENVIRONMENTAL RISKS AND JUDICIAL DEPOSITS (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Accruals', window );">Accrued liabilities</a></td>
<td class="nump">R$ 825,091<span></span>
</td>
<td class="nump">R$ 813,092<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepositsFromBanks', window );">Judicial deposits</a></td>
<td class="nump">339,351<span></span>
</td>
<td class="nump">331,258<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentProvisions', window );">Provisions for tax, social security, labor and civil risks</a></td>
<td class="nump">105,958<span></span>
</td>
<td class="nump">108,607<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Provision for environmental liabilities and decommissioning of assets</a></td>
<td class="nump">337,013<span></span>
</td>
<td class="nump">347,064<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DepositFromBanksNonCurrent', window );">Deposit from banks</a></td>
<td class="nump">339,351<span></span>
</td>
<td class="nump">331,258<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_TaxMember', window );">Tax</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Accruals', window );">Accrued liabilities</a></td>
<td class="nump">113,451<span></span>
</td>
<td class="nump">119,523<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepositsFromBanks', window );">Judicial deposits</a></td>
<td class="nump">52,542<span></span>
</td>
<td class="nump">62,035<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_SocialSecurityMember', window );">Social security</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Accruals', window );">Accrued liabilities</a></td>
<td class="nump">74,522<span></span>
</td>
<td class="nump">62,574<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepositsFromBanks', window );">Judicial deposits</a></td>
<td class="nump">50,098<span></span>
</td>
<td class="nump">48,614<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_LaborMember', window );">Labor</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Accruals', window );">Accrued liabilities</a></td>
<td class="nump">451,173<span></span>
</td>
<td class="nump">485,422<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepositsFromBanks', window );">Judicial deposits</a></td>
<td class="nump">202,104<span></span>
</td>
<td class="nump">186,823<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_CivilMember', window );">Civil</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Accruals', window );">Accrued liabilities</a></td>
<td class="nump">148,212<span></span>
</td>
<td class="nump">137,857<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepositsFromBanks', window );">Judicial deposits</a></td>
<td class="nump">22,752<span></span>
</td>
<td class="nump">23,179<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_EnvironmentalMember', window );">Environmental</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Accruals', window );">Accrued liabilities</a></td>
<td class="nump">37,733<span></span>
</td>
<td class="nump">7,716<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepositsFromBanks', window );">Judicial deposits</a></td>
<td class="nump">1,826<span></span>
</td>
<td class="nump">2,220<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_DepositOfAGuaranteeMember', window );">Deposit of a guarantee</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepositsFromBanks', window );">Judicial deposits</a></td>
<td class="nump">R$ 10,029<span></span>
</td>
<td class="nump">R$ 8,387<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DepositFromBanksNonCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DepositFromBanksNonCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Accruals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities to pay for goods or services that have been received or supplied but have not been paid, invoiced or formally agreed with the supplier, including amounts due to employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Accruals</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current provisions. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepositsFromBanks">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deposit liabilities from banks held by the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepositsFromBanks</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherLongtermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provisions other than provisions for employee benefits. [Refer: Non-current provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherLongtermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_TaxMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_TaxMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_SocialSecurityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_SocialSecurityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_LaborMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_LaborMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_CivilMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_CivilMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_EnvironmentalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_EnvironmentalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_DepositOfAGuaranteeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_DepositOfAGuaranteeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>143
<FILENAME>R131.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6794080928">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>16. PROVISION FOR TAX, SOCIAL SECURITY, LABOR, CIVIL AND ENVIRONMENTAL RISKS AND JUDICIAL DEPOSITS (Details 1)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Accruals', window );">Accrued liabilities, beginning</a></td>
<td class="nump">R$ 813,092<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionsToAccruals', window );">Additions</a></td>
<td class="nump">114,583<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccruedCharges', window );">Accrued charges</a></td>
<td class="nump">54,678<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NetUtilizationOfAccrualReversal', window );">Net utilization of reversal</a></td>
<td class="num">(157,262)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Accruals', window );">Accrued liabilities, ending</a></td>
<td class="nump">825,091<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_TaxMember', window );">Tax</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Accruals', window );">Accrued liabilities, beginning</a></td>
<td class="nump">119,523<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionsToAccruals', window );">Additions</a></td>
<td class="nump">24,805<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccruedCharges', window );">Accrued charges</a></td>
<td class="nump">6,325<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NetUtilizationOfAccrualReversal', window );">Net utilization of reversal</a></td>
<td class="num">(37,202)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Accruals', window );">Accrued liabilities, ending</a></td>
<td class="nump">113,451<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_SocialSecurityMember', window );">Social security</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Accruals', window );">Accrued liabilities, beginning</a></td>
<td class="nump">62,574<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionsToAccruals', window );">Additions</a></td>
<td class="nump">10,333<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccruedCharges', window );">Accrued charges</a></td>
<td class="nump">3,121<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NetUtilizationOfAccrualReversal', window );">Net utilization of reversal</a></td>
<td class="num">(1,506)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Accruals', window );">Accrued liabilities, ending</a></td>
<td class="nump">74,522<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_LaborMember', window );">Labor</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Accruals', window );">Accrued liabilities, beginning</a></td>
<td class="nump">485,422<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionsToAccruals', window );">Additions</a></td>
<td class="nump">42,400<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccruedCharges', window );">Accrued charges</a></td>
<td class="nump">33,330<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NetUtilizationOfAccrualReversal', window );">Net utilization of reversal</a></td>
<td class="num">(109,979)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Accruals', window );">Accrued liabilities, ending</a></td>
<td class="nump">451,173<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_CivilMember', window );">Civil</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Accruals', window );">Accrued liabilities, beginning</a></td>
<td class="nump">137,857<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionsToAccruals', window );">Additions</a></td>
<td class="nump">3,496<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccruedCharges', window );">Accrued charges</a></td>
<td class="nump">11,681<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NetUtilizationOfAccrualReversal', window );">Net utilization of reversal</a></td>
<td class="num">(4,822)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Accruals', window );">Accrued liabilities, ending</a></td>
<td class="nump">148,212<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_EnvironmentalMember', window );">Environmental</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Accruals', window );">Accrued liabilities, beginning</a></td>
<td class="nump">7,716<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionsToAccruals', window );">Additions</a></td>
<td class="nump">33,549<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AccruedCharges', window );">Accrued charges</a></td>
<td class="nump">221<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NetUtilizationOfAccrualReversal', window );">Net utilization of reversal</a></td>
<td class="num">(3,753)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Accruals', window );">Accrued liabilities, ending</a></td>
<td class="nump">R$ 37,733<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AccruedCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AccruedCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AdditionsToAccruals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AdditionsToAccruals</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_NetUtilizationOfAccrualReversal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_NetUtilizationOfAccrualReversal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Accruals">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities to pay for goods or services that have been received or supplied but have not been paid, invoiced or formally agreed with the supplier, including amounts due to employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Accruals</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_TaxMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_TaxMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_SocialSecurityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_SocialSecurityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_LaborMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_LaborMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_CivilMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_CivilMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_EnvironmentalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_EnvironmentalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>144
<FILENAME>R132.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6795398320">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>16. PROVISION FOR TAX, SOCIAL SECURITY, LABOR, CIVIL AND ENVIRONMENTAL RISKS AND JUDICIAL DEPOSITS (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 30,639,075<span></span>
</td>
<td class="nump">R$ 25,845,585<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter1Member', window );">Tax assessment notice issued against the Company for an alleged sale of 40% of the shares of its joint venture NAMISA to a Japanese-Korean consortium</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">11,073,961<span></span>
</td>
<td class="nump">8,415,142<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter2Member', window );">Income tax / Social contribution - Assessment Notice and Imposition of Fine (AIIM) - Disallowance of deductions of goodwill generated in the reverse incorporation of Big Jump by Namisa</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,623,179<span></span>
</td>
<td class="nump">2,457,855<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter3Member', window );">Assessment Notice and Imposition of Fine (AIIM) - Income tax / Social contribution - gloss of interest on prepayment arising from supply contracts of iron ore and port services</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,500,606<span></span>
</td>
<td class="nump">2,327,499<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter4Member', window );">Assessment Notice and Imposition of Fine (AIIM) - Income tax / Social contribution - Due to profits from foreign subsidiaries (years 2008, 2010 and 2011)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,858,640<span></span>
</td>
<td class="nump">1,644,898<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter5Member', window );">Tax foreclosures - ICMS - Electricity credits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">920,306<span></span>
</td>
<td class="nump">838,192<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter6Member', window );">Installments MP 470 - alleged insufficiency of tax losses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">704,739<span></span>
</td>
<td class="nump">652,553<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter7Member', window );">Offset of taxes that were not approved by the Federal Revenue Service - IRPJ/CSLL, PIS/COFINS e IPI</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,685,648<span></span>
</td>
<td class="nump">1,505,079<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter8Member', window );">Disallowance of the ICMS credits - Transfer of iron ore</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">499,006<span></span>
</td>
<td class="nump">570,997<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter10Member', window );">ICMS - Refers to the transfer of imported raw material at an amount lower than the price disclosed in the import documentation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">275,233<span></span>
</td>
<td class="nump">279,511<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter11Member', window );">Disallowance of the tax losses arising on adjustments to the SAPLI</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">491,862<span></span>
</td>
<td class="nump">455,214<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter12Member', window );">Assessment Notice - ICMS - shipping and return merchandise for Industrialization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">816,199<span></span>
</td>
<td class="nump">749,492<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter13Member', window );">Assessment Notice- Income tax- Capital Gain of CFM vendors located outside</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">203,185<span></span>
</td>
<td class="nump">185,249<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter14Member', window );">CFEM - Divergence on the understanding between CSN and DNPM on the calculation basis</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">290,249<span></span>
</td>
<td class="nump">348,512<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter15Member', window );">Other tax (federal, state, and municipal) lawsuits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,065,131<span></span>
</td>
<td class="nump">2,727,258<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter21Member', window );">Assessment Notice - ICMS - Questions about sales to incentive zone</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">170,330<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter16Member', window );">Social security lawsuits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">278,600<span></span>
</td>
<td class="nump">263,951<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter17Member', window );">Annulment action filed by CSN against CADE</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">98,189<span></span>
</td>
<td class="nump">96,316<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter18Member', window );">Other civil lawsuits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,111,944<span></span>
</td>
<td class="nump">814,440<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter19Member', window );">Labor and social security lawsuits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,569,712<span></span>
</td>
<td class="nump">1,138,155<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter22Member', window );">Environmental lawsuits - ACP TAC/PAC - Compliance with environmental obligations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">216,878<span></span>
</td>
<td class="nump">203,486<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter23Member', window );">Tax foreclosures - Fine of Volta Grande IV (2)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">67,620<span></span>
</td>
<td class="nump">58,045<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter20Member', window );">Others Environmental lawsuits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LegalProceedingsProvision', window );">Legal matters with possible risk of loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 117,858<span></span>
</td>
<td class="nump">R$ 113,741<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">In February 2017, we were notified of the judgment of the Amendment of Judgment filed due the CARF's decision on case, in which the Federal Revenue Service of Brazil challenges the capital gain on the alleged sale of 40% of NAMISA (currently CSN Mineracao S.A.). The CARF, in short, agreed with the infringement notice. The Company, however, is taking of the lawfulness of the operation and, therefore, is evaluating the appropriate legal and procedural measures to reverse the decision. Currently we have been discussing the subject in several processes and there is a fiscal execution by which a portion of our assets, such as buildings, equipment, land, vehicles and fixtures and furniture, has been given as a guarantee. This processual scenario does not change our assessment and, accordingly, we maintain that contingency as possible.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">In 1995, the Municipality of Volta Redonda filed a civil action requesting compliance with the requirements of the Environmental Compensation Program (PAC) agreed between the municipality and CSN. In May 2008, despite the fact that CSN had demonstrated its compliance with the TAC / 1995, involving an approximate amount of R$ 16 million, the Municipality of Volta Redonda disagreed and requested payment of the obligations considered by the Municipality as outstanding. After the initial discussions, the Municipality of Volta Redonda filed a petition to execute the allegedly unfulfilled items, in the original amount of R$ 172 million, which was duly contested by the Company. The First Instance Judge appointed a team of experts to determine the outstanding obligations and the respective value involved. Currently, the process is suspended, at the request of both parties, with a view to negotiations for a possible agreement.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">On April 8, 2013, INEA imposed on CSN a fine of R$ 35 million in respect of the aspects involving the Volta Grande IV condominium, determining that the actions already considered and discussed in the civil suit filed in July 2012. In connection with the application of this fine, an annulment action was distributed, in January 2014, to the 10th Civil Court of the State of Rio de Janeiro, seeking the annulment of the fine and its effects. In parallel, INEA filed a tax enforcement action in order to enforce the amount of the fine imposed. The aforementioned Tax Enforcement action was distributed in May 2014 to the 4th Volta Redonda Active Debt Registry in the State of Rio de Janeiro. Currently, said enforcement action is suspended until the judgment of the annulment action, in order to avoid conflicting decisions.</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter12Member</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter13Member</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter14Member</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter15Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter21Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter16Member</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter17Member</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter18Member</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter19Member</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter22Member</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter23Member</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SID_MainLegalMatter20Member</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>145
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777388464">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>16. PROVISION FOR TAX, SOCIAL SECURITY, LABOR, CIVIL AND ENVIRONMENTAL RISKS AND JUDICIAL DEPOSITS (Details Narrative) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_LaborMember', window );">Labor</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermLegalProceedingsProvision', window );">Provision for laswuit</a></td>
<td class="nump">R$ 451,173<span></span>
</td>
<td class="nump">R$ 485,422<span></span>
</td>
</tr>
<tr class="rh">
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermLegalProceedingsProvision', window );">Provision for laswuit</a></td>
<td class="nump">148,212<span></span>
</td>
<td class="nump">137,857<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfProvisionsAxis=SID_EnvironmentalMember', window );">Environmental</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShorttermLegalProceedingsProvision', window );">Provision for laswuit</a></td>
<td class="nump">R$ 37,733<span></span>
</td>
<td class="nump">R$ 7,716<span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShorttermLegalProceedingsProvision">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current provision for legal proceedings. [Refer: Legal proceedings provision]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2017-01-01<br> -Section Example 10 A court case<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2017-03-01&amp;anchor=sect_Example10Acourtcase&amp;doctype=Illustrative%20Examples<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 37<br> -IssueDate 2017-01-01<br> -Paragraph 87<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=37&amp;date=2017-03-01&amp;anchor=para_87&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShorttermLegalProceedingsProvision</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SID_LaborMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SID_CivilMember</td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfProvisionsAxis=SID_EnvironmentalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfProvisionsAxis=SID_EnvironmentalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>146
<FILENAME>R134.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777052480">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>17. PROVISION FOR ENVIRONMENTAL LIABILITIES AND ASSET RETIREMENT OBLIGATIONS (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Provision for environmental liabilities and decommissioning of assets</a></td>
<td class="nump">R$ 337,013<span></span>
</td>
<td class="nump">R$ 347,064<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_EnvironmentalLiabilitiesMember', window );">Environmental liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Provision for environmental liabilities and decommissioning of assets</a></td>
<td class="nump">255,517<span></span>
</td>
<td class="nump">273,475<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_AssetRetirementObligationsMember', window );">Asset retirement obligations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems', window );"><strong>Disclosure of fair value measurement of liabilities [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OtherLongtermProvisions', window );">Provision for environmental liabilities and decommissioning of assets</a></td>
<td class="nump">R$ 81,496<span></span>
</td>
<td class="nump">R$ 73,589<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherLongtermProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provisions other than provisions for employee benefits. [Refer: Non-current provisions]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherLongtermProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_EnvironmentalLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_EnvironmentalLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_AssetRetirementObligationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_AssetRetirementObligationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>147
<FILENAME>R135.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6792858672">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>18. RELATED-PARTY BALANCES AND TRANSACTIONS (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="nump">R$ 162,987<span></span>
</td>
<td class="nump">R$ 488,603<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="nump">696,745<span></span>
</td>
<td class="nump">631,834<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="nump">138,071<span></span>
</td>
<td class="nump">61,550<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="nump">41,937<span></span>
</td>
<td class="nump">28,004<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="nump">859,732<span></span>
</td>
<td class="nump">1,120,437<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="nump">180,008<span></span>
</td>
<td class="nump">89,554<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_AccountPayableMember', window );">Accounts payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="nump">57,008<span></span>
</td>
<td class="nump">10,927<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="nump">57,008<span></span>
</td>
<td class="nump">10,927<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_TradePayablesMember', window );">Trade payables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="nump">81,063<span></span>
</td>
<td class="nump">50,623<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="nump">81,063<span></span>
</td>
<td class="nump">50,623<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_ActuarialLiabilitiesMember', window );">Actuarial liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="nump">41,937<span></span>
</td>
<td class="nump">28,004<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="nump">41,937<span></span>
</td>
<td class="nump">28,004<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_TradeReceivablesMember', window );">Trade receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="nump">115,388<span></span>
</td>
<td class="nump">129,837<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="nump">115,388<span></span>
</td>
<td class="nump">129,837<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_DividendsReceivableMember', window );">Dividends receivable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="nump">41,528<span></span>
</td>
<td class="nump">37,679<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="nump">41,528<span></span>
</td>
<td class="nump">37,679<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_ActuarialAssetMember', window );">Actuarial asset</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="nump">111,281<span></span>
</td>
<td class="nump">119,854<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="nump">111,281<span></span>
</td>
<td class="nump">119,854<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_ShortTermInvestmentsInvestmentsMember', window );">Short-term investments/Investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="nump">53<span></span>
</td>
<td class="nump">315,319<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="nump">53<span></span>
</td>
<td class="nump">315,319<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_LoanMember', window );">Loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="nump">2,441<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="nump">554,694<span></span>
</td>
<td class="nump">479,960<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="nump">557,135<span></span>
</td>
<td class="nump">479,960<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ClassesOfAssetsAxis=SID_OtherReceivablesMember', window );">Other receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="nump">3,577<span></span>
</td>
<td class="nump">5,768<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="nump">30,770<span></span>
</td>
<td class="nump">32,020<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="nump">R$ 34,347<span></span>
</td>
<td class="nump">R$ 37,788<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CurrentPayablesToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CurrentPayablesToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CurrentReceivablesDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CurrentReceivablesDueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountsPayableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts payable resulting from related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountsPayableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountsReceivableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts receivable resulting from related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountsReceivableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPayablesToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current payables due to related parties. [Refer: Related parties [member]; Payables to related parties]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPayablesToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current receivables due from related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesDueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_AccountPayableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_AccountPayableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_TradePayablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_TradePayablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfLiabilitiesAxis=SID_ActuarialLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfLiabilitiesAxis=SID_ActuarialLiabilitiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=ifrs-full_TradeReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=ifrs-full_TradeReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_DividendsReceivableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_DividendsReceivableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_ActuarialAssetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_ActuarialAssetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_ShortTermInvestmentsInvestmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_ShortTermInvestmentsInvestmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_LoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_LoanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfAssetsAxis=SID_OtherReceivablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfAssetsAxis=SID_OtherReceivablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>148
<FILENAME>R136.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6799236704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>18. RELATED-PARTY BALANCES AND TRANSACTIONS (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Related party revenues</a></td>
<td class="nump">R$ 880,145<span></span>
</td>
<td class="nump">R$ 878,992<span></span>
</td>
<td class="nump">R$ 786,969<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Related party expenses</a></td>
<td class="num">(1,176,930)<span></span>
</td>
<td class="num">(1,099,851)<span></span>
</td>
<td class="num">(1,099,820)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncreaseDecreaseThroughForeignExchangeRelatedPartyTransactions', window );">Foreign exchange and monetary variation, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(18,398)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactions', window );">Related party transactions, net</a></td>
<td class="num">(235,236)<span></span>
</td>
<td class="num">(181,478)<span></span>
</td>
<td class="num">(314,392)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_PurchaseExpenseMember', window );">Purchases</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Related party expenses</a></td>
<td class="num">(1,176,930)<span></span>
</td>
<td class="num">(1,099,851)<span></span>
</td>
<td class="num">(1,103,428)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_InterestExpensesMember', window );">Interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Related party expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,185)<span></span>
</td>
<td class="num">(1,333)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueByNatureAxis=SID_SalesRevenueMember', window );">Sales</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Related party revenues</a></td>
<td class="nump">880,145<span></span>
</td>
<td class="nump">878,992<span></span>
</td>
<td class="nump">725,285<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueByNatureAxis=SID_InterestRevenueMember', window );">Interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Related party revenues</a></td>
<td class="nump">R$ 61,549<span></span>
</td>
<td class="nump">R$ 60,964<span></span>
</td>
<td class="nump">R$ 65,084<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncreaseDecreaseThroughForeignExchangeRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncreaseDecreaseThroughForeignExchangeRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of goods purchased by the entity in related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_21_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchasesOfGoodsRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the sale of goods in related party transactions. [Refer: Revenue; Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_21_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_PurchaseExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_PurchaseExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_InterestExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_InterestExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RevenueByNatureAxis=SID_SalesRevenueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueByNatureAxis=SID_SalesRevenueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RevenueByNatureAxis=SID_InterestRevenueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueByNatureAxis=SID_InterestRevenueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>149
<FILENAME>R137.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6795000832">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>18. RELATED-PARTY BALANCES AND TRANSACTIONS (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="nump">R$ 162,987<span></span>
</td>
<td class="nump">R$ 488,603<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="nump">696,745<span></span>
</td>
<td class="nump">631,834<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="nump">859,732<span></span>
</td>
<td class="nump">1,120,437<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="nump">138,071<span></span>
</td>
<td class="nump">61,550<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="nump">41,937<span></span>
</td>
<td class="nump">28,004<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="nump">180,008<span></span>
</td>
<td class="nump">R$ 89,554<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Other Related Parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="nump">111,547<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="nump">113,031<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="nump">224,578<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="nump">7,462<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="nump">41,937<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="nump">49,399<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_CBSPrevidenciaMember', window );">CBS Previdencia | Other Related Parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="nump">111,281<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="nump">111,281<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="nump">41,937<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="nump">41,937<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_FundacaoCSNMember', window );">Fundacao CSN | Other Related Parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="nump">1,829<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="nump">1,829<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="nump">518<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="nump">518<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_BancoFibraMember', window );">Banco Fibra | Other Related Parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="nump">53<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="nump">53<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_UsiminasMember', window );">Usiminas | Other Related Parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="nump">410<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="nump">410<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_PanatlanticaMember', window );">Panatlantica | Other Related Parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="nump">109,565<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="nump">1,750<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="nump">111,351<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="nump">6,534<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="nump">6,534<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_PartifibProjetosImobiliariosMember', window );">Partifib Projetos Imobiliarios | Other Related Parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="nump">100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="nump">100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_VicunhaImoveisLtdaMember', window );">Vicunha Imoveis Ltda. | Other Related Parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_VicunhaServicosLtdaMember', window );">Vicunha Servicos Ltda. | Other Related Parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_ArvediMetalferDoBrasilSAMember', window );">Arvedi Metalfer do Brasil S.A. | Associates</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="nump">9,650<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="nump">29,020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="nump">38,670<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=SID_JointVenturesJointOperationMember', window );">Joint Venture/Joint Operation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="nump">41,790<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="nump">554,694<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="nump">596,484<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="nump">130,609<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="nump">130,609<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=SID_JointVenturesJointOperationMember', window );">Joint Venture/Joint Operation | Ita Energetica S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="nump">2,741<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="nump">2,741<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=SID_JointVenturesJointOperationMember', window );">Joint Venture/Joint Operation | MRS Logistica S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="nump">40,828<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="nump">40,828<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="nump">100,749<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="nump">100,749<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=SID_JointVenturesJointOperationMember', window );">Joint Venture/Joint Operation | CBSI</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="nump">714<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="nump">714<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="nump">23,874<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="nump">23,874<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=SID_JointVenturesJointOperationMember', window );">Joint Venture/Joint Operation | Transnordestina Logistica S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentReceivablesDueFromRelatedParties', window );">Current assets</a></td>
<td class="nump">248<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties', window );">Noncurrent assets</a></td>
<td class="nump">554,694<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsReceivableRelatedPartyTransactions', window );">Total assets</a></td>
<td class="nump">554,942<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CurrentPayablesToRelatedParties', window );">Current liabilities</a></td>
<td class="nump">3,245<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NoncurrentPayablesToRelatedParties', window );">Noncurrent liabilities</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AmountsPayableRelatedPartyTransactions', window );">Total liabilities</a></td>
<td class="nump">R$ 3,245<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CurrentPayablesToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CurrentPayablesToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CurrentReceivablesDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CurrentReceivablesDueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountsPayableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts payable resulting from related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountsPayableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AmountsReceivableRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amounts receivable resulting from related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 20<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_20&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AmountsReceivableRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentPayablesToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current payables due to related parties. [Refer: Related parties [member]; Payables to related parties]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentPayablesToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentReceivablesDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current receivables due from related parties. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentReceivablesDueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_OtherRelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_CBSPrevidenciaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_CBSPrevidenciaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_FundacaoCSNMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_FundacaoCSNMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_BancoFibraMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_BancoFibraMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_UsiminasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_UsiminasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_PanatlanticaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_PanatlanticaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_PartifibProjetosImobiliariosMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_PartifibProjetosImobiliariosMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_VicunhaImoveisLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_VicunhaImoveisLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_VicunhaServicosLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_VicunhaServicosLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_ArvediMetalferDoBrasilSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_ArvediMetalferDoBrasilSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_AssociatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CategoriesOfRelatedPartiesAxis=ifrs-full_AssociatesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=SID_JointVenturesJointOperationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=SID_JointVenturesJointOperationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_ItaEnergeticaSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_ItaEnergeticaSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_MRSLogisticaSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_MRSLogisticaSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_CBSIMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_CBSIMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_TransnordestinaLogisticaSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_TransnordestinaLogisticaSAMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>150
<FILENAME>R138.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6791772176">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>18. RELATED-PARTY BALANCES AND TRANSACTIONS (Details 3) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Related party sales</a></td>
<td class="nump">R$ 880,145<span></span>
</td>
<td class="nump">R$ 878,992<span></span>
</td>
<td class="nump">R$ 786,969<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Related party purchases</a></td>
<td class="num">(1,176,930)<span></span>
</td>
<td class="num">(1,099,851)<span></span>
</td>
<td class="num">(1,099,820)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyFinanceIncomeCost', window );">Relared party finance income and costs, net</a></td>
<td class="nump">61,549<span></span>
</td>
<td class="nump">57,779<span></span>
</td>
<td class="nump">47,864<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncreaseDecreaseThroughForeignExchangeRelatedPartyTransactions', window );">Foreign exchange and monetary variation, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(18,398)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactionsNet', window );">Related party transactions, net</a></td>
<td class="num">(235,236)<span></span>
</td>
<td class="num">(181,478)<span></span>
</td>
<td class="num">(264,987)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ifrs-full_AssociatesMember', window );">AssociatesMember | Discontinued operations [member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Related party sales</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">43,250<span></span>
</td>
<td class="nump">61,684<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Related party purchases</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(138)<span></span>
</td>
<td class="num">(951)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyFinanceIncomeCost', window );">Relared party finance income and costs, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(130)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactionsNet', window );">Related party transactions, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">42,982<span></span>
</td>
<td class="nump">60,733<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_ArvedMetalferDoBrasilSAMember', window );">Arvedi Metalfer do Brasil S,A, | AssociatesMember</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Related party sales</a></td>
<td class="nump">2,660<span></span>
</td>
<td class="nump">31,026<span></span>
</td>
<td class="nump">1,387<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyFinanceIncomeCost', window );">Relared party finance income and costs, net</a></td>
<td class="nump">1,998<span></span>
</td>
<td class="nump">2,995<span></span>
</td>
<td class="nump">2,465<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactionsNet', window );">Related party transactions, net</a></td>
<td class="nump">4,658<span></span>
</td>
<td class="nump">34,021<span></span>
</td>
<td class="nump">3,852<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=SID_JointVenturesJointOperationMember', window );">Joint Venture/Joint Operation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Related party sales</a></td>
<td class="nump">2,604<span></span>
</td>
<td class="nump">5,057<span></span>
</td>
<td class="nump">113,611<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Related party purchases</a></td>
<td class="num">(1,125,228)<span></span>
</td>
<td class="num">(1,082,272)<span></span>
</td>
<td class="num">(1,091,033)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyFinanceIncomeCost', window );">Relared party finance income and costs, net</a></td>
<td class="nump">53,261<span></span>
</td>
<td class="nump">55,758<span></span>
</td>
<td class="nump">29,804<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactionsNet', window );">Related party transactions, net</a></td>
<td class="num">(1,069,363)<span></span>
</td>
<td class="num">(1,021,457)<span></span>
</td>
<td class="num">(947,618)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=SID_JointVenturesJointOperationMember', window );">Joint Venture/Joint Operation | Nacional Minerios S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Related party sales</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">113,563<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Related party purchases</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(198,378)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyFinanceIncomeCost', window );">Relared party finance income and costs, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,424<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactionsNet', window );">Related party transactions, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(78,391)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=SID_JointVenturesJointOperationMember', window );">Joint Venture/Joint Operation | Ita Energetica</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Related party purchases</a></td>
<td class="num">(32,275)<span></span>
</td>
<td class="num">(32,363)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactionsNet', window );">Related party transactions, net</a></td>
<td class="num">(32,275)<span></span>
</td>
<td class="num">(32,363)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=SID_JointVenturesJointOperationMember', window );">Joint Venture/Joint Operation | MRS Logistica</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Related party purchases</a></td>
<td class="num">(934,279)<span></span>
</td>
<td class="num">(903,030)<span></span>
</td>
<td class="num">(725,710)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactionsNet', window );">Related party transactions, net</a></td>
<td class="num">(934,279)<span></span>
</td>
<td class="num">(903,030)<span></span>
</td>
<td class="num">(725,710)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=SID_JointVenturesJointOperationMember', window );">Joint Venture/Joint Operation | CBSI - Companhia Brasileira de Servicos e Infraestrutura</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Related party sales</a></td>
<td class="nump">55<span></span>
</td>
<td class="nump">18<span></span>
</td>
<td class="nump">48<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Related party purchases</a></td>
<td class="num">(150,758)<span></span>
</td>
<td class="num">(138,374)<span></span>
</td>
<td class="num">(166,945)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactionsNet', window );">Related party transactions, net</a></td>
<td class="num">(150,703)<span></span>
</td>
<td class="num">(138,356)<span></span>
</td>
<td class="num">(166,897)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=SID_JointVenturesJointOperationMember', window );">Joint Venture/Joint Operation | Transnordestina Logistica S,A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Related party sales</a></td>
<td class="nump">2,549<span></span>
</td>
<td class="nump">5,039<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Related party purchases</a></td>
<td class="num">(7,916)<span></span>
</td>
<td class="num">(8,505)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyFinanceIncomeCost', window );">Relared party finance income and costs, net</a></td>
<td class="nump">53,261<span></span>
</td>
<td class="nump">55,758<span></span>
</td>
<td class="nump">23,380<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactionsNet', window );">Related party transactions, net</a></td>
<td class="nump">47,894<span></span>
</td>
<td class="nump">52,292<span></span>
</td>
<td class="nump">23,380<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Other Related Parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Related party sales</a></td>
<td class="nump">874,881<span></span>
</td>
<td class="nump">799,659<span></span>
</td>
<td class="nump">610,287<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Related party purchases</a></td>
<td class="num">(51,702)<span></span>
</td>
<td class="num">(17,441)<span></span>
</td>
<td class="num">(7,836)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyFinanceIncomeCost', window );">Relared party finance income and costs, net</a></td>
<td class="nump">6,290<span></span>
</td>
<td class="num">(844)<span></span>
</td>
<td class="nump">15,595<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncreaseDecreaseThroughForeignExchangeRelatedPartyTransactions', window );">Foreign exchange and monetary variation, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(18,398)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactionsNet', window );">Related party transactions, net</a></td>
<td class="nump">829,469<span></span>
</td>
<td class="nump">762,976<span></span>
</td>
<td class="nump">618,046<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Other Related Parties | Fundacao CSN</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Related party sales</a></td>
<td class="nump">13<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Related party purchases</a></td>
<td class="num">(1,118)<span></span>
</td>
<td class="num">(4,045)<span></span>
</td>
<td class="num">(2,152)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyFinanceIncomeCost', window );">Relared party finance income and costs, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactionsNet', window );">Related party transactions, net</a></td>
<td class="num">(1,105)<span></span>
</td>
<td class="num">(4,045)<span></span>
</td>
<td class="num">(2,149)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Other Related Parties | Banco Fibra</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyFinanceIncomeCost', window );">Relared party finance income and costs, net</a></td>
<td class="nump">6,290<span></span>
</td>
<td class="num">(844)<span></span>
</td>
<td class="nump">15,592<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncreaseDecreaseThroughForeignExchangeRelatedPartyTransactions', window );">Foreign exchange and monetary variation, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(18,398)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactionsNet', window );">Related party transactions, net</a></td>
<td class="nump">6,290<span></span>
</td>
<td class="num">(19,242)<span></span>
</td>
<td class="nump">15,592<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Other Related Parties | Usiminas</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Related party sales</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">17,027<span></span>
</td>
<td class="nump">12,289<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Related party purchases</a></td>
<td class="num">(427)<span></span>
</td>
<td class="num">(6,026)<span></span>
</td>
<td class="num">(1,230)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactionsNet', window );">Related party transactions, net</a></td>
<td class="num">(427)<span></span>
</td>
<td class="nump">11,001<span></span>
</td>
<td class="nump">11,059<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Other Related Parties | Panatlantica</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Related party sales</a></td>
<td class="nump">872,047<span></span>
</td>
<td class="nump">779,503<span></span>
</td>
<td class="nump">597,998<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Related party purchases</a></td>
<td class="num">(43,949)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactionsNet', window );">Related party transactions, net</a></td>
<td class="nump">828,098<span></span>
</td>
<td class="nump">779,503<span></span>
</td>
<td class="nump">597,998<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Other Related Parties | Ibis Participacoes e Servicos</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Related party sales</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">47<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Related party purchases</a></td>
<td class="num">(5,915)<span></span>
</td>
<td class="num">(7,370)<span></span>
</td>
<td class="num">(4,324)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactionsNet', window );">Related party transactions, net</a></td>
<td class="num">(5,915)<span></span>
</td>
<td class="num">(7,323)<span></span>
</td>
<td class="num">(4,324)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Other Related Parties | Taquari Participacoes S,A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Related party purchases</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(130)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactionsNet', window );">Related party transactions, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">R$ (130)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Other Related Parties | Partfib Projetos Imobiliarios</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions', window );">Related party sales</a></td>
<td class="nump">2,821<span></span>
</td>
<td class="nump">3,082<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactionsNet', window );">Related party transactions, net</a></td>
<td class="nump">2,821<span></span>
</td>
<td class="nump">R$ 3,082<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Other Related Parties | Vicunha Imoveis Ltda.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Related party purchases</a></td>
<td class="num">(232)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactionsNet', window );">Related party transactions, net</a></td>
<td class="num">(232)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_JointVenturesAxis=ifrs-full_OtherRelatedPartiesMember', window );">Other Related Parties | Vicunha Servicos Ltda.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems', window );"><strong>Disclosure of transactions between related parties [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions', window );">Related party purchases</a></td>
<td class="num">(61)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedPartyTransactionsNet', window );">Related party transactions, net</a></td>
<td class="num">R$ (61)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncreaseDecreaseThroughForeignExchangeRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncreaseDecreaseThroughForeignExchangeRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RelatedPartyFinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RelatedPartyFinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RelatedPartyTransactionsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RelatedPartyTransactionsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of goods purchased by the entity in related party transactions. [Refer: Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_21_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PurchasesOfGoodsRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue arising from the sale of goods in related party transactions. [Refer: Revenue; Related parties [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 21<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_21_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SignificantInvestmentsInAssociatesAxis=ifrs-full_AssociatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SignificantInvestmentsInAssociatesAxis=ifrs-full_AssociatesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ContinuingAndDiscontinuedOperationsAxis=ifrs-full_DiscontinuedOperationsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ContinuingAndDiscontinuedOperationsAxis=ifrs-full_DiscontinuedOperationsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_ArvedMetalferDoBrasilSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_ArvedMetalferDoBrasilSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=SID_JointVenturesJointOperationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=SID_JointVenturesJointOperationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_NacionalMineriosSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_NacionalMineriosSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_ItaEnergeticaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_ItaEnergeticaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_MRSLogisticaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_MRSLogisticaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_CBSICompanhiaBrasileiraDeServicoseInfraestruturaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_CBSICompanhiaBrasileiraDeServicoseInfraestruturaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_TransnordestinaLogisticaSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_TransnordestinaLogisticaSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_JointVenturesAxis=ifrs-full_OtherRelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_JointVenturesAxis=ifrs-full_OtherRelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_FundacaoCSNMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_FundacaoCSNMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_BancoFibraMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_BancoFibraMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_UsiminasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_UsiminasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_PanatlanticaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_PanatlanticaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_IbisParticipacoesEServicosMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_IbisParticipacoesEServicosMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_TaquariParticipacoesSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_TaquariParticipacoesSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_PartfibProjetosImobiliariosMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_PartfibProjetosImobiliariosMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_VicunhaImoveisLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_VicunhaImoveisLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_VicunhaServicosLtdaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_VicunhaServicosLtdaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>151
<FILENAME>R139.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6804250864">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>18. RELATED-PARTY BALANCES AND TRANSACTIONS (Details 4) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RelatedpartyBalancesAndTransactionsDetails4Abstract', window );"><strong>Related-party Balances And Transactions Details 4</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits', window );">Short-term benefits for employees and officers</a></td>
<td class="nump">R$ 39,721<span></span>
</td>
<td class="nump">R$ 71,852<span></span>
</td>
<td class="nump">R$ 47,578<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits', window );">Post-employment benefits</a></td>
<td class="nump">110<span></span>
</td>
<td class="nump">306<span></span>
</td>
<td class="nump">311<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_KeyManagementPersonnelCompensation', window );">Key management personnel compensation</a></td>
<td class="nump">R$ 39,831<span></span>
</td>
<td class="nump">R$ 72,158<span></span>
</td>
<td class="nump">R$ 47,889<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RelatedpartyBalancesAndTransactionsDetails4Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RelatedpartyBalancesAndTransactionsDetails4Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of post-employment benefits. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_17_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of compensation to key management personnel in the form of short-term employee benefits. [Refer: Key management personnel of entity or parent [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 24<br> -IssueDate 2017-01-01<br> -Paragraph 17<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=24&amp;date=2017-03-01&amp;anchor=para_17_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6810489840">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>19. SHAREHOLDERS' EQUITY (Details) - shares<br></strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of common shares outstanding</a></td>
<td class="nump">1,387,524,047<span></span>
</td>
<td class="nump">1,387,524,047<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PercentageOfShares', window );">Percent of total shares</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=SID_CommonStocksMember', window );">Common</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of common shares outstanding</a></td>
<td class="nump">1,357,133,047<span></span>
</td>
<td class="nump">1,357,133,047<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PercentageOfShares', window );">Percent of total shares</a></td>
<td class="nump">97.81%<span></span>
</td>
<td class="nump">97.81%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percent of voting capital</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember', window );">Treasury shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of common shares outstanding</a></td>
<td class="nump">30,391,000<span></span>
</td>
<td class="nump">30,391,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PercentageOfShares', window );">Percent of total shares</a></td>
<td class="nump">2.19%<span></span>
</td>
<td class="nump">2.19%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_VicunhaAcosSAMember', window );">Vicunha Acos S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of common shares outstanding</a></td>
<td class="nump">682,855,454<span></span>
</td>
<td class="nump">682,855,454<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PercentageOfShares', window );">Percent of total shares</a></td>
<td class="nump">49.21%<span></span>
</td>
<td class="nump">49.21%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percent of voting capital</a></td>
<td class="nump">50.32%<span></span>
</td>
<td class="nump">50.32%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_RioLacoParticipacoesSAMember', window );">Rio Iaco Participacoes S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of common shares outstanding</a></td>
<td class="nump">58,193,503<span></span>
</td>
<td class="nump">58,193,503<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PercentageOfShares', window );">Percent of total shares</a></td>
<td class="nump">4.19%<span></span>
</td>
<td class="nump">4.19%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percent of voting capital</a></td>
<td class="nump">4.29%<span></span>
</td>
<td class="nump">4.29%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_CFLParticipacoesSAMember', window );">CFL Participacoes S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of common shares outstanding</a></td>
<td class="nump">3,977,536<span></span>
</td>
<td class="nump">3,977,536<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PercentageOfShares', window );">Percent of total shares</a></td>
<td class="nump">0.29%<span></span>
</td>
<td class="nump">0.29%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percent of voting capital</a></td>
<td class="nump">0.29%<span></span>
</td>
<td class="nump">0.29%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_VicunhaTextilSAMember', window );">Vicunha Textil S.A.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of common shares outstanding</a></td>
<td class="nump">4,927,000<span></span>
</td>
<td class="nump">4,927,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PercentageOfShares', window );">Percent of total shares</a></td>
<td class="nump">0.36%<span></span>
</td>
<td class="nump">0.36%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percent of voting capital</a></td>
<td class="nump">0.36%<span></span>
</td>
<td class="nump">0.36%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_CaixaBeneficenteDosEmpregadosDaCSNCBSMember', window );">Caixa Beneficente dos Empregados da CSN - CBS</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of common shares outstanding</a></td>
<td class="nump">20,143,031<span></span>
</td>
<td class="nump">20,143,031<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PercentageOfShares', window );">Percent of total shares</a></td>
<td class="nump">1.45%<span></span>
</td>
<td class="nump">1.45%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percent of voting capital</a></td>
<td class="nump">1.48%<span></span>
</td>
<td class="nump">1.48%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_BNDESParticipacoesSABndesparMember', window );">BNDES Participacoes S.A. - BNDESPAR</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of common shares outstanding</a></td>
<td class="nump">8,794,890<span></span>
</td>
<td class="nump">8,794,890<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PercentageOfShares', window );">Percent of total shares</a></td>
<td class="nump">0.63%<span></span>
</td>
<td class="nump">0.63%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percent of voting capital</a></td>
<td class="nump">0.65%<span></span>
</td>
<td class="nump">0.65%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_NyseAdrsMember', window );">NYSE (ADRs)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of common shares outstanding</a></td>
<td class="nump">303,590,364<span></span>
</td>
<td class="nump">323,546,664<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PercentageOfShares', window );">Percent of total shares</a></td>
<td class="nump">21.88%<span></span>
</td>
<td class="nump">23.32%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percent of voting capital</a></td>
<td class="nump">22.37%<span></span>
</td>
<td class="nump">23.84%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=SID_BMAndFBovespaMember', window );">BM&amp;FBovespa</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of common shares outstanding</a></td>
<td class="nump">274,651,269<span></span>
</td>
<td class="nump">254,694,969<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PercentageOfShares', window );">Percent of total shares</a></td>
<td class="nump">19.79%<span></span>
</td>
<td class="nump">18.36%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired', window );">Percent of voting capital</a></td>
<td class="nump">20.24%<span></span>
</td>
<td class="nump">18.77%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_PercentageOfShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_PercentageOfShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PercentageOfVotingEquityInterestsAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of voting equity interests acquired in a business combination. [Refer: Business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2017-01-01<br> -Paragraph B64<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=3&amp;date=2017-03-01&amp;anchor=para_B64_c&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PercentageOfVotingEquityInterestsAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=SID_CommonStocksMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=SID_CommonStocksMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=ifrs-full_TreasurySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_VicunhaAcosSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_VicunhaAcosSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_RioLacoParticipacoesSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_RioLacoParticipacoesSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_CFLParticipacoesSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_CFLParticipacoesSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_VicunhaTextilSAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_VicunhaTextilSAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_CaixaBeneficenteDosEmpregadosDaCSNCBSMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_CaixaBeneficenteDosEmpregadosDaCSNCBSMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_BNDESParticipacoesSABndesparMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_BNDESParticipacoesSABndesparMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_NyseAdrsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_NyseAdrsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=SID_BMAndFBovespaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=SID_BMAndFBovespaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>153
<FILENAME>R141.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6796193920">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>19. SHAREHOLDERS' EQUITY (Details 1)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>R$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageBuybackPrice', window );">Average buyback price | R$ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 7.86<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NumberOfSharesRepurchased', window );">Number bought back</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30,391,000<span></span>
</td>
<td class="nump">30,391,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Balance in treasury</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,387,524,047<span></span>
</td>
<td class="nump">1,387,524,047<span></span>
</td>
<td class="nump">1,387,524,047<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram1Member', window );">Buyback program 1</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BoardsAuthorizationDate', window );">Board's Authorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">3/13/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Authorized quantity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">70,205,661<span></span>
</td>
<td class="nump">70,205,661<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BuybackProgramPeriod', window );">Program Period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">From 3/14/2014 to 4/14/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageBuybackPrice', window );">Average buyback price | $ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 9.34<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MinimumAndMaximumBuybackPrice', window );">Minimum and maximum buyback price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">R$ 9.22 and R$ 9.45<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NumberOfSharesRepurchased', window );">Number bought back</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,350,000<span></span>
</td>
<td class="nump">2,350,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Balance in treasury</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,350,000<span></span>
</td>
<td class="nump">2,350,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram2Member', window );">Buyback program 2</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BoardsAuthorizationDate', window );">Board's Authorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">4/15/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Authorized quantity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">67,855,661<span></span>
</td>
<td class="nump">67,855,661<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BuybackProgramPeriod', window );">Program Period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">From 4/16/2014 to 5/23/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageBuybackPrice', window );">Average buyback price | $ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 8.97<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MinimumAndMaximumBuybackPrice', window );">Minimum and maximum buyback price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">R$ 8.70 and R$ 9.48<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NumberOfSharesRepurchased', window );">Number bought back</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,529,500<span></span>
</td>
<td class="nump">9,529,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Balance in treasury</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">11,879,500<span></span>
</td>
<td class="nump">11,879,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram3Member', window );">Buyback program 3</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BoardsAuthorizationDate', window );">Board's Authorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">5/23/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Authorized quantity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">58,326,161<span></span>
</td>
<td class="nump">58,326,161<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BuybackProgramPeriod', window );">Program Period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">From 5/26/2014 to 6/25/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageBuybackPrice', window );">Average buyback price | $ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 9.21<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MinimumAndMaximumBuybackPrice', window );">Minimum and maximum buyback price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">R$ 8.61 e R$ 9.72<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NumberOfSharesRepurchased', window );">Number bought back</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">31,544,500<span></span>
</td>
<td class="nump">31,544,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Balance in treasury</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">43,424,000<span></span>
</td>
<td class="nump">43,424,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram4Member', window );">Buyback program 4</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BoardsAuthorizationDate', window );">Board's Authorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">6/26/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Authorized quantity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">26,781,661<span></span>
</td>
<td class="nump">26,781,661<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BuybackProgramPeriod', window );">Program Period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">From 6/26/2014 to 7/17/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageBuybackPrice', window );">Average buyback price | $ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 10.42<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MinimumAndMaximumBuybackPrice', window );">Minimum and maximum buyback price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">R$ 9.33 and R$ 11.54<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NumberOfSharesRepurchased', window );">Number bought back</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">26,781,661<span></span>
</td>
<td class="nump">26,781,661<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Balance in treasury</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">70,205,661<span></span>
</td>
<td class="nump">70,205,661<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram4Number2Member', window );">Buyback program 4 (2)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BoardsAuthorizationDate', window );">Board's Authorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">7/18/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Authorized quantity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageBuybackPrice', window );">Average buyback price | $ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MinimumAndMaximumBuybackPrice', window );">Minimum and maximum buyback price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Not applicable<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NumberOfSharesCancelled', window );">Share cancelation</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">60,000,000<span></span>
</td>
<td class="nump">60,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Balance in treasury</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,205,661<span></span>
</td>
<td class="nump">10,205,661<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram5Member', window );">Buyback program 5</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BoardsAuthorizationDate', window );">Board's Authorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">7/18/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Authorized quantity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">64,205,661<span></span>
</td>
<td class="nump">64,205,661<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BuybackProgramPeriod', window );">Program Period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">From 7/18/2014 to 8/18/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageBuybackPrice', window );">Average buyback price | $ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 11.40<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MinimumAndMaximumBuybackPrice', window );">Minimum and maximum buyback price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">R$ 11.40<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NumberOfSharesRepurchased', window );">Number bought back</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">240,400<span></span>
</td>
<td class="nump">240,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Balance in treasury</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10,446,061<span></span>
</td>
<td class="nump">10,446,061<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram5Number2Member', window );">Buyback program 5 (2)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BoardsAuthorizationDate', window );">Board's Authorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">8/19/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Authorized quantity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageBuybackPrice', window );">Average buyback price | $ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MinimumAndMaximumBuybackPrice', window );">Minimum and maximum buyback price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Not applicable<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NumberOfSharesCancelled', window );">Share cancelation</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">10,446,061<span></span>
</td>
<td class="nump">10,446,061<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Balance in treasury</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram6Member', window );">Buyback program 6</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BoardsAuthorizationDate', window );">Board's Authorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">8/19/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Authorized quantity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">63,161,055<span></span>
</td>
<td class="nump">63,161,055<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BuybackProgramPeriod', window );">Program Period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">From 8/19/2014 to 9/25/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageBuybackPrice', window );">Average buyback price | $ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 9.82<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MinimumAndMaximumBuybackPrice', window );">Minimum and maximum buyback price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">R$ 9.47 and R$ 10.07<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NumberOfSharesRepurchased', window );">Number bought back</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,791,300<span></span>
</td>
<td class="nump">6,791,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Balance in treasury</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,791,300<span></span>
</td>
<td class="nump">6,791,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram7Member', window );">Buyback program 7</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BoardsAuthorizationDate', window );">Board's Authorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">9/29/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Authorized quantity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">56,369,755<span></span>
</td>
<td class="nump">56,369,755<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BuybackProgramPeriod', window );">Program Period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">From 9/29/2014 to 2/29/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageBuybackPrice', window );">Average buyback price | $ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 7.49<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MinimumAndMaximumBuybackPrice', window );">Minimum and maximum buyback price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">R$ 4.48 and R$ 9.16<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NumberOfSharesRepurchased', window );">Number bought back</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">21,758,600<span></span>
</td>
<td class="nump">21,758,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Balance in treasury</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">28,549,900<span></span>
</td>
<td class="nump">28,549,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram8Member', window );">Buyback program 8</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BoardsAuthorizationDate', window );">Board's Authorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">12/30/2014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Authorized quantity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">34,611,155<span></span>
</td>
<td class="nump">34,611,155<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BuybackProgramPeriod', window );">Program Period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">From 12/31/2014 to 3/31/2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageBuybackPrice', window );">Average buyback price | $ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 5.10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MinimumAndMaximumBuybackPrice', window );">Minimum and maximum buyback price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">R$ 4.90 and R$ 5.39<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NumberOfSharesRepurchased', window );">Number bought back</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,841,100<span></span>
</td>
<td class="nump">1,841,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Balance in treasury</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30,391,000<span></span>
</td>
<td class="nump">30,391,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram9Member', window );">Buyback program 9</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BoardsAuthorizationDate', window );">Board's Authorization</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">03/31/2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesAuthorised', window );">Authorized quantity</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">32,770,055<span></span>
</td>
<td class="nump">32,770,055<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_BuybackProgramPeriod', window );">Program Period</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">From 4/01/2015 to 6/30/2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageBuybackPrice', window );">Average buyback price | $ / shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Balance in treasury</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">In 2014 the Board of Directors approved the cancelation of 70,446,061 treasury shares without change in the Company's share capital.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">There were no share buyback in this program.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AverageBuybackPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AverageBuybackPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_BoardsAuthorizationDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_BoardsAuthorizationDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_BuybackProgramPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_BuybackProgramPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_MinimumAndMaximumBuybackPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_MinimumAndMaximumBuybackPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_NumberOfSharesCancelled">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_NumberOfSharesCancelled</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_NumberOfSharesRepurchased">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_NumberOfSharesRepurchased</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesAuthorised">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares authorised.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesAuthorised</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram4Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram4Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram4Number2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram4Number2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram5Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram5Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram5Number2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram5Number2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram6Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram6Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram7Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram7Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram8Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram8Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram9Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComponentsOfEquityAxis=SID_BuybackProgram9Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>154
<FILENAME>R142.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777020608">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>19. SHAREHOLDERS' EQUITY (Details 2) - BRL (R$)<br> R$ / shares in Units, R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ShareholdersEquityDetails2Abstract', window );"><strong>Shareholders Equity Details 2</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_NumberOfSharesRepurchased', window );">Treasury share purchased</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30,391,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TreasuryShares', window );">Amount paid for treasury share</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 238,976<span></span>
</td>
<td class="nump">R$ 238,976<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MinimumBuybackPrice', window );">Minimum share price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 4.48<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MaximumBuybackPrice', window );">Maximum share price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">10.07<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageBuybackPrice', window );">Average share price</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 7.86<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_TreasurySharesMarketPrice', window );">Treasury share market price</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 253,765<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Using the last share average quotation on B3 S.A. - Brasil, Bolsa, Balcao (former BM&amp;FBovespa) as of December 31, 2017 of R$8.35 per share.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AverageBuybackPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AverageBuybackPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_MaximumBuybackPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_MaximumBuybackPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_MinimumBuybackPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_MinimumBuybackPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_NumberOfSharesRepurchased">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_NumberOfSharesRepurchased</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ShareholdersEquityDetails2Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ShareholdersEquityDetails2Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_TreasurySharesMarketPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_TreasurySharesMarketPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TreasuryShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>An entity&#8217;s own equity instruments, held by the entity or other members of the consolidated group.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2017-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=32&amp;date=2017-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TreasuryShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777590304">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>19. SHAREHOLDERS' EQUITY (Details 3) - BRL (R$)<br> R$ / shares in Units, R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ShareholdersEquityDetails3Abstract', window );"><strong>Shareholders Equity Details 3</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ProfitLossAttributableToOwnersFromContinuingOperations', window );">Profit (loss) from continued operations</a></td>
<td class="nump">R$ 10,272<span></span>
</td>
<td class="num">R$ (925,186)<span></span>
</td>
<td class="num">R$ (1,216,033)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ProfitLossAttributableToOwnersFromDiscontinuedOperations', window );">Profit (loss) from discontinued operations</a></td>
<td class="nump">0<span></span>
</td>
<td class="num">(9,561)<span></span>
</td>
<td class="nump">1,911<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ProfitLossAttributableToOwners', window );">Profit (loss) for the year</a></td>
<td class="nump">R$ 10,272<span></span>
</td>
<td class="num">R$ (934,747)<span></span>
</td>
<td class="num">R$ (1,214,122)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_WeightedAverageShares', window );">Weighted average number of shares</a></td>
<td class="nump">1,357,133,047<span></span>
</td>
<td class="nump">1,357,133,047<span></span>
</td>
<td class="nump">1,357,150,010<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShareFromContinuingOperations', window );">Continued operations</a></td>
<td class="nump">R$ .00757<span></span>
</td>
<td class="num">R$ (.68172)<span></span>
</td>
<td class="num">R$ (.89602)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShareFromDiscontinuedOperations', window );">Discontinued operations</a></td>
<td class="nump">.00000<span></span>
</td>
<td class="num">(0.00704)<span></span>
</td>
<td class="nump">0.00141<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BasicAndDilutedEarningsLossPerShare', window );">Basic and diluted EPS</a></td>
<td class="nump">R$ 0.00757<span></span>
</td>
<td class="num">R$ (.68876)<span></span>
</td>
<td class="num">R$ (.89461)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ProfitLossAttributableToOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ProfitLossAttributableToOwners</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ProfitLossAttributableToOwnersFromContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ProfitLossAttributableToOwnersFromContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ProfitLossAttributableToOwnersFromDiscontinuedOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ProfitLossAttributableToOwnersFromDiscontinuedOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ShareholdersEquityDetails3Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ShareholdersEquityDetails3Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of earnings per share when the basic and diluted measurements are equal. [Refer: Basic earnings (loss) per share; Diluted earnings (loss) per share]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsLossPerShareFromContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Basic and diluted earnings (loss) per share from continuing operations. [Refer: Basic and diluted earnings (loss) per share]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsLossPerShareFromContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicAndDilutedEarningsLossPerShareFromDiscontinuedOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Basic and diluted earnings (loss) per share from discontinued operations. [Refer: Basic and diluted earnings (loss) per share]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicAndDilutedEarningsLossPerShareFromDiscontinuedOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_WeightedAverageShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of ordinary shares outstanding at the beginning of the period, adjusted by the number of ordinary shares bought back or issued during the period multiplied by a time-weighting factor.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2017-01-01<br> -Paragraph 70<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=33&amp;date=2017-03-01&amp;anchor=para_70_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_WeightedAverageShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>156
<FILENAME>R144.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6775941200">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>19. SHAREHOLDERS' EQUITY (Details Narrative) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ShareholdersEquityDetailsNarrativeAbstract', window );"><strong>Shareholders Equity Details Narrative</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IssuedCapital', window );">Issued capital</a></td>
<td class="nump">R$ 4,540,000<span></span>
</td>
<td class="nump">R$ 4,540,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfSharesOutstanding', window );">Number of common shares outstanding</a></td>
<td class="nump">1,387,524,047<span></span>
</td>
<td class="nump">1,387,524,047<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ShareholdersEquityDetailsNarrativeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ShareholdersEquityDetailsNarrativeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The nominal value of capital issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares that have been authorised and issued, reduced by treasury shares held. [Refer: Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -Subparagraph a<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_79_a_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>157
<FILENAME>R145.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6800184976">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>20. PAYMENT TO SHAREHOLDERS (Details)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr><th class="th" colspan="2">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Approved dividends</a></td>
<td class="nump">R$ 975,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Paid dividends</a></td>
<td class="nump">R$ 974,827<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DividendAxis=SID_Dividend1Member', window );">Dividend 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DividendApprovalYear', window );">Approval year</a></td>
<td class="text">2014<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Approved dividends</a></td>
<td class="nump">R$ 700,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DividendPaymentYear', window );">Payment year</a></td>
<td class="text">2014<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Paid dividends</a></td>
<td class="nump">R$ 424,939<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DividendAxis=SID_Dividend2Member', window );">Dividend 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Approved dividends</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DividendPaymentYear', window );">Payment year</a></td>
<td class="text">2015<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Paid dividends</a></td>
<td class="nump">R$ 274,917<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DividendAxis=SID_Dividend3Member', window );">Dividend 3</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DividendApprovalYear', window );">Approval year</a></td>
<td class="text">2015<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Approved dividends</a></td>
<td class="nump">R$ 275,000<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DividendPaymentYear', window );">Payment year</a></td>
<td class="text">2015<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Paid dividends</a></td>
<td class="nump">R$ 274,918<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DividendAxis=SID_Dividend4Member', window );">Dividend 4</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DividendApprovalYear', window );">Approval year</a></td>
<td class="text">2016<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Approved dividends</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DividendPaymentYear', window );">Payment year</a></td>
<td class="text">2016<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Paid dividends</a></td>
<td class="nump">R$ 53<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DividendAxis=SID_Dividend5Member', window );">Dividend 5</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems', window );"><strong>Disclosure of terms and conditions of share-based payment arrangement [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DividendApprovalYear', window );">Approval year</a></td>
<td class="text">2017<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendPayables', window );">Approved dividends</a></td>
<td class="text"> <span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DividendPaymentYear', window );">Payment year</a></td>
<td class="text">2017<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Paid dividends</a></td>
<td class="nump">R$ 0<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">There is no dividend deliberation on the year of 2016 and 2017.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DividendApprovalYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DividendApprovalYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DividendPaymentYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DividendPaymentYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendPayables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends that the company has declared but not yet paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendPayables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 107<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DividendAxis=SID_Dividend1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DividendAxis=SID_Dividend1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DividendAxis=SID_Dividend2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DividendAxis=SID_Dividend2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DividendAxis=SID_Dividend3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DividendAxis=SID_Dividend3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DividendAxis=SID_Dividend4Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DividendAxis=SID_Dividend4Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DividendAxis=SID_Dividend5Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DividendAxis=SID_Dividend5Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>158
<FILENAME>R146.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6800142080">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>21. NET SALES AND SERVICES REVENUE (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossRevenue', window );">Gross revenue</a></td>
<td class="nump">R$ 21,467,583<span></span>
</td>
<td class="nump">R$ 19,777,825<span></span>
</td>
<td class="nump">R$ 17,938,566<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SalesReturnsAndDiscounts', window );">Sales returns and discounts</a></td>
<td class="num">(262,989)<span></span>
</td>
<td class="num">(190,415)<span></span>
</td>
<td class="num">(297,957)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_TaxEffectOfRevenues', window );">Taxes on sales</a></td>
<td class="num">(2,679,993)<span></span>
</td>
<td class="num">(2,438,461)<span></span>
</td>
<td class="num">(2,378,912)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueDeductions', window );">Deductions</a></td>
<td class="num">(2,942,982)<span></span>
</td>
<td class="num">(2,628,876)<span></span>
</td>
<td class="num">(2,676,869)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">18,524,601<span></span>
</td>
<td class="nump">17,148,949<span></span>
</td>
<td class="nump">15,261,697<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=SID_DomesticMarketMember', window );">Domestic market</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossRevenue', window );">Gross revenue</a></td>
<td class="nump">11,487,011<span></span>
</td>
<td class="nump">10,206,195<span></span>
</td>
<td class="nump">10,212,748<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">8,706,466<span></span>
</td>
<td class="nump">7,729,913<span></span>
</td>
<td class="nump">7,682,533<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=SID_ForeignMarketMember', window );">Foreign market</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GrossRevenue', window );">Gross revenue</a></td>
<td class="nump">9,980,572<span></span>
</td>
<td class="nump">9,571,630<span></span>
</td>
<td class="nump">7,725,818<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">R$ 9,818,135<span></span>
</td>
<td class="nump">R$ 9,419,036<span></span>
</td>
<td class="nump">R$ 7,579,164<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_GrossRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_GrossRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RevenueDeductions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueDeductions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SalesReturnsAndDiscounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SalesReturnsAndDiscounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_TaxEffectOfRevenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_TaxEffectOfRevenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=SID_DomesticMarketMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=SID_DomesticMarketMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=SID_ForeignMarketMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=SID_ForeignMarketMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6789918160">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>22. EXPENSES BY NATURE (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpensesByNature', window );">Expenses by Nature</a></td>
<td class="num">R$ (15,827,089)<span></span>
</td>
<td class="num">R$ (14,855,170)<span></span>
</td>
<td class="num">R$ (13,640,622)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales and/or services</a></td>
<td class="num">(13,596,141)<span></span>
</td>
<td class="num">(12,640,042)<span></span>
</td>
<td class="num">(11,740,101)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SalesAndMarketingExpense', window );">Selling expenses</a></td>
<td class="num">(1,815,107)<span></span>
</td>
<td class="num">(1,696,896)<span></span>
</td>
<td class="num">(1,430,189)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="num">(415,841)<span></span>
</td>
<td class="num">(518,232)<span></span>
</td>
<td class="num">(470,332)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_RawMaterialsAndInputsMember', window );">Raw materials and inputs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpensesByNature', window );">Expenses by Nature</a></td>
<td class="num">(5,404,801)<span></span>
</td>
<td class="num">(4,518,718)<span></span>
</td>
<td class="num">(4,858,070)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_LaborCostMember', window );">Labor cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpensesByNature', window );">Expenses by Nature</a></td>
<td class="num">(2,400,579)<span></span>
</td>
<td class="num">(2,482,111)<span></span>
</td>
<td class="num">(1,887,735)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_SuppliesMember', window );">Supplies</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpensesByNature', window );">Expenses by Nature</a></td>
<td class="num">(1,451,437)<span></span>
</td>
<td class="num">(1,384,437)<span></span>
</td>
<td class="num">(1,095,576)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_MaintenanceCostServicesAndMaterialsMember', window );">Maintenance cost (services and materials)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpensesByNature', window );">Expenses by Nature</a></td>
<td class="num">(1,145,974)<span></span>
</td>
<td class="num">(1,203,294)<span></span>
</td>
<td class="num">(1,069,404)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_OutsourcingServicesMember', window );">Outsourcing services</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpensesByNature', window );">Expenses by Nature</a></td>
<td class="num">(3,424,439)<span></span>
</td>
<td class="num">(3,492,520)<span></span>
</td>
<td class="num">(3,284,238)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_DepreciationAmortizationAndDepletionMember', window );">Depreciation, amortization and depletion</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpensesByNature', window );">Expenses by Nature</a></td>
<td class="num">(1,408,765)<span></span>
</td>
<td class="num">(1,278,816)<span></span>
</td>
<td class="num">(1,130,869)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_OtherMember', window );">Other</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpensesByNature', window );">Expenses by Nature</a></td>
<td class="num">R$ (591,094)<span></span>
</td>
<td class="num">R$ (495,274)<span></span>
</td>
<td class="num">R$ (314,730)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpensesByNature">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpensesByNature</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity classifies as being administrative.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause vi<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_vi&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs relating to expenses directly or indirectly attributed to the goods or services sold, which may include, but are not limited to, costs previously included in the measurement of inventory that has now been sold, unallocated production overheads and abnormal amounts of production costs of inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SalesAndMarketingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to the marketing and selling of goods or services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SalesAndMarketingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_RawMaterialsAndInputsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_RawMaterialsAndInputsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_LaborCostMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_LaborCostMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_SuppliesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_SuppliesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_MaintenanceCostServicesAndMaterialsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_MaintenanceCostServicesAndMaterialsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_OutsourcingServicesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_OutsourcingServicesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_DepreciationAmortizationAndDepletionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_DepreciationAmortizationAndDepletionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_OtherMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_OtherMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>160
<FILENAME>R148.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6776872096">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>22. EXPENSES BY NATURE (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="num">R$ (646,944)<span></span>
</td>
<td class="num">R$ (1,076,730)<span></span>
</td>
<td class="num">R$ (1,341,191)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_DepreciationAmortizationAndDepletionMember', window );">Depreciation, amortization and depletion</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ProductionCost', window );">Production costs</a></td>
<td class="nump">1,376,862<span></span>
</td>
<td class="nump">1,241,425<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SellingExpense', window );">Sales expenses</a></td>
<td class="nump">8,851<span></span>
</td>
<td class="nump">9,163<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeneralAndAdministrativeExpense', window );">General and Administrative Expenses</a></td>
<td class="nump">23,052<span></span>
</td>
<td class="nump">28,228<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_OperatingExpense', window );">Depreciation, amortization and depletion</a></td>
<td class="num">(1,408,765)<span></span>
</td>
<td class="num">(1,278,816)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="nump">44,570<span></span>
</td>
<td class="nump">43,681<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ExpenseByNature', window );">Total</a></td>
<td class="nump">R$ 1,453,335<span></span>
</td>
<td class="nump">R$ 1,322,497<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ProductionCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of production costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ProductionCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ExpenseByNature">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses aggregated according to their nature (for example, depreciation, purchases of materials, transport costs, employee benefits and advertising costs), and not reallocated among functions within the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ExpenseByNature</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to general and administrative activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MiscellaneousOtherOperatingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of miscellaneous other operating expenses. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MiscellaneousOtherOperatingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OperatingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of all operating expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OperatingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SellingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense relating to selling activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SellingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_DepreciationAmortizationAndDepletionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_DepreciationAmortizationAndDepletionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<head>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6778586224">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>23. OTHER OPERATING INCOME (EXPENSES) (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingIncome', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 824,286<span></span>
</td>
<td class="nump">R$ 663,509<span></span>
</td>
<td class="nump">R$ 3,610,347<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(646,944)<span></span>
</td>
<td class="num">(1,076,730)<span></span>
</td>
<td class="num">(1,341,191)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MiscellaneousOtherOperatingIncomeExpense', window );">Other operating income (expenses), net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">177,342<span></span>
</td>
<td class="num">(413,221)<span></span>
</td>
<td class="nump">2,269,156<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_TaxesAndFeesMember', window );">Taxes and fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(136,348)<span></span>
</td>
<td class="num">(88,249)<span></span>
</td>
<td class="num">(13,999)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_WriteOffProvisionOfJudicialDepositsMember', window );">Write-off / (Provision) of judicial deposits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(38,258)<span></span>
</td>
<td class="num">(64,886)<span></span>
</td>
<td class="num">(24,145)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_ExpensesWithEnvironmentalLiabilitiesNetMember', window );">Expenses with environmental liabilities, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(7,156)<span></span>
</td>
<td class="num">(5,023)<span></span>
</td>
<td class="num">(41,697)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_ExpensesFromTaxSocialSecurityLaborCivilAndEnvironmentalLawsuitsMember', window );">Expenses from tax, social security, labor, civil and environmental law suits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(95,744)<span></span>
</td>
<td class="num">(151,534)<span></span>
</td>
<td class="num">(273,890)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_ContractualFinesMember', window );">Contractual fines</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(16,624)<span></span>
</td>
<td class="num">(309)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_DepreciationOfUnusedEquipmentAndAmortizationOfIntangibleAssetsMember', window );">Depreciation of unused equipment and amortization of intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(44,570)<span></span>
</td>
<td class="num">(43,681)<span></span>
</td>
<td class="num">(41,068)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_WriteOffOfPPEndIntangibleAssetsMember', window );">Write off of PP&amp;E and Intangible assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(28,127)<span></span>
</td>
<td class="num">(88,339)<span></span>
</td>
<td class="num">(6,466)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_LossesReversalsEstimatedInInventoriesMember', window );">Losses /reversals estimated in inventories</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(12,903)<span></span>
</td>
<td class="num">(17,236)<span></span>
</td>
<td class="nump">1,154<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_LossesOnSparePartsMember', window );">Losses on spare parts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,872)<span></span>
</td>
<td class="num">(12,080)<span></span>
</td>
<td class="num">(55,790)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_StudiesAndProjectEngineeringExpensesMember', window );">Studies and project engineering expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(32,956)<span></span>
</td>
<td class="num">(31,156)<span></span>
</td>
<td class="num">(38,138)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_ResearchAndDevelopmentExpensesMember', window );">Research and development expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,944)<span></span>
</td>
<td class="num">(2,269)<span></span>
</td>
<td class="num">(3,363)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_AdvisoryExpensesMember', window );">Advisory expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,419)<span></span>
</td>
<td class="num">(20,865)<span></span>
</td>
<td class="num">(15,888)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_HealthcarePlanExpensesMember', window );">Healthcare plan expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(97,837)<span></span>
</td>
<td class="num">(80,489)<span></span>
</td>
<td class="num">(56,838)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_ImpairmentOfAvailableForSaleFinancialAssetsMember', window );">Impairment of available-for-sale financial assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(555,298)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_REFISEffectLawMember', window );">REFIS effect - Law 11,941/09 and Law 12,865/13</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4,801)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_ProvisionsProvisionForIndustrialRestructuringMember', window );">Provisions/(Provision) for industrial restructuring</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,807<span></span>
</td>
<td class="nump">96,390<span></span>
</td>
<td class="num">(122,854)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_HedgeCashFlowRealizedMember', window );">Hedge cash flow realized</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(92,140)<span></span>
</td>
<td class="num">(77,444)<span></span>
</td>
<td class="num">(11,439)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_ImpairmentOfFairValueOfTransnordestinaMember', window );">Impairment of fair value of Transnordestina</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(387,989)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_OtherExpensesMember', window );">Other expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingExpense', window );">Other operating expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(56,477)<span></span>
</td>
<td class="num">(85,256)<span></span>
</td>
<td class="num">(76,362)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueByNatureAxis=SID_IndemnitiesGainsOnLawsuitsMember', window );">Indemnities/gains on lawsuits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingIncome', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,106<span></span>
</td>
<td class="nump">26,871<span></span>
</td>
<td class="nump">5,189<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueByNatureAxis=SID_RentalsAndLeasesMember', window );">Rentals and leases</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingIncome', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,841<span></span>
</td>
<td class="nump">1,483<span></span>
</td>
<td class="nump">1,150<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueByNatureAxis=SID_ReversalOfProvisionsMember', window );">Reversal of provisions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingIncome', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,020<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueByNatureAxis=SID_DividendsReceivedMember', window );">Dividends received</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingIncome', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,248<span></span>
</td>
<td class="nump">567<span></span>
</td>
<td class="nump">5,794<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueByNatureAxis=SID_ExtemporaneousPisCofinsCreditsMember', window );">Extemporaneous PIS/COFINS credits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingIncome', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">203,504<span></span>
</td>
<td class="nump">234,287<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueByNatureAxis=SID_ContractualFinesMember', window );">Contractual fines</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingIncome', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,970<span></span>
</td>
<td class="nump">2,501<span></span>
</td>
<td class="nump">2,200<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueByNatureAxis=SID_GainOnBusinessCombinationMember', window );">Gain on business combination</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingIncome', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">66,496<span></span>
</td>
<td class="nump">3,297,499<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueByNatureAxis=SID_ActuarialPensionPlanMember', window );">Actuarial pension plan</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingIncome', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">36,952<span></span>
</td>
<td class="nump">48,790<span></span>
</td>
<td class="nump">8,702<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueByNatureAxis=SID_MonetaryAdjustmentRelatedToTheEletrobrasCompulsoryloanMember', window );">Monetary adjustment related to the Eletrobras's compulsory loan</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingIncome', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">755,151<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueByNatureAxis=SID_OtherRevenuesMember', window );">Other revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingIncome', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 18,018<span></span>
</td>
<td class="nump">61,274<span></span>
</td>
<td class="nump">R$ 50,506<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueByNatureAxis=SID_GainOnSalesOfAssetsHeldForSaleMember', window );">Gain on sales of assets held for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MiscellaneousOtherOperatingIncome', window );">Other operating income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">R$ 252,023<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">This is a net amount, certain and due, arising from the final judicial decision favorable to the Company, which is irreversible and irrevocable, in order to apply the STJ's consolidated position on the subject, which culminated in sentencing the Eletrobras to the payment of the correct interest and monetary correction of the Compulsory Loan. The final judicial decision, as well as the certainty about the amounts involved in the settlement of the judgment (judicial procedure to request the satisfaction of the right), allowed the conclusion that the right to receive this value is certain. Thus, in line with our legal and accounting advisors, we recognize the credits in noncurrent assets against the result of Other Operating Revenues.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_MiscellaneousOtherOperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_MiscellaneousOtherOperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MiscellaneousOtherOperatingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of miscellaneous other operating expenses. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MiscellaneousOtherOperatingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MiscellaneousOtherOperatingIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of miscellaneous other operating income. [Refer: Other operating income (expense)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MiscellaneousOtherOperatingIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_TaxesAndFeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_TaxesAndFeesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_WriteOffProvisionOfJudicialDepositsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_WriteOffProvisionOfJudicialDepositsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_ExpensesWithEnvironmentalLiabilitiesNetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_ExpensesWithEnvironmentalLiabilitiesNetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_ExpensesFromTaxSocialSecurityLaborCivilAndEnvironmentalLawsuitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_ExpensesFromTaxSocialSecurityLaborCivilAndEnvironmentalLawsuitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_ContractualFinesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_ContractualFinesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_DepreciationOfUnusedEquipmentAndAmortizationOfIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_DepreciationOfUnusedEquipmentAndAmortizationOfIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_WriteOffOfPPEndIntangibleAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_WriteOffOfPPEndIntangibleAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_LossesReversalsEstimatedInInventoriesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_LossesReversalsEstimatedInInventoriesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_LossesOnSparePartsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_LossesOnSparePartsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_StudiesAndProjectEngineeringExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_StudiesAndProjectEngineeringExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_ResearchAndDevelopmentExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_ResearchAndDevelopmentExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_AdvisoryExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_AdvisoryExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_HealthcarePlanExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_HealthcarePlanExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_ImpairmentOfAvailableForSaleFinancialAssetsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_ImpairmentOfAvailableForSaleFinancialAssetsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_REFISEffectLawMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_REFISEffectLawMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_ProvisionsProvisionForIndustrialRestructuringMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_ProvisionsProvisionForIndustrialRestructuringMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_HedgeCashFlowRealizedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_HedgeCashFlowRealizedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_ImpairmentOfFairValueOfTransnordestinaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_ImpairmentOfFairValueOfTransnordestinaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_OtherExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_OtherExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RevenueByNatureAxis=SID_IndemnitiesGainsOnLawsuitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueByNatureAxis=SID_IndemnitiesGainsOnLawsuitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RevenueByNatureAxis=SID_RentalsAndLeasesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueByNatureAxis=SID_RentalsAndLeasesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RevenueByNatureAxis=SID_ReversalOfProvisionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueByNatureAxis=SID_ReversalOfProvisionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RevenueByNatureAxis=SID_DividendsReceivedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueByNatureAxis=SID_DividendsReceivedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RevenueByNatureAxis=SID_ExtemporaneousPisCofinsCreditsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueByNatureAxis=SID_ExtemporaneousPisCofinsCreditsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RevenueByNatureAxis=SID_ContractualFinesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueByNatureAxis=SID_ContractualFinesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RevenueByNatureAxis=SID_GainOnBusinessCombinationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueByNatureAxis=SID_GainOnBusinessCombinationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RevenueByNatureAxis=SID_ActuarialPensionPlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueByNatureAxis=SID_ActuarialPensionPlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RevenueByNatureAxis=SID_MonetaryAdjustmentRelatedToTheEletrobrasCompulsoryloanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueByNatureAxis=SID_MonetaryAdjustmentRelatedToTheEletrobrasCompulsoryloanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RevenueByNatureAxis=SID_OtherRevenuesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueByNatureAxis=SID_OtherRevenuesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RevenueByNatureAxis=SID_GainOnSalesOfAssetsHeldForSaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueByNatureAxis=SID_GainOnSalesOfAssetsHeldForSaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>162
<FILENAME>R150.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6771616992">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>24. FINANCIAL INCOME (EXPENSES) (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 295,074<span></span>
</td>
<td class="nump">R$ 643,590<span></span>
</td>
<td class="nump">R$ 487,720<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,758,701)<span></span>
</td>
<td class="num">(3,166,017)<span></span>
</td>
<td class="num">(3,852,882)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncomeCost', window );">Financial income (expense), net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,463,627)<span></span>
</td>
<td class="num">(2,522,427)<span></span>
</td>
<td class="num">(3,365,162)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Statement of gains and (losses) on derivative transactions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">28,274<span></span>
</td>
<td class="num">(806,760)<span></span>
</td>
<td class="nump">842,242<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DerivativeTransactionsAxis=SID_DollarToCDISwapMember', window );">Dollar-to-CDI swap</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Statement of gains and (losses) on derivative transactions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(18)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DerivativeTransactionsAxis=SID_DollarToRealSwapNDFMember', window );">Dollar-to-real swap (NDF)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Statement of gains and (losses) on derivative transactions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">785,702<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DerivativeTransactionsAxis=SID_FutureDollarMember', window );">Future Dollar</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Statement of gains and (losses) on derivative transactions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="num">(805,760)<span></span>
</td>
<td class="nump">25,381<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DerivativeTransactionsAxis=SID_DollarToEuroSwapNDFMember', window );">Dollar-to-euro swap (NDF)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Statement of gains and (losses) on derivative transactions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">39,668<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DerivativeTransactionsAxis=SID_DollarToEuroSwapMember', window );">Dollar-to-euro swap</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Statement of gains and (losses) on derivative transactions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(229)<span></span>
</td>
<td class="num">(6,467)<span></span>
</td>
<td class="num">(4,405)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DerivativeTransactionsAxis=SID_SwapPreXCDIMember', window );">Swap Pre x CDI</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Statement of gains and (losses) on derivative transactions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="num">(299)<span></span>
</td>
<td class="num">(4,956)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DerivativeTransactionsAxis=SID_SwapCDIXPreMember', window );">Swap CDI x Pre</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Statement of gains and (losses) on derivative transactions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="num">(63)<span></span>
</td>
<td class="nump">870<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DerivativeTransactionsAxis=SID_FutureDIMember', window );">Future DI</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives', window );">Statement of gains and (losses) on derivative transactions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">28,503<span></span>
</td>
<td class="nump">5,829<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_BorrowingsAndFinancingForeignCurrencyMember', window );">Borrowings and financing - foreign currency</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(827,841)<span></span>
</td>
<td class="num">(930,508)<span></span>
</td>
<td class="num">(938,047)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_BorrowingsAndFinancingLocalCurrencyMember', window );">Borrowings and financing - local currency</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,610,714)<span></span>
</td>
<td class="num">(2,229,849)<span></span>
</td>
<td class="num">(2,116,149)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=ifrs-full_RelatedPartiesMember', window );">Related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="num">(3,185)<span></span>
</td>
<td class="num">(1,333)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_CapitalizedInterestMember', window );">Capitalized interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">91,957<span></span>
</td>
<td class="nump">215,794<span></span>
</td>
<td class="nump">166,366<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_LossesOnDerivativesMember', window );">Losses on derivatives</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="num">(362)<span></span>
</td>
<td class="num">(4,956)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_InterestFinesAndLatePaymentChargesMember', window );">Interest, fines and late payment charges</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(72,343)<span></span>
</td>
<td class="num">(38,002)<span></span>
</td>
<td class="num">(20,511)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_CommissionAndBankFeesMember', window );">Commission and bank fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(159,088)<span></span>
</td>
<td class="num">(155,249)<span></span>
</td>
<td class="num">(81,594)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_PisCofinsOverFinancialIncomeMember', window );">PIS/COFINS over financial income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(21,926)<span></span>
</td>
<td class="num">(39,154)<span></span>
</td>
<td class="num">(23,699)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_OtherFinancialExpensesMember', window );">Other financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(142,296)<span></span>
</td>
<td class="num">(102,450)<span></span>
</td>
<td class="num">(105,050)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_InflationAdjustmentAndExchangeDifferencesNetMember', window );">Inflation adjustment and exchange differences, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(16,450)<span></span>
</td>
<td class="num">(116,948)<span></span>
</td>
<td class="num">(727,909)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_InflationAdjustmensNetMember', window );">Inflation adjustments, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(10,556)<span></span>
</td>
<td class="nump">7,865<span></span>
</td>
<td class="nump">44,422<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_ExchangeDifferencesNetMember', window );">Exchange differences, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(5,665)<span></span>
</td>
<td class="nump">921,310<span></span>
</td>
<td class="num">(1,618,659)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpenseByNatureAxis=SID_ExchangeGainLossesOnDerivativesMember', window );">Exchange gain (losses) on derivatives</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Financial expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(229)<span></span>
</td>
<td class="num">(812,227)<span></span>
</td>
<td class="nump">846,328<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueByNatureAxis=ifrs-full_RelatedPartiesMember', window );">Related parties</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">61,549<span></span>
</td>
<td class="nump">60,964<span></span>
</td>
<td class="nump">65,084<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueByNatureAxis=SID_IncomeFromShortTermInvestmentsMember', window );">Income from short-term investments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">162,292<span></span>
</td>
<td class="nump">301,401<span></span>
</td>
<td class="nump">212,826<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueByNatureAxis=SID_GainFromDerivativeMember', window );">Gain from derivative</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">28,503<span></span>
</td>
<td class="nump">5,829<span></span>
</td>
<td class="nump">870<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueByNatureAxis=SID_GainOnRepurchaseOfDebtSecuritiesMember', window );">Gain on repurchase of debt securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="nump">146,214<span></span>
</td>
<td class="nump">166,642<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RevenueByNatureAxis=SID_OtherIncomesMember', window );">Other income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems', window );"><strong>Disclosure of disaggregation of revenue from contracts with customers [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Financial income</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">R$ 42,730<span></span>
</td>
<td class="nump">R$ 129,182<span></span>
</td>
<td class="nump">R$ 42,298<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Refers substantially IOF (tax on financial transactions) and provision for IRRF (Corporate Income Tax) / CSLL (Social Contribution on Profit).</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Refers substantially an updating of tax credits.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income or cost associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) resulting from change in the fair value of derivatives recognised in profit or loss. [Refer: Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DerivativeTransactionsAxis=SID_DollarToCDISwapMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DerivativeTransactionsAxis=SID_DollarToCDISwapMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DerivativeTransactionsAxis=SID_DollarToRealSwapNDFMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DerivativeTransactionsAxis=SID_DollarToRealSwapNDFMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DerivativeTransactionsAxis=SID_FutureDollarMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DerivativeTransactionsAxis=SID_FutureDollarMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DerivativeTransactionsAxis=SID_DollarToEuroSwapNDFMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DerivativeTransactionsAxis=SID_DollarToEuroSwapNDFMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DerivativeTransactionsAxis=SID_DollarToEuroSwapMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DerivativeTransactionsAxis=SID_DollarToEuroSwapMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DerivativeTransactionsAxis=SID_SwapPreXCDIMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DerivativeTransactionsAxis=SID_SwapPreXCDIMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DerivativeTransactionsAxis=SID_SwapCDIXPreMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DerivativeTransactionsAxis=SID_SwapCDIXPreMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DerivativeTransactionsAxis=SID_FutureDIMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DerivativeTransactionsAxis=SID_FutureDIMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_BorrowingsAndFinancingForeignCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_BorrowingsAndFinancingForeignCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_BorrowingsAndFinancingLocalCurrencyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_BorrowingsAndFinancingLocalCurrencyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=ifrs-full_RelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=ifrs-full_RelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_CapitalizedInterestMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_CapitalizedInterestMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_LossesOnDerivativesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_LossesOnDerivativesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_InterestFinesAndLatePaymentChargesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_InterestFinesAndLatePaymentChargesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_CommissionAndBankFeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_CommissionAndBankFeesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_PisCofinsOverFinancialIncomeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_PisCofinsOverFinancialIncomeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_OtherFinancialExpensesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_OtherFinancialExpensesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_InflationAdjustmentAndExchangeDifferencesNetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_InflationAdjustmentAndExchangeDifferencesNetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_InflationAdjustmensNetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_InflationAdjustmensNetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_ExchangeDifferencesNetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_ExchangeDifferencesNetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpenseByNatureAxis=SID_ExchangeGainLossesOnDerivativesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpenseByNatureAxis=SID_ExchangeGainLossesOnDerivativesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RevenueByNatureAxis=ifrs-full_RelatedPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueByNatureAxis=ifrs-full_RelatedPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RevenueByNatureAxis=SID_IncomeFromShortTermInvestmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueByNatureAxis=SID_IncomeFromShortTermInvestmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueByNatureAxis=SID_GainFromDerivativeMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueByNatureAxis=SID_GainOnRepurchaseOfDebtSecuritiesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RevenueByNatureAxis=SID_OtherIncomesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RevenueByNatureAxis=SID_OtherIncomesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6798768960">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>25. SEGMENT INFORMATION (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 18,524,601<span></span>
</td>
<td class="nump">R$ 17,148,949<span></span>
</td>
<td class="nump">R$ 15,261,697<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales and services</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(13,596,141)<span></span>
</td>
<td class="num">(12,640,042)<span></span>
</td>
<td class="num">(11,740,101)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,928,460<span></span>
</td>
<td class="nump">4,508,907<span></span>
</td>
<td class="nump">3,521,596<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GeneralAndAdministrativeExpenses', window );">General and administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,230,948)<span></span>
</td>
<td class="num">(2,215,128)<span></span>
</td>
<td class="num">(1,900,521)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,408,765<span></span>
</td>
<td class="nump">1,278,816<span></span>
</td>
<td class="nump">1,130,869<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ProportionateEbitdaOfJointVentures', window );">Proportionate EBITDA of joint ventures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">538,170<span></span>
</td>
<td class="nump">502,345<span></span>
</td>
<td class="nump">499,475<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustedEbitda', window );">Adjusted EBITDA</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">4,644,447<span></span>
</td>
<td class="nump">4,074,940<span></span>
</td>
<td class="nump">3,521,419<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=SID_DomesticMarketMember', window );">Domestic market</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,706,466<span></span>
</td>
<td class="nump">7,729,913<span></span>
</td>
<td class="nump">7,682,533<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=SID_ForeignMarketMember', window );">Foreign market</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 9,818,135<span></span>
</td>
<td class="nump">R$ 9,419,036<span></span>
</td>
<td class="nump">R$ 7,579,164<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_SteelMember', window );">Steel</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_VolumeOfMiningAsset', window );">Metric tons (Thou.)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">4921719<span></span>
</td>
<td class="text">4,857,174<span></span>
</td>
<td class="text">4,990,299<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 12,959,023<span></span>
</td>
<td class="nump">R$ 11,515,908<span></span>
</td>
<td class="nump">R$ 11,202,999<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales and services</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(10,537,547)<span></span>
</td>
<td class="num">(9,393,237)<span></span>
</td>
<td class="num">(9,126,889)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,421,476<span></span>
</td>
<td class="nump">2,122,671<span></span>
</td>
<td class="nump">2,076,110<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GeneralAndAdministrativeExpenses', window );">General and administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(963,822)<span></span>
</td>
<td class="num">(914,927)<span></span>
</td>
<td class="num">(955,247)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">658,587<span></span>
</td>
<td class="nump">679,074<span></span>
</td>
<td class="nump">670,496<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustedEbitda', window );">Adjusted EBITDA</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,116,241<span></span>
</td>
<td class="nump">1,886,818<span></span>
</td>
<td class="nump">1,791,359<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_SteelMember', window );">Steel | Domestic market</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,818,552<span></span>
</td>
<td class="nump">6,980,087<span></span>
</td>
<td class="nump">6,757,186<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_SteelMember', window );">Steel | Foreign market</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 5,140,471<span></span>
</td>
<td class="nump">R$ 4,535,821<span></span>
</td>
<td class="nump">R$ 4,445,813<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_MiningMember', window );">Mining</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_VolumeOfMiningAsset', window );">Metric tons (Thou.)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">32576843<span></span>
</td>
<td class="text">36,983,297<span></span>
</td>
<td class="text">23,861,003<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 4,620,971<span></span>
</td>
<td class="nump">R$ 4,581,903<span></span>
</td>
<td class="nump">R$ 3,187,250<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales and services</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(3,005,840)<span></span>
</td>
<td class="num">(3,099,236)<span></span>
</td>
<td class="num">(2,323,687)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,615,131<span></span>
</td>
<td class="nump">1,482,667<span></span>
</td>
<td class="nump">863,563<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GeneralAndAdministrativeExpenses', window );">General and administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(158,958)<span></span>
</td>
<td class="num">(185,149)<span></span>
</td>
<td class="num">(69,602)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">490,805<span></span>
</td>
<td class="nump">461,287<span></span>
</td>
<td class="nump">377,344<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustedEbitda', window );">Adjusted EBITDA</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,946,978<span></span>
</td>
<td class="nump">1,758,805<span></span>
</td>
<td class="nump">1,171,305<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_MiningMember', window );">Mining | Domestic market</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">829,268<span></span>
</td>
<td class="nump">542,028<span></span>
</td>
<td class="nump">175,223<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_MiningMember', window );">Mining | Foreign market</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,791,703<span></span>
</td>
<td class="nump">4,039,875<span></span>
</td>
<td class="nump">3,012,027<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_PortMember', window );">Port</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">238,240<span></span>
</td>
<td class="nump">207,722<span></span>
</td>
<td class="nump">212,729<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales and services</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(156,997)<span></span>
</td>
<td class="num">(141,542)<span></span>
</td>
<td class="num">(141,809)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">81,243<span></span>
</td>
<td class="nump">66,180<span></span>
</td>
<td class="nump">70,920<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GeneralAndAdministrativeExpenses', window );">General and administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(27,943)<span></span>
</td>
<td class="num">(25,180)<span></span>
</td>
<td class="num">(20,473)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">15,752<span></span>
</td>
<td class="nump">13,430<span></span>
</td>
<td class="nump">12,777<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustedEbitda', window );">Adjusted EBITDA</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">69,052<span></span>
</td>
<td class="nump">54,430<span></span>
</td>
<td class="nump">63,224<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_PortMember', window );">Port | Domestic market</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">238,240<span></span>
</td>
<td class="nump">207,722<span></span>
</td>
<td class="nump">212,729<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_PortMember', window );">Port | Foreign market</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_RailroadsMember', window );">Railroads</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,416,612<span></span>
</td>
<td class="nump">1,319,907<span></span>
</td>
<td class="nump">1,156,933<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales and services</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(1,024,696)<span></span>
</td>
<td class="num">(914,361)<span></span>
</td>
<td class="num">(788,046)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">391,916<span></span>
</td>
<td class="nump">405,546<span></span>
</td>
<td class="nump">368,887<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GeneralAndAdministrativeExpenses', window );">General and administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(94,921)<span></span>
</td>
<td class="num">(83,020)<span></span>
</td>
<td class="num">(89,678)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">294,571<span></span>
</td>
<td class="nump">227,792<span></span>
</td>
<td class="nump">189,361<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustedEbitda', window );">Adjusted EBITDA</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">591,566<span></span>
</td>
<td class="nump">550,318<span></span>
</td>
<td class="nump">468,570<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_RailroadsMember', window );">Railroads | Domestic market</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,416,612<span></span>
</td>
<td class="nump">1,319,907<span></span>
</td>
<td class="nump">1,156,933<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_RailroadsMember', window );">Railroads | Foreign market</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_EnergyMember', window );">Energy</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">407,671<span></span>
</td>
<td class="nump">269,095<span></span>
</td>
<td class="nump">244,549<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales and services</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(285,085)<span></span>
</td>
<td class="num">(195,994)<span></span>
</td>
<td class="num">(195,644)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">122,586<span></span>
</td>
<td class="nump">73,101<span></span>
</td>
<td class="nump">48,905<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GeneralAndAdministrativeExpenses', window );">General and administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(27,098)<span></span>
</td>
<td class="num">(25,196)<span></span>
</td>
<td class="num">(23,186)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">17,265<span></span>
</td>
<td class="nump">17,140<span></span>
</td>
<td class="nump">17,073<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustedEbitda', window );">Adjusted EBITDA</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">112,753<span></span>
</td>
<td class="nump">65,045<span></span>
</td>
<td class="nump">42,792<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_EnergyMember', window );">Energy | Domestic market</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">407,671<span></span>
</td>
<td class="nump">R$ 269,095<span></span>
</td>
<td class="nump">R$ 244,549<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_EnergyMember', window );">Energy | Foreign market</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CementMember', window );">Cement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_VolumeOfMiningAsset', window );">Metric tons (Thou.)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text"> 3,313,061 <span></span>
</td>
<td class="text">2,814,476<span></span>
</td>
<td class="text">2,181,731<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 487,129<span></span>
</td>
<td class="nump">R$ 490,608<span></span>
</td>
<td class="nump">R$ 431,820<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales and services</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(512,762)<span></span>
</td>
<td class="num">(467,373)<span></span>
</td>
<td class="num">(330,263)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(25,633)<span></span>
</td>
<td class="nump">23,235<span></span>
</td>
<td class="nump">101,557<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GeneralAndAdministrativeExpenses', window );">General and administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(80,823)<span></span>
</td>
<td class="num">(74,528)<span></span>
</td>
<td class="num">(72,894)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">121,801<span></span>
</td>
<td class="nump">73,030<span></span>
</td>
<td class="nump">46,505<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustedEbitda', window );">Adjusted EBITDA</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">15,345<span></span>
</td>
<td class="nump">21,737<span></span>
</td>
<td class="nump">75,168<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CementMember', window );">Cement | Domestic market</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">487,129<span></span>
</td>
<td class="nump">R$ 490,608<span></span>
</td>
<td class="nump">431,820<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CementMember', window );">Cement | Foreign market</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CorporateExpensesEliminationMember', window );">Corporate expenses/elimination</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_VolumeOfMiningAsset', window );">Metric tons (Thou.)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text"> (5,359,571)<span></span>
</td>
<td class="text">(4,062,774)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (1,605,045)<span></span>
</td>
<td class="num">R$ (1,236,194)<span></span>
</td>
<td class="num">(1,174,583)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CostOfSales', window );">Cost of sales and services</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,926,786<span></span>
</td>
<td class="nump">1,571,701<span></span>
</td>
<td class="nump">1,166,237<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GrossProfit', window );">Gross profit</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">321,741<span></span>
</td>
<td class="nump">335,507<span></span>
</td>
<td class="num">(8,346)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GeneralAndAdministrativeExpenses', window );">General and administrative expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(877,383)<span></span>
</td>
<td class="num">(907,128)<span></span>
</td>
<td class="num">(669,441)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationExpense', window );">Depreciation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(190,016)<span></span>
</td>
<td class="num">(192,937)<span></span>
</td>
<td class="num">(182,687)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ProportionateEbitdaOfJointVentures', window );">Proportionate EBITDA of joint ventures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">538,170<span></span>
</td>
<td class="nump">502,345<span></span>
</td>
<td class="nump">499,475<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustedEbitda', window );">Adjusted EBITDA</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(207,488)<span></span>
</td>
<td class="num">(262,213)<span></span>
</td>
<td class="num">(360,999)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CorporateExpensesEliminationMember', window );">Corporate expenses/elimination | Domestic market</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(2,491,006)<span></span>
</td>
<td class="num">(2,079,534)<span></span>
</td>
<td class="num">(1,295,907)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CorporateExpensesEliminationMember', window );">Corporate expenses/elimination | Foreign market</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 885,961<span></span>
</td>
<td class="nump">R$ 843,340<span></span>
</td>
<td class="nump">R$ 121,324<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The Company discloses its adjusted EBITDA net of its share of investments and other operating income (expenses) because it understands that these should not be included in the calculation of recurring operating cash generation.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">The ore sales volumes presented in this note take into consideration Company sales and the interest in its subsidiaries and joint ventures .</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AdjustedEbitda">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AdjustedEbitda</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_GeneralAndAdministrativeExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_GeneralAndAdministrativeExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ProportionateEbitdaOfJointVentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ProportionateEbitdaOfJointVentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_VolumeOfMiningAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_VolumeOfMiningAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CostOfSales">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of costs relating to expenses directly or indirectly attributed to the goods or services sold, which may include, but are not limited to, costs previously included in the measurement of inventory that has now been sold, unallocated production overheads and abnormal amounts of production costs of inventories.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CostOfSales</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation expense. Depreciation is the systematic allocation of depreciable amounts of tangible assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GrossProfit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue less cost of sales. [Refer: Cost of sales; Revenue]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GrossProfit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=SID_DomesticMarketMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=SID_DomesticMarketMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=SID_ForeignMarketMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=SID_ForeignMarketMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_SteelMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_SteelMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_MiningMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_MiningMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_PortMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_PortMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_RailroadsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_RailroadsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_EnergyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_EnergyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
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<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_CementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_CementMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_CorporateExpensesEliminationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_CorporateExpensesEliminationMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6794110272">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>25. SEGMENT INFORMATION (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="nump">R$ 18,524,601<span></span>
</td>
<td class="nump">R$ 17,148,949<span></span>
</td>
<td class="nump">R$ 15,261,697<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=SID_AsiaAreaMember', window );">Asia</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">4,501,551<span></span>
</td>
<td class="nump">4,393,868<span></span>
</td>
<td class="nump">2,975,752<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=SID_NorthAmericaAreaMember', window );">North America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">2,009,337<span></span>
</td>
<td class="nump">1,891,865<span></span>
</td>
<td class="nump">1,901,989<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=SID_LatinAmericaAreaMember', window );">Latin America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">506,951<span></span>
</td>
<td class="nump">259,640<span></span>
</td>
<td class="nump">418,245<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=SID_EuropeAreaMember', window );">Europe</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">2,762,524<span></span>
</td>
<td class="nump">2,758,958<span></span>
</td>
<td class="nump">2,237,736<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=SID_OtherAreasMember', window );">Others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">37,772<span></span>
</td>
<td class="nump">114,705<span></span>
</td>
<td class="nump">45,442<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=SID_ForeignMarketMember', window );">Foreign market</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">9,818,135<span></span>
</td>
<td class="nump">9,419,036<span></span>
</td>
<td class="nump">7,579,164<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GeographicalAreasAxis=SID_DomesticMarketMember', window );">Domestic market</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">8,706,466<span></span>
</td>
<td class="nump">7,729,913<span></span>
</td>
<td class="nump">7,682,533<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_SteelMember', window );">Steel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">12,959,023<span></span>
</td>
<td class="nump">11,515,908<span></span>
</td>
<td class="nump">11,202,999<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_SteelMember', window );">Steel | Asia</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">23,364<span></span>
</td>
<td class="nump">30,815<span></span>
</td>
<td class="nump">16,980<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_SteelMember', window );">Steel | North America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">2,009,337<span></span>
</td>
<td class="nump">1,891,865<span></span>
</td>
<td class="nump">1,901,989<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_SteelMember', window );">Steel | Latin America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">506,951<span></span>
</td>
<td class="nump">259,640<span></span>
</td>
<td class="nump">376,458<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_SteelMember', window );">Steel | Europe</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">2,564,823<span></span>
</td>
<td class="nump">2,324,580<span></span>
</td>
<td class="nump">2,104,944<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_SteelMember', window );">Steel | Others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">35,996<span></span>
</td>
<td class="nump">28,921<span></span>
</td>
<td class="nump">45,442<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_SteelMember', window );">Steel | Foreign market</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">5,140,471<span></span>
</td>
<td class="nump">4,535,821<span></span>
</td>
<td class="nump">4,445,813<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_SteelMember', window );">Steel | Domestic market</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">7,818,552<span></span>
</td>
<td class="nump">6,980,087<span></span>
</td>
<td class="nump">6,757,186<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_MiningMember', window );">Mining</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">4,620,971<span></span>
</td>
<td class="nump">4,581,903<span></span>
</td>
<td class="nump">3,187,250<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_MiningMember', window );">Mining | Asia</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">3,592,226<span></span>
</td>
<td class="nump">3,519,713<span></span>
</td>
<td class="nump">2,836,505<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_MiningMember', window );">Mining | North America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_MiningMember', window );">Mining | Latin America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">42,730<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_MiningMember', window );">Mining | Europe</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">197,701<span></span>
</td>
<td class="nump">434,378<span></span>
</td>
<td class="nump">132,792<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_MiningMember', window );">Mining | Others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">1,776<span></span>
</td>
<td class="nump">85,784<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_MiningMember', window );">Mining | Foreign market</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">3,791,703<span></span>
</td>
<td class="nump">4,039,875<span></span>
</td>
<td class="nump">3,012,027<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_MiningMember', window );">Mining | Domestic market</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">829,268<span></span>
</td>
<td class="nump">542,028<span></span>
</td>
<td class="nump">175,223<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_PortMember', window );">Port</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">238,240<span></span>
</td>
<td class="nump">207,722<span></span>
</td>
<td class="nump">212,729<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_PortMember', window );">Port | Asia</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_PortMember', window );">Port | North America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_PortMember', window );">Port | Latin America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_PortMember', window );">Port | Europe</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_PortMember', window );">Port | Others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_PortMember', window );">Port | Foreign market</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_PortMember', window );">Port | Domestic market</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">238,240<span></span>
</td>
<td class="nump">207,722<span></span>
</td>
<td class="nump">212,729<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_RailroadsMember', window );">Railroads</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">1,416,612<span></span>
</td>
<td class="nump">1,319,907<span></span>
</td>
<td class="nump">1,156,933<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_RailroadsMember', window );">Railroads | Asia</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_RailroadsMember', window );">Railroads | North America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_RailroadsMember', window );">Railroads | Latin America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_RailroadsMember', window );">Railroads | Europe</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_RailroadsMember', window );">Railroads | Others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_RailroadsMember', window );">Railroads | Foreign market</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_RailroadsMember', window );">Railroads | Domestic market</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">1,416,612<span></span>
</td>
<td class="nump">1,319,907<span></span>
</td>
<td class="nump">1,156,933<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_EnergyMember', window );">Energy</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">407,671<span></span>
</td>
<td class="nump">269,095<span></span>
</td>
<td class="nump">244,549<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_EnergyMember', window );">Energy | Asia</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_EnergyMember', window );">Energy | North America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_EnergyMember', window );">Energy | Latin America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_EnergyMember', window );">Energy | Europe</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_EnergyMember', window );">Energy | Others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_EnergyMember', window );">Energy | Foreign market</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_EnergyMember', window );">Energy | Domestic market</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">407,671<span></span>
</td>
<td class="nump">269,095<span></span>
</td>
<td class="nump">244,549<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CementMember', window );">Cement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">487,129<span></span>
</td>
<td class="nump">490,608<span></span>
</td>
<td class="nump">431,820<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CementMember', window );">Cement | Asia</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CementMember', window );">Cement | North America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CementMember', window );">Cement | Latin America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CementMember', window );">Cement | Europe</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CementMember', window );">Cement | Others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CementMember', window );">Cement | Foreign market</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CementMember', window );">Cement | Domestic market</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">487,129<span></span>
</td>
<td class="nump">490,608<span></span>
</td>
<td class="nump">431,820<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CorporateExpensesEliminationMember', window );">Corporate expenses/elimination</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="num">(1,605,045)<span></span>
</td>
<td class="num">(1,236,194)<span></span>
</td>
<td class="num">(1,174,583)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CorporateExpensesEliminationMember', window );">Corporate expenses/elimination | Asia</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">885,961<span></span>
</td>
<td class="nump">843,340<span></span>
</td>
<td class="nump">122,267<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CorporateExpensesEliminationMember', window );">Corporate expenses/elimination | North America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CorporateExpensesEliminationMember', window );">Corporate expenses/elimination | Latin America</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(943)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CorporateExpensesEliminationMember', window );">Corporate expenses/elimination | Europe</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CorporateExpensesEliminationMember', window );">Corporate expenses/elimination | Others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CorporateExpensesEliminationMember', window );">Corporate expenses/elimination | Foreign market</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="nump">885,961<span></span>
</td>
<td class="nump">843,340<span></span>
</td>
<td class="nump">121,324<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SegmentsAxis=SID_CorporateExpensesEliminationMember', window );">Corporate expenses/elimination | Domestic market</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems', window );"><strong>Disclosure of operating segments [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Net revenues</a></td>
<td class="num">R$ (2,491,006)<span></span>
</td>
<td class="num">R$ (2,079,534)<span></span>
</td>
<td class="num">R$ (1,295,907)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfOperatingSegmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfOperatingSegmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in an increase in equity, other than those relating to contributions from equity participants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 34<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 103<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2018-01-01<br> -Name IAS<br> -Number 18<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=18&amp;date=2017-03-02&amp;anchor=para_35_b&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=SID_AsiaAreaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=SID_AsiaAreaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=SID_NorthAmericaAreaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=SID_NorthAmericaAreaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=SID_LatinAmericaAreaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=SID_LatinAmericaAreaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=SID_EuropeAreaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=SID_EuropeAreaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=SID_OtherAreasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=SID_OtherAreasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=SID_ForeignMarketMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=SID_ForeignMarketMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GeographicalAreasAxis=SID_DomesticMarketMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GeographicalAreasAxis=SID_DomesticMarketMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_SteelMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_SteelMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_MiningMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_MiningMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_PortMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_PortMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_RailroadsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_RailroadsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_EnergyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_EnergyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_CementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_CementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SegmentsAxis=SID_CorporateExpensesEliminationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SegmentsAxis=SID_CorporateExpensesEliminationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>165
<FILENAME>R153.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6776052288">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>25. SEGMENT INFORMATION (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SegmentInformationDetails2Abstract', window );"><strong>Segment Information Details 2</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 111,229<span></span>
</td>
<td class="num">R$ (853,058)<span></span>
</td>
<td class="num">R$ (1,215,964)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ProfitLossFromDiscontinuedOperations', window );">Profit (loss) from discontinued operations</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0<span></span>
</td>
<td class="nump">9,561<span></span>
</td>
<td class="num">(1,911)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation/Amortization/Depletion</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,408,765<span></span>
</td>
<td class="nump">1,278,816<span></span>
</td>
<td class="nump">1,130,869<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Income tax and social contribution</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">409,109<span></span>
</td>
<td class="nump">266,546<span></span>
</td>
<td class="nump">2,903,216<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_FinanceIncomeCost', window );">Finance income (costs), net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,463,627<span></span>
</td>
<td class="nump">2,522,427<span></span>
</td>
<td class="nump">3,365,162<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_Ebitda', window );">EBITDA</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,392,730<span></span>
</td>
<td class="nump">3,224,292<span></span>
</td>
<td class="nump">6,181,372<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_MiscellaneousOtherOperatingIncomeExpense', window );">Other operating (income) expenses</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(177,342)<span></span>
</td>
<td class="nump">413,221<span></span>
</td>
<td class="num">(2,269,156)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod', window );">Equity in results of affiliated companies</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(109,111)<span></span>
</td>
<td class="num">(64,918)<span></span>
</td>
<td class="num">(1,160,348)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ProportionateEbitdaOfJointVentures', window );">Proportionate EBITDA of joint ventures</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">538,170<span></span>
</td>
<td class="nump">502,345<span></span>
</td>
<td class="nump">499,475<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdjustedEbitda', window );">Adjusted EBITDA</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 4,644,447<span></span>
</td>
<td class="nump">R$ 4,074,940<span></span>
</td>
<td class="nump">R$ 3,521,419<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The Company discloses its adjusted EBITDA net of its share of investments and other operating income (expenses) because it understands that these should not be included in the calculation of recurring operating cash generation.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AdjustedEbitda">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AdjustedEbitda</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_Ebitda">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_Ebitda</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_MiscellaneousOtherOperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_MiscellaneousOtherOperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ProportionateEbitdaOfJointVentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ProportionateEbitdaOfJointVentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SegmentInformationDetails2Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SegmentInformationDetails2Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_d&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 102<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 99<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 104<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncomeCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of income or cost associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncomeCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax that relate to continuing operations. [Refer: Continuing operations [member]; Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 79<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2017-01-01<br> -Paragraph 23<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=8&amp;date=2017-03-01&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Note Effective on first application of IFRS 9<br> -Name IFRS<br> -Number 4<br> -IssueDate 2017-01-01<br> -Paragraph 39L<br> -Subparagraph e<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=4&amp;date=2017-03-01&amp;anchor=para_39L_e&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromDiscontinuedOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from discontinued operations. [Refer: Discontinued operations [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2017-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=5&amp;date=2017-03-01&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2017-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause vii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IFRS&amp;num=12&amp;date=2017-03-01&amp;anchor=para_B12_b_vii&amp;doctype=Appendix&amp;seq=2<br> -URIDate 2017-03-09<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 82<br> -Subparagraph ea<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_82_ea&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromDiscontinuedOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of associates accounted for using the equity method. [Refer: Associates [member]; Investments accounted for using equity method; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 85<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6792770384">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueOfPlanAssetsLineItems', window );"><strong>Disclosure of fair value of plan assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsOfBenefitPlan', window );">Actuarial assets</a></td>
<td class="num">R$ (111,281)<span></span>
</td>
<td class="num">R$ (119,854)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_LiabilitiesOfBenefitPlan', window );">Actuarial liabilities</a></td>
<td class="nump">908,721<span></span>
</td>
<td class="nump">719,266<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PensionPlanBenefitsMember', window );">Pension plan benefits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueOfPlanAssetsLineItems', window );"><strong>Disclosure of fair value of plan assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AssetsOfBenefitPlan', window );">Actuarial assets</a></td>
<td class="num">(111,281)<span></span>
</td>
<td class="num">(119,854)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_LiabilitiesOfBenefitPlan', window );">Actuarial liabilities</a></td>
<td class="nump">41,937<span></span>
</td>
<td class="nump">28,004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember', window );">Post-employment healthcare benefits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfFairValueOfPlanAssetsLineItems', window );"><strong>Disclosure of fair value of plan assets [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_LiabilitiesOfBenefitPlan', window );">Actuarial liabilities</a></td>
<td class="nump">R$ 866,784<span></span>
</td>
<td class="nump">R$ 691,262<span></span>
</td>
<td class="nump">R$ 489,074<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_LiabilitiesOfBenefitPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_LiabilitiesOfBenefitPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsOfBenefitPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets held by retirement benefit plans. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph a<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_a_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsOfBenefitPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfFairValueOfPlanAssetsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfFairValueOfPlanAssetsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_PensionPlanBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_PensionPlanBenefitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>167
<FILENAME>R155.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6792872880">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details 1) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EmployeeBenefitsDetails1Abstract', window );"><strong>Employee Benefits Details 1</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Present value of defined benefit obligation</a></td>
<td class="nump">R$ 3,077,849<span></span>
</td>
<td class="nump">R$ 2,872,442<span></span>
</td>
<td class="nump">R$ 2,430,381<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PlanAssetsAtFairValue', window );">Fair value of plan assets</a></td>
<td class="num">(3,305,356)<span></span>
</td>
<td class="num">(3,193,493)<span></span>
</td>
<td class="num">R$ (2,684,736)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_SurplusDeficitInPlan', window );">Deficit (Surplus)</a></td>
<td class="num">(227,507)<span></span>
</td>
<td class="num">(321,051)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RestrictionToActuarialAssetsDueToRecoveryLimitation', window );">Restriction to actuarial assets due to recovery limitation</a></td>
<td class="nump">158,163<span></span>
</td>
<td class="nump">229,201<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">Liabilities (Assets), net</a></td>
<td class="num">(69,344)<span></span>
</td>
<td class="num">(91,850)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan', window );">Liabilities</a></td>
<td class="nump">41,937<span></span>
</td>
<td class="nump">28,004<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentRecognisedAssetsDefinedBenefitPlan', window );">Assets</a></td>
<td class="num">(111,281)<span></span>
</td>
<td class="num">(119,854)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans', window );">(Assets) liabilities recognized in the balance sheet</a></td>
<td class="num">R$ (69,344)<span></span>
</td>
<td class="num">R$ (91,850)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_EmployeeBenefitsDetails1Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_EmployeeBenefitsDetails1Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RestrictionToActuarialAssetsDueToRecoveryLimitation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RestrictionToActuarialAssetsDueToRecoveryLimitation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentRecognisedAssetsDefinedBenefitPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current net defined benefit asset. [Refer: Net defined benefit asset]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentRecognisedAssetsDefinedBenefitPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of current net defined benefit liability. [Refer: Net defined benefit liability]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 55<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentRecognisedLiabilitiesDefinedBenefitPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitObligationAtPresentValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The present value, without deducting any plan assets, of expected future payments required to settle the obligation resulting from employee service in the current and prior periods. [Refer: Plan assets, at fair value]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitObligationAtPresentValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilityAssetOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of deficit or surplus in a defined benefit plan, adjusted for any effect of limiting a net defined benefit asset to the asset ceiling. [Refer: Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 140<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_140_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilityAssetOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PlanAssetsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of defined benefit plan assets. Plan assets comprise assets held by a long-term employee benefit fund and qualifying insurance policies. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PlanAssetsAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_SurplusDeficitInPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The present value of the defined benefit obligation, less the fair value of the plan assets (if any). [Refer: Plan assets [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_SurplusDeficitInPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>168
<FILENAME>R156.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6795313344">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details 2) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EmployeeBenefitsDetails2Abstract', window );"><strong>Employee Benefits Details 2</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Present value of defined benefit obligation, beginning</a></td>
<td class="nump">R$ 2,872,442<span></span>
</td>
<td class="nump">R$ 2,430,381<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset', window );">Cost of service</a></td>
<td class="nump">1,285<span></span>
</td>
<td class="nump">1,244<span></span>
</td>
<td class="nump">R$ 1,807<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest cost</a></td>
<td class="nump">322,359<span></span>
</td>
<td class="nump">311,361<span></span>
</td>
<td class="nump">293,533<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BenefitsPaidOrPayable', window );">Benefits paid</a></td>
<td class="num">(284,777)<span></span>
</td>
<td class="num">(264,287)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset', window );">Actuarial loss/(gain)</a></td>
<td class="nump">166,540<span></span>
</td>
<td class="nump">393,743<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Present value of defined benefit obligation, ending</a></td>
<td class="nump">R$ 3,077,849<span></span>
</td>
<td class="nump">R$ 2,872,442<span></span>
</td>
<td class="nump">R$ 2,430,381<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_EmployeeBenefitsDetails2Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_EmployeeBenefitsDetails2Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BenefitsPaidOrPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of benefits paid or payable for retirement benefit plans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_v&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BenefitsPaidOrPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from employee service in the current period. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitObligationAtPresentValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The present value, without deducting any plan assets, of expected future payments required to settle the obligation resulting from employee service in the current and prior periods. [Refer: Plan assets, at fair value]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitObligationAtPresentValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from changes that the entity does not separately disclose in the same statement or note. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from the passage of time. [Refer: Interest expense; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>169
<FILENAME>R157.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6791016752">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details 3) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EmployeeBenefitsDetails3Abstract', window );"><strong>Employee Benefits Details 3</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PlanAssetsAtFairValue', window );">Fair value of plan assets, beginning</a></td>
<td class="num">R$ (3,193,493)<span></span>
</td>
<td class="num">R$ (2,684,736)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_InterestIncomeNetDefinedBenefitLiabilityAsset', window );">Interest income</a></td>
<td class="num">(360,013)<span></span>
</td>
<td class="num">(345,521)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_BenefitsPaidOrPayable', window );">Benefits paid</a></td>
<td class="nump">284,777<span></span>
</td>
<td class="nump">264,287<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Expected return on plan assets (less interest income)</a></td>
<td class="num">(36,627)<span></span>
</td>
<td class="num">(427,523)<span></span>
</td>
<td class="nump">R$ 147,728<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PlanAssetsAtFairValue', window );">Fair value of plan assets, ending</a></td>
<td class="num">R$ (3,305,356)<span></span>
</td>
<td class="num">R$ (3,193,493)<span></span>
</td>
<td class="num">R$ (2,684,736)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_EmployeeBenefitsDetails3Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_EmployeeBenefitsDetails3Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_InterestIncomeNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_InterestIncomeNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BenefitsPaidOrPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of benefits paid or payable for retirement benefit plans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause v<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_35_b_v&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BenefitsPaidOrPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PlanAssetsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of defined benefit plan assets. Plan assets comprise assets held by a long-term employee benefit fund and qualifying insurance policies. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PlanAssetsAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from the return on plan assets. The return on plans assets is interest, dividends and other revenue derived from the plan assets, together with realised and unrealised gains or losses on the plan assets, less any costs of managing plan assets and less any tax payable by the plan itself, other than tax included in the actuarial assumptions used to measure the present value of the defined benefit obligation. [Refer: Plan assets [member]; Net defined benefit liability (asset); Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>170
<FILENAME>R158.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6790238960">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details 4) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EmployeeBenefitsDetails4Abstract', window );"><strong>Employee Benefits Details 4</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset', window );">Cost of current service</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 1,285<span></span>
</td>
<td class="nump">R$ 1,244<span></span>
</td>
<td class="nump">R$ 1,807<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset', window );">Interest cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">322,359<span></span>
</td>
<td class="nump">311,361<span></span>
</td>
<td class="nump">293,533<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpectedReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Expected return on plan assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(360,013)<span></span>
</td>
<td class="num">(345,521)<span></span>
</td>
<td class="num">(322,460)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainLossOnChangesInEffectOfLimitingNetDefinedBenefitAssetToAssetCeiling', window );">Interest on the asset ceiling effect</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">26,843<span></span>
</td>
<td class="nump">22,189<span></span>
</td>
<td class="nump">18,422<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeExpenseFromDefinedBenefitObligation', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(9,526)<span></span>
</td>
<td class="num">(10,727)<span></span>
</td>
<td class="num">(8,698)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_UnrecognisedIncomeExpenseFromDefinedBenefitObligation', window );">Total unrecognized costs (income)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">6<span></span>
</td>
<td class="nump">7<span></span>
</td>
<td class="nump">4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RecognisedIncomeExpenseFromDefinedBenefitObligation', window );">Total (income) recognized in the income statement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(9,532)<span></span>
</td>
<td class="num">(10,734)<span></span>
</td>
<td class="num">(8,702)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_IncomeExpenseFromDefinedBenefitObligation', window );">Total (income), net</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">R$ (9,526)<span></span>
</td>
<td class="num">R$ (10,727)<span></span>
</td>
<td class="num">R$ (8,698)<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Effect of the limit of IAS 19 Employee Benefits.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_EmployeeBenefitsDetails4Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_EmployeeBenefitsDetails4Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpectedReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpectedReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_IncomeExpenseFromDefinedBenefitObligation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_IncomeExpenseFromDefinedBenefitObligation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RecognisedIncomeExpenseFromDefinedBenefitObligation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RecognisedIncomeExpenseFromDefinedBenefitObligation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_UnrecognisedIncomeExpenseFromDefinedBenefitObligation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_UnrecognisedIncomeExpenseFromDefinedBenefitObligation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from employee service in the current period. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainLossOnChangesInEffectOfLimitingNetDefinedBenefitAssetToAssetCeiling">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from the gain (loss) on changes in the effect of limiting a net defined benefit asset to the asset ceiling, excluding amounts included in interest income or expense. [Refer: Interest income; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause iv<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c_iv&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainLossOnChangesInEffectOfLimitingNetDefinedBenefitAssetToAssetCeiling</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from the passage of time. [Refer: Interest expense; Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>171
<FILENAME>R159.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6818245072">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details 5) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EmployeeBenefitsDetails5Abstract', window );"><strong>Employee Benefits Details 5</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ActuarialGainsLossesDefinedBenefitLiabilityAsset', window );">Actuarial losses and (gains)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 166,540<span></span>
</td>
<td class="nump">R$ 393,743<span></span>
</td>
<td class="num">R$ (137,859)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Return on plan assets (less interest income)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(36,627)<span></span>
</td>
<td class="num">(427,523)<span></span>
</td>
<td class="nump">147,728<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GainLossOnChangesInEffectOfLimitsNetDefinedBenefitAsset', window );">Change in the asset's limit (excluding the interest revenue)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(97,882)<span></span>
</td>
<td class="nump">41,796<span></span>
</td>
<td class="num">(4,208)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset', window );">Total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">32,031<span></span>
</td>
<td class="nump">8,016<span></span>
</td>
<td class="nump">5,661<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset', window );">Actuarial losses and (gains) recognized in other comprehensive income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">32,037<span></span>
</td>
<td class="nump">8,023<span></span>
</td>
<td class="nump">5,665<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_UnrecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset', window );">Unrecognized actuarial (gains)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(6)<span></span>
</td>
<td class="num">(7)<span></span>
</td>
<td class="num">(4)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset', window );">Total cost of actuarial losses and (gains)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 32,031<span></span>
</td>
<td class="nump">R$ 8,016<span></span>
</td>
<td class="nump">R$ 5,661<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Actuarial (gain)/loss results from the fluctuation in the investments comprised in the CBS's asset portfolio.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ActuarialGainsLossesDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ActuarialGainsLossesDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_EmployeeBenefitsDetails5Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_EmployeeBenefitsDetails5Abstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_GainLossOnChangesInEffectOfLimitsNetDefinedBenefitAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_GainLossOnChangesInEffectOfLimitsNetDefinedBenefitAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_UnrecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_UnrecognisedGainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from the remeasurement of that net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from the return on plan assets. The return on plans assets is interest, dividends and other revenue derived from the plan assets, together with realised and unrealised gains or losses on the plan assets, less any costs of managing plan assets and less any tax payable by the plan itself, other than tax included in the actuarial assumptions used to measure the present value of the defined benefit obligation. [Refer: Plan assets [member]; Net defined benefit liability (asset); Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>172
<FILENAME>R160.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6694591264">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details 6) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EmployeeBenefitsDetails6Abstract', window );"><strong>Employee Benefits Details 6</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset', window );">Loss due to change in demographic assumptions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">R$ (3,488)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset', window );">Loss due to change in financial assumptions</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">264,638<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset', window );">Loss due to experience adjustments</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(94,610)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Return on plan assets (less interest income)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(36,627)<span></span>
</td>
<td class="num">R$ (427,523)<span></span>
</td>
<td class="nump">R$ 147,728<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GainLossOnChangesInEffectOfLimitsNetDefinedBenefitAsset', window );">Change in the asset's limit (excluding the interest revenue)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(97,882)<span></span>
</td>
<td class="nump">41,796<span></span>
</td>
<td class="num">(4,208)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset', window );">Actuarial losses and (gains)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">R$ 32,031<span></span>
</td>
<td class="nump">R$ 8,016<span></span>
</td>
<td class="nump">R$ 5,661<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Actuarial (gain)/loss results from the fluctuation in the investments comprised in the CBS's asset portfolio.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_EmployeeBenefitsDetails6Abstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_EmployeeBenefitsDetails6Abstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_GainLossOnChangesInEffectOfLimitsNetDefinedBenefitAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_GainLossOnChangesInEffectOfLimitsNetDefinedBenefitAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in demographic assumptions that result in remeasurements of the net defined benefit liability (asset). Demographic assumptions deal with matters such as: (a) mortality; (b) rates of employee turnover, disability and early retirement; (c) the proportion of plan members with dependants who will be eligible for benefits; (d) the proportion of plan members who will select each form of payment option available under the plan terms; and (e) claim rates under medical plans. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause ii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c_ii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialGainsLossesArisingFromChangesInDemographicAssumptionsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from actuarial gains (losses) arising from changes in financial assumptions that result in remeasurements of the net defined benefit liability (asset). Financial assumptions deal with items such as: (a) the discount rate; (b) benefit levels, excluding any cost of the benefits to be met by employees, and future salary; (c) in the case of medical benefits, future medical costs, including claim handling costs (ie the costs that will be incurred in processing and resolving claims, including legal and adjuster's fees); and (d) taxes payable by the plan on contributions relating to service before the reporting date or on benefits resulting from that service. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause iii<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c_iii&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialGainsLossesArisingFromChangesInFinancialAssumptionsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from actuarial gains (losses) arising from experience adjustments that result in remeasurements of the net defined benefit liability (asset). Experience adjustments deal with the effects of differences between the previous actuarial assumptions and what has actually occurred. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialGainsLossesArisingFromExperienceAdjustmentsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from the remeasurement of that net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from the return on plan assets. The return on plans assets is interest, dividends and other revenue derived from the plan assets, together with realised and unrealised gains or losses on the plan assets, less any costs of managing plan assets and less any tax payable by the plan itself, other than tax included in the actuarial assumptions used to measure the present value of the defined benefit obligation. [Refer: Plan assets [member]; Net defined benefit liability (asset); Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6775760528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details 7)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_EmployeeBenefitsDetails7Abstract', window );"><strong>Employee Benefits Details 7</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DescriptionOfActuarialFinancingMethod', window );">Actuarial financing method</a></td>
<td class="text">Projected unit credit<span></span>
</td>
<td class="text">Projected unit credit<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DescriptionOfFunctionalCurrency', window );">Functional currency</a></td>
<td class="text">Real (R$)<span></span>
</td>
<td class="text">Real (R$)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DescriptionOfRecognitionOfPlanAssets', window );">Recognition of plan assets</a></td>
<td class="text">Fair value<span></span>
</td>
<td class="text">Fair value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ActuarialAssumptionOfNominalDiscountRates', window );">Nominal discount rate</a></td>
<td class="text">Milenium Plan: 10.42% Plan 35%: 10.30% and Supplementation: 10.32%<span></span>
</td>
<td class="text">Milenium Plan: 11.68%, Plan 35% and Suplementation: 11.72% <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation', window );">Inflation rate</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">5.50%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases', window );">Nominal salary increase rate</a></td>
<td class="nump">6.05%<span></span>
</td>
<td class="nump">6.56%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfPensionIncreases', window );">Nominal benefit increase rate</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">5.50%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ActuarialAssumptionOfRateOfReturnsOnInvestments', window );">Rate of return on investments</a></td>
<td class="text">Milenium Plan: 10.42% Plan 35%: 10.30% and Supplementation: 10.32%<span></span>
</td>
<td class="text">Milenium Plan: 11.68%, Plan 35% and Suplementation: 11.72% <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GeneralMortalityTableDescription', window );">General mortality table</a></td>
<td class="text">35% and Average Salary Supplementation  Plans :  AT 2000 segregated by gender (10% smoothed)<span></span>
</td>
<td class="text">Milenium Plan, 35% and Average Salary Supplementation Plans: AT 2000 segregated by gender (10% smoothed)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DisabilityTableDescription', window );">Disability table</a></td>
<td class="text">Plan 35% and Supplementation: Light M&#233;dia Mill&#234;nnium Plan: Prudential ( retirement)<span></span>
</td>
<td class="text">Light Median<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DisabilityMortalityTableDescription', window );">Disability mortality table</a></td>
<td class="text">Winklevoss - 1%<span></span>
</td>
<td class="text">Winklevoss - 1%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_TurnoverTableDescription', window );">Turnover table</a></td>
<td class="text">Millennium plan 5% p.a., nil for DB plans<span></span>
</td>
<td class="text">Millennium plan 5% p.a., nil for DB plans<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DescriptionOfRetirementAge', window );">Retirement age</a></td>
<td class="text">100% on the first date he/she becomes eligible for programmed retirement benefit under the plan<span></span>
</td>
<td class="text">100% on the first date he/she becomes eligible for programmed retirement benefit under the plan<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DescriptionOfHouseholdOfActiveParticipants', window );">Household of active participants</a></td>
<td class="text">95% will be married at the time of retirement, with the wife being 4 years younger than the husband<span></span>
</td>
<td class="text">95% will be married at the time of retirement, with the wife being 4 years younger than the husband<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ActuarialAssumptionOfNominalDiscountRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_EmployeeBenefitsDetails7Abstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_GeneralMortalityTableDescription</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Balance Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expected rate of inflation that is used as a significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit plans [member]; Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expected rate of increases in pension that is used as a significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit plans [member]; Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfExpectedRatesOfPensionIncreases</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expected rate of salary increases used as a significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit plans [member]; Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The description of the currency of the primary economic environment in which the entity operates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2017-01-01<br> -Paragraph 53<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=21&amp;date=2017-03-01&amp;anchor=para_53&amp;doctype=Standard<br> -URIDate 2017-03-09<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2017-01-01<br> -Paragraph 57<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=21&amp;date=2017-03-01&amp;anchor=para_57_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6798711776">
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<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details 8)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
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<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageLifeExpectancyOfEmployees', window );">Average life expectancy of employees (in years)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">20.45<span></span>
</td>
<td class="text">20.45<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageLifeExpectancyOfEmployeesThatAreForty', window );">Average life expectancy in years of employees who are 40 (in years)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">42.69<span></span>
</td>
<td class="text">42.69<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_BDPlanMember', window );">BD Plan | Female</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageLifeExpectancyOfEmployees', window );">Average life expectancy of employees (in years)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">23.02<span></span>
</td>
<td class="text">23.02<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageLifeExpectancyOfEmployeesThatAreForty', window );">Average life expectancy in years of employees who are 40 (in years)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">46.29<span></span>
</td>
<td class="text">46.29<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_MilenioPlanMember', window );">Milenio Plan | Male</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageLifeExpectancyOfEmployees', window );">Average life expectancy of employees (in years)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">19.55<span></span>
</td>
<td class="text">19.55<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageLifeExpectancyOfEmployeesThatAreForty', window );">Average life expectancy in years of employees who are 40 (in years)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">41.59<span></span>
</td>
<td class="text">41.59<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_MilenioPlanMember', window );">Milenio Plan | Female</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageLifeExpectancyOfEmployees', window );">Average life expectancy of employees (in years)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">22.17<span></span>
</td>
<td class="text">22.17<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageLifeExpectancyOfEmployeesThatAreForty', window );">Average life expectancy in years of employees who are 40 (in years)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">45.30<span></span>
</td>
<td class="text">45.30<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The BD Plan is part of the 35% and Average Salary Supplementation Plan and the Milenio Plan is part of the Mixed Supplementary Benefit Plan.</td>
</tr></table></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AverageLifeExpectancyOfEmployees</td>
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<tr><td><div class="body" style="padding: 2px;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AverageLifeExpectancyOfEmployeesThatAreForty</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:stringItemType</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_BDPlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_BDPlanMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_MaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_MaleMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_FemaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_FemaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_MilenioPlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_MilenioPlanMember</td>
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<td></td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td></td>
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</body>
</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>175
<FILENAME>R163.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6811548144">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details 9) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PlanAssetsAtFairValue', window );">Allocation of plan assets</a></td>
<td class="nump">R$ 3,305,356<span></span>
</td>
<td class="nump">R$ 3,193,493<span></span>
</td>
<td class="nump">R$ 2,684,736<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PlanAssetsPercentage', window );">Allocation of plan assets percent</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_VariableIncomeMember', window );">Variable income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PlanAssetsAtFairValue', window );">Allocation of plan assets</a></td>
<td class="nump">R$ 50,966<span></span>
</td>
<td class="nump">R$ 62,904<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PlanAssetsPercentage', window );">Allocation of plan assets percent</a></td>
<td class="nump">1.54%<span></span>
</td>
<td class="nump">1.97%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_FixedIncomeMember', window );">Fixed income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PlanAssetsAtFairValue', window );">Allocation of plan assets</a></td>
<td class="nump">R$ 3,085,783<span></span>
</td>
<td class="nump">R$ 2,966,272<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PlanAssetsPercentage', window );">Allocation of plan assets percent</a></td>
<td class="nump">93.36%<span></span>
</td>
<td class="nump">92.88%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_RealEstateAssetMember', window );">Real estate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PlanAssetsAtFairValue', window );">Allocation of plan assets</a></td>
<td class="nump">R$ 44,083<span></span>
</td>
<td class="nump">R$ 42,383<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PlanAssetsPercentage', window );">Allocation of plan assets percent</a></td>
<td class="nump">1.33%<span></span>
</td>
<td class="nump">1.33%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_OthersMember', window );">Others</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PlanAssetsAtFairValue', window );">Allocation of plan assets</a></td>
<td class="nump">R$ 124,524<span></span>
</td>
<td class="nump">R$ 121,934<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PlanAssetsPercentage', window );">Allocation of plan assets percent</a></td>
<td class="nump">3.77%<span></span>
</td>
<td class="nump">3.82%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_PlanAssetsPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_PlanAssetsPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PlanAssetsAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of defined benefit plan assets. Plan assets comprise assets held by a long-term employee benefit fund and qualifying insurance policies. [Refer: At fair value [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PlanAssetsAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_VariableIncomeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_VariableIncomeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_FixedIncomeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_FixedIncomeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_RealEstateAssetMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_RealEstateAssetMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_OthersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_OthersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>176
<FILENAME>R164.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6798643568">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details 10) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="num">R$ (36,627)<span></span>
</td>
<td class="num">R$ (427,523)<span></span>
</td>
<td class="nump">R$ 147,728<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PlanCoveringThrityFivePercentOfTheAverageSalary1Member', window );">Plan covering 35% of the average salary | Discount rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="nump">0.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="nump">R$ 246<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="num">R$ (15,691)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PlanCoveringThrityFivePercentOfTheAverageSalary1Member', window );">Plan covering 35% of the average salary | Salary growth</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="nump">0.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PlanCoveringThrityFivePercentOfTheAverageSalary1Member', window );">Plan covering 35% of the average salary | Mortality table</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="nump">0.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="nump">R$ 1,799<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="nump">R$ 17,563<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PlanCoveringThrityFivePercentOfTheAverageSalary1Member', window );">Plan covering 35% of the average salary | Benefit adjustment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="num">R$ (1,045)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="num">R$ (10,158)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PlanCoveringThrityFivePercentOfTheAverageSalary2Member', window );">Plan covering 35% of the average salary | Discount rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="num">(0.50%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="num">R$ (320)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="nump">R$ 15,342<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PlanCoveringThrityFivePercentOfTheAverageSalary2Member', window );">Plan covering 35% of the average salary | Salary growth</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="num">(0.50%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PlanCoveringThrityFivePercentOfTheAverageSalary2Member', window );">Plan covering 35% of the average salary | Mortality table</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="num">(0.50%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="num">R$ (1,646)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="num">R$ (16,073)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PlanCoveringThrityFivePercentOfTheAverageSalary2Member', window );">Plan covering 35% of the average salary | Benefit adjustment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="num">(1.00%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="nump">R$ 1,041<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="nump">R$ 10,116<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_AverageSalarySupplementationPlan1Member', window );">Average salary supplementation plan | Discount rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="nump">0.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="nump">R$ 879<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="num">R$ (75,107)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_AverageSalarySupplementationPlan1Member', window );">Average salary supplementation plan | Salary growth</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="nump">0.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_AverageSalarySupplementationPlan1Member', window );">Average salary supplementation plan | Mortality table</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="nump">0.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="nump">R$ 8,896<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="nump">R$ 86,537<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_AverageSalarySupplementationPlan1Member', window );">Average salary supplementation plan | Benefit adjustment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="num">R$ (4,623)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="num">R$ (44,773)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_AverageSalarySupplementationPlan2Member', window );">Average salary supplementation plan | Discount rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="num">(0.50%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="num">R$ (919)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="nump">R$ 82,773<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_AverageSalarySupplementationPlan2Member', window );">Average salary supplementation plan | Salary growth</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="num">(0.50%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_AverageSalarySupplementationPlan2Member', window );">Average salary supplementation plan | Mortality table</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="num">(0.50%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="num">R$ (8,120)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="num">R$ (79,006)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_AverageSalarySupplementationPlan2Member', window );">Average salary supplementation plan | Benefit adjustment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="num">(1.00%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="nump">R$ 4,564<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="nump">R$ 44,205<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_MixedSupplementaryBenefitPlan1Member', window );">Mixed supplementary benefit plan (Milenio Plan) | Discount rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="nump">0.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="num">R$ (656)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="num">R$ (46,256)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_MixedSupplementaryBenefitPlan1Member', window );">Mixed supplementary benefit plan (Milenio Plan) | Salary growth</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="nump">0.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="nump">R$ 330<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="nump">R$ 2,588<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_MixedSupplementaryBenefitPlan1Member', window );">Mixed supplementary benefit plan (Milenio Plan) | Mortality table</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="nump">0.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="nump">R$ 5,555<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="nump">R$ 53,031<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_MixedSupplementaryBenefitPlan1Member', window );">Mixed supplementary benefit plan (Milenio Plan) | Benefit adjustment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="num">R$ (894)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="num">R$ (9,417)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_MixedSupplementaryBenefitPlan2Member', window );">Mixed supplementary benefit plan (Milenio Plan) | Discount rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="num">(0.50%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="nump">R$ 491<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="nump">R$ 49,545<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_MixedSupplementaryBenefitPlan2Member', window );">Mixed supplementary benefit plan (Milenio Plan) | Salary growth</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="num">(0.50%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="num">R$ (283)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="num">R$ (2,221)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_MixedSupplementaryBenefitPlan2Member', window );">Mixed supplementary benefit plan (Milenio Plan) | Mortality table</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="num">(0.50%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="num">R$ (4,993)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="num">R$ (47,660)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_MixedSupplementaryBenefitPlan2Member', window );">Mixed supplementary benefit plan (Milenio Plan) | Benefit adjustment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="num">(1.00%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="nump">R$ 904<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="nump">R$ 9,425<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SensitivityLevel">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SensitivityLevel</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from past service cost. Past service cost is the change in the present value of the defined benefit obligation for employee service in prior periods, resulting from a plan amendment (the introduction or withdrawal of, or changes to, a defined benefit plan) or a curtailment (a significant reduction by the entity in the number of employees covered by a plan). [Refer: Net defined benefit liability (asset); Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from the return on plan assets. The return on plans assets is interest, dividends and other revenue derived from the plan assets, together with realised and unrealised gains or losses on the plan assets, less any costs of managing plan assets and less any tax payable by the plan itself, other than tax included in the actuarial assumptions used to measure the present value of the defined benefit obligation. [Refer: Plan assets [member]; Net defined benefit liability (asset); Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_PlanCoveringThrityFivePercentOfTheAverageSalary1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_PlanCoveringThrityFivePercentOfTheAverageSalary1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionsAxis=ifrs-full_ActuarialAssumptionOfDiscountRatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionsAxis=ifrs-full_ActuarialAssumptionOfDiscountRatesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionsAxis=ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionsAxis=ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionsAxis=SID_ActuarialAssumptionOfMortalityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionsAxis=SID_ActuarialAssumptionOfMortalityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionsAxis=ifrs-full_OtherMaterialActuarialAssumptionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionsAxis=ifrs-full_OtherMaterialActuarialAssumptionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_PlanCoveringThrityFivePercentOfTheAverageSalary2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_PlanCoveringThrityFivePercentOfTheAverageSalary2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_AverageSalarySupplementationPlan1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_AverageSalarySupplementationPlan1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_AverageSalarySupplementationPlan2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_AverageSalarySupplementationPlan2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_MixedSupplementaryBenefitPlan1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_MixedSupplementaryBenefitPlan1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_MixedSupplementaryBenefitPlan2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_MixedSupplementaryBenefitPlan2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>177
<FILENAME>R165.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6790577376">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details 11)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefit payments of the defined benefit plans</a></td>
<td class="nump">R$ 3,156,089<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_Year1Member', window );">Year 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefit payments of the defined benefit plans</a></td>
<td class="nump">276,660<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_Year2Member', window );">Year 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefit payments of the defined benefit plans</a></td>
<td class="nump">285,841<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_Year3Member', window );">Year 3</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefit payments of the defined benefit plans</a></td>
<td class="nump">294,923<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_Year4Member', window );">Year 4</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefit payments of the defined benefit plans</a></td>
<td class="nump">303,858<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_Year5Member', window );">Year 5</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefit payments of the defined benefit plans</a></td>
<td class="nump">312,591<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_Next5YearsMember', window );">Next 5 years</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefit payments of the defined benefit plans</a></td>
<td class="nump">R$ 1,682,216<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from payments from the plan. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_Year1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_Year1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_Year2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_Year2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_Year3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_Year3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_Year4Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_Year4Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_Year5Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_Year5Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_Next5YearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_Next5YearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>178
<FILENAME>R166.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6776991520">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details 12) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems', window );"><strong>Disclosure of net defined benefit liability (asset) [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Present value of obligations</a></td>
<td class="nump">R$ 3,077,849<span></span>
</td>
<td class="nump">R$ 2,872,442<span></span>
</td>
<td class="nump">R$ 2,430,381<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_LiabilitiesOfBenefitPlan', window );">Actuarial liabilities</a></td>
<td class="nump">908,721<span></span>
</td>
<td class="nump">719,266<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember', window );">Post-employment healthcare benefits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems', window );"><strong>Disclosure of net defined benefit liability (asset) [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitObligationAtPresentValue', window );">Present value of obligations</a></td>
<td class="nump">866,784<span></span>
</td>
<td class="nump">691,262<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_LiabilitiesOfBenefitPlan', window );">Actuarial liabilities</a></td>
<td class="nump">R$ 866,784<span></span>
</td>
<td class="nump">R$ 691,262<span></span>
</td>
<td class="nump">R$ 489,074<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_LiabilitiesOfBenefitPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_LiabilitiesOfBenefitPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitObligationAtPresentValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The present value, without deducting any plan assets, of expected future payments required to settle the obligation resulting from employee service in the current and prior periods. [Refer: Plan assets, at fair value]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 57<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_57_a&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitObligationAtPresentValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>179
<FILENAME>R167.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6792702704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details 13) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems', window );"><strong>Disclosure of net defined benefit liability (asset) [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_LiabilitiesOfBenefitPlan', window );">Actuarial liabilities, beginning</a></td>
<td class="nump">R$ 719,266<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_LiabilitiesOfBenefitPlan', window );">Actuarial liabilities, ending</a></td>
<td class="nump">908,721<span></span>
</td>
<td class="nump">R$ 719,266<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember', window );">Post-employment healthcare benefits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems', window );"><strong>Disclosure of net defined benefit liability (asset) [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_LiabilitiesOfBenefitPlan', window );">Actuarial liabilities, beginning</a></td>
<td class="nump">691,262<span></span>
</td>
<td class="nump">489,074<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ExpensesRecognizedInIncomeNetDefinedBenefitLiability', window );">Expenses recognized in income for the year</a></td>
<td class="nump">77,269<span></span>
</td>
<td class="nump">62,342<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SponsorsContributionsTransferredInPriorYearNetDefinedBenefitLiability', window );">Sponsor's contributions transferred in prior year</a></td>
<td class="num">(72,192)<span></span>
</td>
<td class="num">(70,411)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_RecognitionOfLossGainNetDefinedBenefitLiability', window );">Recognition of loss/(gain) for the year</a></td>
<td class="nump">170,445<span></span>
</td>
<td class="nump">210,257<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_LiabilitiesOfBenefitPlan', window );">Actuarial liabilities, ending</a></td>
<td class="nump">R$ 866,784<span></span>
</td>
<td class="nump">R$ 691,262<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ExpensesRecognizedInIncomeNetDefinedBenefitLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ExpensesRecognizedInIncomeNetDefinedBenefitLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_LiabilitiesOfBenefitPlan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_LiabilitiesOfBenefitPlan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_RecognitionOfLossGainNetDefinedBenefitLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_RecognitionOfLossGainNetDefinedBenefitLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SponsorsContributionsTransferredInPriorYearNetDefinedBenefitLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SponsorsContributionsTransferredInPriorYearNetDefinedBenefitLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>180
<FILENAME>R168.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777156016">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details 14) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ActuarialGainsLossesDefinedBenefitLiabilityAsset', window );">Actuarial gain (loss) on obligation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 166,540<span></span>
</td>
<td class="nump">R$ 393,743<span></span>
</td>
<td class="num">R$ (137,859)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset', window );">Total cost of actuarial losses and (gains)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">32,031<span></span>
</td>
<td class="nump">8,016<span></span>
</td>
<td class="nump">5,661<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember', window );">Post-employment healthcare benefits</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ActuarialGainsLossesDefinedBenefitLiabilityAsset', window );">Actuarial gain (loss) on obligation</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">170,445<span></span>
</td>
<td class="nump">210,257<span></span>
</td>
<td class="num">(97,501)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset', window );">Total cost of actuarial losses and (gains)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">R$ 170,445<span></span>
</td>
<td class="nump">R$ 210,257<span></span>
</td>
<td class="num">R$ (97,501)<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Actuarial (gain)/loss results from the fluctuation in the investments comprised in the CBS's asset portfolio.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ActuarialGainsLossesDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ActuarialGainsLossesDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in a net defined benefit liability (asset) resulting from the remeasurement of that net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>181
<FILENAME>R169.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6771664400">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details 15) - Post-employment healthcare benefits<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember', window );">Male</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageLifeExpectancyOfEmployees', window );">Average life expectancy of employees (in years)</a></td>
<td class="text">19.55<span></span>
</td>
<td class="text">19.55<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageLifeExpectancyOfEmployeesThatAreForty', window );">Average life expectancy in years of employees who are 40 (in years)</a></td>
<td class="text">41.59<span></span>
</td>
<td class="text">41.59<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember', window );">Female</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageLifeExpectancyOfEmployees', window );">Average life expectancy of employees (in years)</a></td>
<td class="text">22.17<span></span>
</td>
<td class="text">22.17<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageLifeExpectancyOfEmployeesThatAreForty', window );">Average life expectancy in years of employees who are 40 (in years)</a></td>
<td class="text">45.30<span></span>
</td>
<td class="text">45.30<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AverageLifeExpectancyOfEmployees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AverageLifeExpectancyOfEmployees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AverageLifeExpectancyOfEmployeesThatAreForty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AverageLifeExpectancyOfEmployeesThatAreForty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_MaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_MaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_FemaleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_FemaleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>182
<FILENAME>R170.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6802177904">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details 16)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GeneralMortalityTableDescription', window );">General mortality table</a></td>
<td class="text">35% and Average Salary Supplementation  Plans :  AT 2000 segregated by gender (10% smoothed)<span></span>
</td>
<td class="text">Milenium Plan, 35% and Average Salary Supplementation Plans: AT 2000 segregated by gender (10% smoothed)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DisabilityMortalityTableDescription', window );">Disability mortality table</a></td>
<td class="text">Winklevoss - 1%<span></span>
</td>
<td class="text">Winklevoss - 1%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation', window );">Inflation</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">5.50%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember', window );">Post-employment healthcare benefits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_GeneralMortalityTableDescription', window );">General mortality table</a></td>
<td class="text">AT 2000 segregated by gender<span></span>
</td>
<td class="text">AT 2000 segregated by gender<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DisabilityMortalityTableDescription', window );">Disability mortality table</a></td>
<td class="text">Winklevoss with death probabilities reduced by 1% in all ages<span></span>
</td>
<td class="text">Winklevoss with death probabilities reduced by 1% in all ages<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfDiscountRates', window );">Actuarial nominal discount rate</a></td>
<td class="nump">10.34%<span></span>
</td>
<td class="nump">11.73%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation', window );">Inflation</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="nump">5.50%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_ActuarialAssumptionOfMedicalCostTrendRatesBasedOnAge', window );">Nominal increase in medical cost based on age</a></td>
<td class="text">0.5% - 3.00%real a.a<span></span>
</td>
<td class="text">0.5% - 3.00%real a.a<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates', window );">Nominal medical costs growth rate</a></td>
<td class="nump">8.41%<span></span>
</td>
<td class="nump">8.93%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AverageMedicalCost', window );">Average medical cost</a></td>
<td class="text">1,001.69<span></span>
</td>
<td class="text">698,57<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_ActuarialAssumptionOfMedicalCostTrendRatesBasedOnAge">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_ActuarialAssumptionOfMedicalCostTrendRatesBasedOnAge</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AverageMedicalCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AverageMedicalCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DisabilityMortalityTableDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DisabilityMortalityTableDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_GeneralMortalityTableDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_GeneralMortalityTableDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionOfDiscountRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The discount rate used as the significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfDiscountRates</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The expected rate of inflation that is used as a significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit plans [member]; Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfExpectedRatesOfInflation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Medical cost trend rate used as significant actuarial assumption to determine the present value of a defined benefit obligation. [Refer: Defined benefit obligation, at present value; Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 144<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_144&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</div></td></tr>
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</body>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R171.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6798439808">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details 17) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="num">R$ (36,627)<span></span>
</td>
<td class="num">R$ (427,523)<span></span>
</td>
<td class="nump">R$ 147,728<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefits1Member', window );">Post-employment healthcare benefits | Discount rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="nump">0.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="nump">R$ 248<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="num">R$ (33,996)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefits1Member', window );">Post-employment healthcare benefits | Medical inflation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="nump">R$ 8,150<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="nump">R$ 78,813<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefits1Member', window );">Post-employment healthcare benefits | Mortality table</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="nump">1.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="num">R$ (2,059)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="num">R$ (19,906)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefits2Member', window );">Post-employment healthcare benefits | Discount rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="num">(0.50%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="nump">R$ 660<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="nump">R$ 36,985<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefits2Member', window );">Post-employment healthcare benefits | Medical inflation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="num">(1.00%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="num">R$ (6,698)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="num">R$ (67,670)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefits2Member', window );">Post-employment healthcare benefits | Mortality table</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_SensitivityLevel', window );">Sensitivity level</a></td>
<td class="num">(1.00%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset', window );">Effect on current service cost and on interest on actuarial obligations</a></td>
<td class="nump">R$ 2,040<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset', window );">Effect on present value of obligations</a></td>
<td class="nump">R$ 19,728<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_SensitivityLevel">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_SensitivityLevel</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the net defined benefit liability (asset) resulting from past service cost. Past service cost is the change in the present value of the defined benefit obligation for employee service in prior periods, resulting from a plan amendment (the introduction or withdrawal of, or changes to, a defined benefit plan) or a curtailment (a significant reduction by the entity in the number of employees covered by a plan). [Refer: Net defined benefit liability (asset); Defined benefit plans [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph d<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_d&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PastServiceCostNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from the return on plan assets. The return on plans assets is interest, dividends and other revenue derived from the plan assets, together with realised and unrealised gains or losses on the plan assets, less any costs of managing plan assets and less any tax payable by the plan itself, other than tax included in the actuarial assumptions used to measure the present value of the defined benefit obligation. [Refer: Plan assets [member]; Net defined benefit liability (asset); Actuarial assumptions [member]]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph c<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_c_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefits1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefits1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionsAxis=ifrs-full_ActuarialAssumptionOfDiscountRatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionsAxis=ifrs-full_ActuarialAssumptionOfDiscountRatesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionsAxis=ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionsAxis=ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ActuarialAssumptionsAxis=SID_ActuarialAssumptionOfMortalityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ActuarialAssumptionsAxis=SID_ActuarialAssumptionOfMortalityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefits2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6777463600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details 18)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefit payments of the defined benefit plans</a></td>
<td class="nump">R$ 3,156,089<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember', window );">Post-employment healthcare benefits</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefit payments of the defined benefit plans</a></td>
<td class="nump">860,738<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember', window );">Post-employment healthcare benefits | Year 1</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefit payments of the defined benefit plans</a></td>
<td class="nump">75,009<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember', window );">Post-employment healthcare benefits | Year 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefit payments of the defined benefit plans</a></td>
<td class="nump">78,161<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember', window );">Post-employment healthcare benefits | Year 3</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefit payments of the defined benefit plans</a></td>
<td class="nump">81,121<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember', window );">Post-employment healthcare benefits | Year 4</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefit payments of the defined benefit plans</a></td>
<td class="nump">83,850<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember', window );">Post-employment healthcare benefits | Year 5</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefit payments of the defined benefit plans</a></td>
<td class="nump">86,296<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember', window );">Post-employment healthcare benefits | Next 5 years</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset', window );">Benefit payments of the defined benefit plans</a></td>
<td class="nump">R$ 456,301<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The decrease (increase) in the net defined benefit liability (asset) resulting from payments from the plan. [Refer: Net defined benefit liability (asset)]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2017-01-01<br> -Paragraph 141<br> -Subparagraph g<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=19&amp;date=2017-03-01&amp;anchor=para_141_g&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsFromPlanNetDefinedBenefitLiabilityAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_PostEmploymentHealthcareBenefitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_Year1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_Year1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_Year2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_Year2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_Year3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_Year3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_Year4Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_Year4Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_Year5Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_Year5Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_Next5YearsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_Next5YearsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>185
<FILENAME>R173.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6791192064">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>26. EMPLOYEE BENEFITS (Details Narrative)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$) </div>
<div>Participants</div>
</th>
<th class="th">
<div>Dec. 31, 2016 </div>
<div>BRL (R$) </div>
<div>Participants</div>
</th>
<th class="th">
<div>Dec. 31, 2015 </div>
<div>BRL (R$)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits', window );">Total participants</a></td>
<td class="nump">35,176<span></span>
</td>
<td class="nump">34,051<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PensionPlanExpense', window );">Pension plan expense | R$</a></td>
<td class="nump">R$ 41,544<span></span>
</td>
<td class="nump">R$ 35,798<span></span>
</td>
<td class="nump">R$ 35,539<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_ActiveContributorsMember', window );">Active contributors</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits', window );">Total participants</a></td>
<td class="nump">20,734<span></span>
</td>
<td class="nump">19,442<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_RetiredEmployeesMember', window );">Retired employees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits', window );">Total participants</a></td>
<td class="nump">13,587<span></span>
</td>
<td class="nump">13,783<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DefinedBenefitPlansAxis=SID_RelatedBeneficiariesMember', window );">Related beneficiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems', window );"><strong>Disclosure of defined benefit plans [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits', window );">Total participants</a></td>
<td class="nump">855<span></span>
</td>
<td class="nump">826<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_PensionPlanExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_PensionPlanExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDefinedBenefitPlansLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of participants in a retirement benefit plan receiving benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2017-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=26&amp;date=2017-03-01&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NumberOfParticipantsOfRetirementBenefitPlanReceivingBenefits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:decimalItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_ActiveContributorsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_ActiveContributorsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_RetiredEmployeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_RetiredEmployeesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DefinedBenefitPlansAxis=SID_RelatedBeneficiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DefinedBenefitPlansAxis=SID_RelatedBeneficiariesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>186
<FILENAME>R174.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6795099040">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>27. COMMITMENTS (Details)<br> R$ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">R$ 7,354,710<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_TwentySixteenMember', window );">2016</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">1,580,989<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_TwentySeventeenMember', window );">2017</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">1,582,099<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_TwentyEighteenMember', window );">2018</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">1,148,042<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_TwentyNineteenMember', window );">2019</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">925,124<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_TwentyTwentyMember', window );">2020</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">896,780<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_TwentyTwentyOneMember', window );">2021</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">774,562<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_RangeAxis=SID_AfterTwentyTwentyOneMember', window );">After 2021</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">3,610,202<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TransportationOfIronOreCoalCokeSteelProductsCementAndMiningProductsMember', window );">Transportation of iron ore, coal, coke, steel products, cement and mining products</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">6,944,263<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TransportationOfIronOreCoalCokeSteelProductsCementAndMiningProductsMember', window );">Transportation of iron ore, coal, coke, steel products, cement and mining products | 2016</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">873,186<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TransportationOfIronOreCoalCokeSteelProductsCementAndMiningProductsMember', window );">Transportation of iron ore, coal, coke, steel products, cement and mining products | 2017</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">957,373<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TransportationOfIronOreCoalCokeSteelProductsCementAndMiningProductsMember', window );">Transportation of iron ore, coal, coke, steel products, cement and mining products | 2018</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">877,288<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TransportationOfIronOreCoalCokeSteelProductsCementAndMiningProductsMember', window );">Transportation of iron ore, coal, coke, steel products, cement and mining products | 2019</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">877,288<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TransportationOfIronOreCoalCokeSteelProductsCementAndMiningProductsMember', window );">Transportation of iron ore, coal, coke, steel products, cement and mining products | 2020</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">854,609<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TransportationOfIronOreCoalCokeSteelProductsCementAndMiningProductsMember', window );">Transportation of iron ore, coal, coke, steel products, cement and mining products | 2021</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">732,391<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TransportationOfIronOreCoalCokeSteelProductsCementAndMiningProductsMember', window );">Transportation of iron ore, coal, coke, steel products, cement and mining products | After 2021</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">3,602,687<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_SupplyOfPowerNaturalGasOxygenNitrogenArgonAndIronOrePelletsMember', window );">Supply of power, natural gas, oxygen, nitrogen, argon and iron ore pellets</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">355,101<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_SupplyOfPowerNaturalGasOxygenNitrogenArgonAndIronOrePelletsMember', window );">Supply of power, natural gas, oxygen, nitrogen, argon and iron ore pellets | 2016</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">621,551<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_SupplyOfPowerNaturalGasOxygenNitrogenArgonAndIronOrePelletsMember', window );">Supply of power, natural gas, oxygen, nitrogen, argon and iron ore pellets | 2017</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">563,743<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_SupplyOfPowerNaturalGasOxygenNitrogenArgonAndIronOrePelletsMember', window );">Supply of power, natural gas, oxygen, nitrogen, argon and iron ore pellets | 2018</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">246,624<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_SupplyOfPowerNaturalGasOxygenNitrogenArgonAndIronOrePelletsMember', window );">Supply of power, natural gas, oxygen, nitrogen, argon and iron ore pellets | 2019</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">36,159<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_SupplyOfPowerNaturalGasOxygenNitrogenArgonAndIronOrePelletsMember', window );">Supply of power, natural gas, oxygen, nitrogen, argon and iron ore pellets | 2020</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">36,159<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_SupplyOfPowerNaturalGasOxygenNitrogenArgonAndIronOrePelletsMember', window );">Supply of power, natural gas, oxygen, nitrogen, argon and iron ore pellets | 2021</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">36,159<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_SupplyOfPowerNaturalGasOxygenNitrogenArgonAndIronOrePelletsMember', window );">Supply of power, natural gas, oxygen, nitrogen, argon and iron ore pellets | After 2021</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_ProcessingOfSlagGeneratedDuringPigIronAndSteelProductionMember', window );">Processing of slag generated during pig iron and steel production</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">31,563<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_ProcessingOfSlagGeneratedDuringPigIronAndSteelProductionMember', window );">Processing of slag generated during pig iron and steel production | 2016</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">49,487<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_ProcessingOfSlagGeneratedDuringPigIronAndSteelProductionMember', window );">Processing of slag generated during pig iron and steel production | 2017</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">8,880<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_ProcessingOfSlagGeneratedDuringPigIronAndSteelProductionMember', window );">Processing of slag generated during pig iron and steel production | 2018</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">6,012<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_ProcessingOfSlagGeneratedDuringPigIronAndSteelProductionMember', window );">Processing of slag generated during pig iron and steel production | 2019</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">6,012<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_ProcessingOfSlagGeneratedDuringPigIronAndSteelProductionMember', window );">Processing of slag generated during pig iron and steel production | 2020</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">6,012<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_ProcessingOfSlagGeneratedDuringPigIronAndSteelProductionMember', window );">Processing of slag generated during pig iron and steel production | 2021</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">6,012<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_ProcessingOfSlagGeneratedDuringPigIronAndSteelProductionMember', window );">Processing of slag generated during pig iron and steel production | After 2021</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">7,515<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_ManufacturingRepairRecoveryAndProductionOfIngotCastingMachineUnitsMember', window );">Manufacturing, repair, recovery and production of ingot casting machine units</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">23,783<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_ManufacturingRepairRecoveryAndProductionOfIngotCastingMachineUnitsMember', window );">Manufacturing, repair, recovery and production of ingot casting machine units | 2016</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">36,765<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_ManufacturingRepairRecoveryAndProductionOfIngotCastingMachineUnitsMember', window );">Manufacturing, repair, recovery and production of ingot casting machine units | 2017</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">52,103<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_ManufacturingRepairRecoveryAndProductionOfIngotCastingMachineUnitsMember', window );">Manufacturing, repair, recovery and production of ingot casting machine units | 2018</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">18,118<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_ManufacturingRepairRecoveryAndProductionOfIngotCastingMachineUnitsMember', window );">Manufacturing, repair, recovery and production of ingot casting machine units | 2019</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="nump">5,665<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_ManufacturingRepairRecoveryAndProductionOfIngotCastingMachineUnitsMember', window );">Manufacturing, repair, recovery and production of ingot casting machine units | 2020</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_ManufacturingRepairRecoveryAndProductionOfIngotCastingMachineUnitsMember', window );">Manufacturing, repair, recovery and production of ingot casting machine units | 2021</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_ManufacturingRepairRecoveryAndProductionOfIngotCastingMachineUnitsMember', window );">Manufacturing, repair, recovery and production of ingot casting machine units | After 2021</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_CapitalCommitments', window );">Take-or-pay contracts</a></td>
<td class="text"> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CapitalCommitments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of future capital expenditures that the entity is committed to make.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2017-01-01<br> -Paragraph 112<br> -Subparagraph c<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=1&amp;date=2017-03-01&amp;anchor=para_112_c&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CapitalCommitments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_TwentySixteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_TwentySixteenMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_TwentySeventeenMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_TwentyEighteenMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<td></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_TwentyNineteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_TwentyNineteenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td>na</td>
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<td></td>
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<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_TwentyTwentyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_TwentyTwentyMember</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_TwentyTwentyOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_TwentyTwentyOneMember</td>
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<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_AfterTwentyTwentyOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_AfterTwentyTwentyOneMember</td>
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<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfContractsAxis=SID_TransportationOfIronOreCoalCokeSteelProductsCementAndMiningProductsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfContractsAxis=SID_TransportationOfIronOreCoalCokeSteelProductsCementAndMiningProductsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfContractsAxis=SID_SupplyOfPowerNaturalGasOxygenNitrogenArgonAndIronOrePelletsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfContractsAxis=SID_SupplyOfPowerNaturalGasOxygenNitrogenArgonAndIronOrePelletsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfContractsAxis=SID_ProcessingOfSlagGeneratedDuringPigIronAndSteelProductionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfContractsAxis=SID_ProcessingOfSlagGeneratedDuringPigIronAndSteelProductionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfContractsAxis=SID_ManufacturingRepairRecoveryAndProductionOfIngotCastingMachineUnitsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfContractsAxis=SID_ManufacturingRepairRecoveryAndProductionOfIngotCastingMachineUnitsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6778175520">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>27. COMMITMENTS (Details 1)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2017 </div>
<div>BRL (R$)</div>
</th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_FTLMember', window );">FTL</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DescriptionOfTypesOfService', window );">Type of service</a></td>
<td class="text">30-year concession granted on December 31, 1997, renewable for another 30 years, to develop public service and operating the railway system in northeastern Brazil. The northeastern railway system covers 4238 kilometers of railway network and operates in Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Minimum future payments related to government concessions</a></td>
<td class="nump">R$ 90,690<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_FTLMember', window );">FTL | 2018</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Minimum future payments related to government concessions</a></td>
<td class="nump">9,069<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_FTLMember', window );">FTL | 2019</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Minimum future payments related to government concessions</a></td>
<td class="nump">9,069<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_FTLMember', window );">FTL | 2020</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Minimum future payments related to government concessions</a></td>
<td class="nump">9,069<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_FTLMember', window );">FTL | 2021</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Minimum future payments related to government concessions</a></td>
<td class="nump">9,069<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_FTLMember', window );">FTL | After 2021</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Minimum future payments related to government concessions</a></td>
<td class="nump">R$ 54,414<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TecarMember', window );">Tecar</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DescriptionOfTypesOfService', window );">Type of service</a></td>
<td class="text">Concession to operate the TECAR, a solid bulk terminal, one of the four terminals that make up the Port of Itaguai, located in Rio de Janeiro. The concession was renewable and the agreement expires in 2047.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Minimum future payments related to government concessions</a></td>
<td class="nump">R$ 3,218,880<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TecarMember', window );">Tecar | 2018</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Minimum future payments related to government concessions</a></td>
<td class="nump">107,296<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TecarMember', window );">Tecar | 2019</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Minimum future payments related to government concessions</a></td>
<td class="nump">107,296<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TecarMember', window );">Tecar | 2020</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Minimum future payments related to government concessions</a></td>
<td class="nump">107,296<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TecarMember', window );">Tecar | 2021</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Minimum future payments related to government concessions</a></td>
<td class="nump">107,296<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TecarMember', window );">Tecar | After 2021</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Minimum future payments related to government concessions</a></td>
<td class="nump">R$ 2,789,696<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TeconMember', window );">Tecon</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_DescriptionOfTypesOfService', window );">Type of service</a></td>
<td class="text">25-year concession started in July 2001, renewable for another 25 years to operate the container terminal at the Port of Itaguai.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Minimum future payments related to government concessions</a></td>
<td class="nump">R$ 263,141<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TeconMember', window );">Tecon | 2018</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Minimum future payments related to government concessions</a></td>
<td class="nump">30,958<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TeconMember', window );">Tecon | 2019</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Minimum future payments related to government concessions</a></td>
<td class="nump">30,958<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TeconMember', window );">Tecon | 2020</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Minimum future payments related to government concessions</a></td>
<td class="nump">30,958<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TeconMember', window );">Tecon | 2021</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Minimum future payments related to government concessions</a></td>
<td class="nump">30,958<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_TypesOfContractsAxis=SID_TeconMember', window );">Tecon | After 2021</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems', window );"><strong>Disclosure of detailed information about borrowings [line items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease', window );">Minimum future payments related to government concessions</a></td>
<td class="nump">R$ 139,309<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_DescriptionOfTypesOfService">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_DescriptionOfTypesOfService</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes of the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of future minimum lease payments payable under non-cancellable operating leases. Minimum lease payments are payments over the lease term that the lessee is or can be required to make, excluding contingent rent, costs for services and taxes to be paid by, and reimbursed to, the lessor, together with: (a) for a lessee, any amounts guaranteed by the lessee or by a party related to the lessee; or (b) for a lessor, any residual value guaranteed to the lessor by: (i) the lessee; (ii) a party related to the lessee; or (iii) a third party unrelated to the lessor that is financially capable of discharging the obligations under the guarantee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Note Expiry date 2019-01-01<br> -Name IAS<br> -Number 17<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -Subparagraph a<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=17&amp;date=2017-03-02&amp;anchor=para_35_a&amp;doctype=Standard&amp;book=B<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfContractsAxis=SID_FTLMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfContractsAxis=SID_FTLMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_TwentyEighteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_TwentyEighteenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_TwentyNineteenMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_TwentyNineteenMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_TwentyTwentyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_TwentyTwentyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_TwentyTwentyOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_TwentyTwentyOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RangeAxis=SID_AfterTwentyTwentyOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RangeAxis=SID_AfterTwentyTwentyOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfContractsAxis=SID_TecarMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfContractsAxis=SID_TecarMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_TypesOfContractsAxis=SID_TeconMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_TypesOfContractsAxis=SID_TeconMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>188
<FILENAME>R176.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.8.0.1</span><table class="report" border="0" cellspacing="2" id="idp6789576608">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>29. ADDITIONAL INFORMATION TO CASH FLOWS (Details) - BRL (R$)<br> R$ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2017</div></th>
<th class="th"><div>Dec. 31, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionalInformationToCashFlowsDetailsAbstract', window );"><strong>Additional Information To Cash Flows Details</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_IncomeTaxesPaidRefund', window );">Income tax and social contribution paid</a></td>
<td class="nump">R$ 268,847<span></span>
</td>
<td class="nump">R$ 456,227<span></span>
</td>
<td class="nump">R$ 134,920<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment', window );">Addition to PP&amp;E with interest capitalization</a></td>
<td class="nump">91,957<span></span>
</td>
<td class="nump">215,794<span></span>
</td>
<td class="nump">166,366<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_PurchaseOfPropertyPlantAndEquipmentThroughLoans', window );">Acquisition of fixed assets through loans</a></td>
<td class="nump">4,265<span></span>
</td>
<td class="nump">7,437<span></span>
</td>
<td class="nump">566,413<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_CapitalizationWithAdvanceToFutureCapitalIncrease', window );">Acquisition in subsidiaries without cash</a></td>
<td class="nump">20,264<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">3,229<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_SID_AdditionalCashFlows', window );">Total additional information to cash flows</a></td>
<td class="nump">R$ 385,333<span></span>
</td>
<td class="nump">R$ 679,458<span></span>
</td>
<td class="nump">R$ 870,928<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AdditionalCashFlows">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AdditionalCashFlows</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_AdditionalInformationToCashFlowsDetailsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_AdditionalInformationToCashFlowsDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_CapitalizationWithAdvanceToFutureCapitalIncrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_CapitalizationWithAdvanceToFutureCapitalIncrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_SID_PurchaseOfPropertyPlantAndEquipmentThroughLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">SID_PurchaseOfPropertyPlantAndEquipmentThroughLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>SID_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of additions to property, plant and equipment other than those acquired through business combinations. [Refer: Business combinations [member]; Property, plant and equipment]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2017-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -Clause i<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=16&amp;date=2017-03-01&amp;anchor=para_73_e_i&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxesPaidRefund">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash flows from income taxes paid or refunded.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2017-01-01<br> -Paragraph 35<br> -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&amp;num=7&amp;date=2017-03-01&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2017-03-09<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxesPaidRefund</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
